Stanley Gibbons this week unveiled a 16% rise in ecommerce revenues, as its chairman hailed a transformation from respected traditional brand to “exciting online business”. The stamp and coin dealer has recruited Play.com co-founder Simon Perree to its board to help it along that path.Stanley Gibbons
said it had generated £1.2m online in the first half of its financial year
, accounting for 7% of total revenues. During the period, the company established a dedicated ecommerce and online marketing team, based in Jersey. Incoming non-executive director Simon Perree, who co-founded Play.com, joined the board on May 1.
At the same time the company invested £0.56m in its online development. It says it is now on track with plans to create a global online trading platform for collectibles, by integrating its online services with its recently-acquired bidStart platform.
The update came as total sales rose by 17% to £17.2m in the six months to June 30, up from £14.7m last time. Some 61% of total revenues came from international markets, up from 46% last time. Pre-tax profits fell to £1.1m from £1.7m last time. But trading profits, before a £0.4m investment in online and £0.3m in other exceptional costs, rose by 9% to £2.3m.
As well as concentrating on online trading, the company said it would also focus on developing the brand overseas. During the first half it opened an office in Singapore, while it continues to explore the US market.
“This is an exciting time for the Stanley Gibbons Group as we embark on a strategy that seeks to transform a traditional respected brand into an exciting online business, whilst retaining and building on our core brand strengths and competitive advantages,” said its chairman Martin Bralsford.