Stanley Gibbons London share price tumbles ............

Global Administrator · Post by **Global Administrator** » 08 Aug 2014 14:03

I am no accountant but it seems to me their mad Foray into bidstart cost them about £1.5 MILLION in their most recent accounts admissions.

https://www.stanleygibbons.com/images/marketing/sg/SG_ANREP_2014_WEB.pdf

That PDF for current report now does not work - can anyone else access it here?

https://www.stanleygibbons.com/stanleygibbons/view/content/sg_page_group_financial

This huge £1.5 MILLION hit from a small company showing a real profit of only £5m in the year .... down surprise surprise from £6m in their last reporting, and it seems likely that the Bidstart bottomless pit mistake is the single most reason?

bazza4338 · Post by **bazza4338** » 08 Aug 2014 17:32

Global Administrator wrote: https://www.stanleygibbons.com/images/marketing/sg/SG_ANREP_2014_WEB.pdf

That PDF for current report now does not work - can anyone else access it here?

https://www.stanleygibbons.com/stanleygibbons/view/content/sg_page_group_financial

Is this it? 50 pages.

Do you want me to email the whole PDF to you?

https://www.stanleygibbons.com/stanleygibbons/view/content/sg_page_group_financial

(EDIT) The PDF is corrupted but readable on the web page

Global Administrator · Post by **Global Administrator** » 08 Aug 2014 17:39

The PDF works or how did I take a copy .. the current FINANCIALS page oddly does not work. Coff.

bazza4338 · Post by **bazza4338** » 08 Aug 2014 17:46

Do you want this?

The Stanley Gibbons Group plc
ANNUAL REPORT AND ACCOUNTS FOR THE FIFTEEN MONTHS ENDED 31 MARCH 2014
12
Consolidated statement of comprehensive income
FOR THE FIFTEEN MONTHS ENDED 31 MARCH 2014

And this?

The Stanley Gibbons Group plc
ANNUAL REPORT AND ACCOUNTS FOR THE FIFTEEN MONTHS ENDED 31 MARCH 2014
13
Consolidated Statement of financial position
AS AT 31 MARCH 2014

mozzerb · Post by **mozzerb** » 08 Aug 2014 17:49

It's working now -- it's a listing of PDFs, not a direct statement though.

mozzerb · Post by **mozzerb** » 08 Aug 2014 19:57

A question: is it part of the Generally Accepted Accounting Principles to show comparisons for a 15 month period against a previous 12 month period? Or is that just something done to pretty up statistics?

PennyBlack1840 · Post by **PennyBlack1840** » 24 Sep 2015 00:41

SG have provided a market update due to the volatility (mostly downwards for the past three months) in their share price.

The following extract relating to their online presence is pertinent - after many years they are starting to admit there may be problems....

Update on online performance

As reported in our Annual Report and Accounts for the year ended 31 March 2015, total online revenues were up 22% compared to the year ended 31 March 2014. We have continued to achieve double-digit growth in our total online revenues in the current financial year to date.

Our new Marketplace is yet to make a material contribution to this growth. Following its launch in late May, we have been monitoring our web data and gathering feedback from buyers and sellers.

This feedback is being used to prioritise the development of further improvements to user experience. We are beginning to see signs of sentiment improving, and expect this to translate into improved traffic and conversion in the coming months as further enhancements are delivered, including a revised look for the site and the use of content to enrich the customer experience.

Until we start to see advocacy and conversion improve we are holding off from investing in any material marketing spend to drive sales to the Marketplace.

Says it all really bearing in mind this is 'corporate speak' directed at investors

Peter

Global Administrator · Post by **Global Administrator** » 24 Sep 2015 01:25

This very small company has p!ssed 5 or 10 million quid down the drain on this hare-brained Froot Loop internet foray, they knew absolutely nothing about.

SG have never, ever, understood the internet. History shows us that.

SG share price has HALVED this year, and it dropping today.

The board should be sacked. Immediately.

I feel so sorry for the hard working core staff there in SG, who perform wonderfully in their own areas, whilst these clueless Yo Yos approve pouring millions down the drain, on a stupid venture, never to be seen again.

PennyBlack1840 · Post by **PennyBlack1840** » 24 Sep 2015 19:54

Glen

I totally agree, that statement was made yesterday (23 Sept 2016) to the stock exchange.

The papers here in the UK focused on a drop in sales to the Asian market, (I did not put up the totality of their trading update statement, just the part relevant to this thread), totally ignoring what is obvious to the philatelic community regarding their online offering.

Peter

danski99 · Post by **danski99** » 06 Oct 2015 23:28

SG, which as most of you surely know, are listed on the London Stock Exchange, just released its latest trading update today - essentially a profit warning "On the basis of the performance in the first half, the Board now believes that, as a result of the weakness being experienced in our Asian operations and the continued illiquidity in high value stock items, it is unlikely that the Group will achieve the market forecast for the full year.".

Predictably, the share price is tanking as a result - down 30% on the day. Might soon be regarded as an interesting 'income/growth' play if the dividend holds, as it is now at around 5%.

Then again, lack of confidence in the management strategy might push the share price lower.

Full text of the trading update below:
RNS Number : 3058B

Stanley Gibbons Group PLC

06 October 2015

THE STANLEY GIBBONS GROUP PLC

FOR IMMEDIATE RELEASE 6 October 2015

THE STANLEY GIBBONS GROUP PLC ("the Company" or "the Group")

Trading Update

The Board of Stanley Gibbons provides an update to the market on its estimated results for the interim six month period ended 30 September 2015, and a trading outlook for the second half.

Six months ended 30 September 2015

Progress was made in September on completing some high value sales with new and existing clients. Even with this progress, sales achieved for the first six months were only at a similar level to the same period last year, despite the inclusion of sales from the Mallett acquisition completed in October 2014.

Gross margins and profits are expected to be substantially below those of the same period last year, which benefited from high margin sales of material sold from exceptional purchases of major collections.

Outlook for second half

The Board expects that the Company will deliver materially higher revenue and profit in the second half of the financial year. As reported previously, the Group's auction calendar for 2015/16 is more heavily weighted towards the second half. The Group also continues to work on a number of initiatives with the aim of delivering substantial sales from our strong stockholding of rare collectibles. Furthermore, following the completion of the integration and rationalisation of recent acquisitions, the Group will benefit from a reduced fixed cost base and better cross selling of products and services across our customer base in the second half.

The Group continues to embark on its strategy to evolve and diversify business operations to an online and auction business model with more predictable revenues streams and profits. The Directors believe that the opportunity to materially grow shareholder value through the continued implementation of our online Marketplace and global auction business remains a positive proposition.

On the basis of the performance in the first half, the Board now believes that, as a result of the weakness being experienced in our Asian operations and the continued illiquidity in high value stock items, it is unlikely that the Group will achieve the market forecast for the full year.

For further information, contact:

The Stanley Gibbons Group plc

Michael Hall, Chief Executive +44 (0) 1534 766711

Donal Duff, Chief Finance Officer

Peel Hunt LLP, NOMAD/Broker

Dan Webster/Richard Brown/George Sellar +44 (0) 20 7418 8900

Tavistock

Lulu Bridges/Niall Walsh +44 (0) 20 7920 3150

This information is provided by RNS

The company news service from the London Stock Exchange

END

passport_collect · Post by **passport_collect** » 06 Oct 2015 23:35

Article in The Guardian here:
http://www.theguardian.com/business/2015/oct/06/stanley-gibb ... it-warning

Not surprised if they're trying to sell the junk in that photo.

danski99 · Post by **danski99** » 06 Oct 2015 23:42

Economic meltdown in China obviously going to deliver a big hit to SG given their reliance on Asian customer base in recent years.

thecloudwatcher · Post by **thecloudwatcher** » 07 Oct 2015 02:33

passport_collect wrote:Article in The Guardian here:
http://www.theguardian.com/business/2015/oct/06/stanley-gibb ... it-warning

Not surprised if they're trying to sell the junk in that photo.

Indeed, except that is a stock photo selected by a sub-editor rather than one supplied by SG.

Global Administrator · Post by **Global Administrator** » 07 Oct 2015 03:36

Nothing to do with 'Asian Meltdowns'.

Pure incompetence at Board level, and absurd and ill chosen acquisitions, and squandering about TEN MILLION QUID on an internet fiasco that does not work, And they are still trying to grease and hoodwink the City it will still pay off, in their dribble above.

It is money long gone. Move on and get rid of the clowns in charge as they may have pushed this company too far. Small operations like SG simply cannot pour $10 million quid down the drain for near zero return.

This is a tiny company by any standards, and many very major Businesses spend nothing like that on "The Internet". SG have NEVER understood the internet, and the red ink disaster of recent years proves it once again. It may even sink the company.

As I posted here months back the lot of them should have been sacked.

The Share price then was 3 quid, and it is now 1 quid dropping near 30% today alone.

The Board hold almost no stock, and that has been the case for a while, and that tells me PLENTY.

A young CEO getting paid $A500,000 or so a year, who sends out drivel snake-oil emails that a 10 year would be embarrassed to sign, is not what SG needs or wants.

https://www.google.com/search?q=stanley+gibbons+share+price&ie=utf-8&oe=utf-8

Sell off ALL the deadwood businesses that are NOT stamps, get some thinkers onto the board, and get back to what they always do best .... selling stamps and making catalogues.

danski99 · Post by **danski99** » 07 Oct 2015 03:41

Global Administrator wrote:Nothing to do with 'Asian Meltdowns'.

Pure incompetence at Board level, and absurd and ill chosen acquisitions, and squandering about TEN MILLION QUID on an internet fiasco that does not work, And they are still trying to grease and hoodwink the City it will still pay off, in their dribble above.

It is money long gone. Move on and get rid of the clowns in charge as they may have pushed this company too far. Small operations like SG simply cannot pour $10 million quid down the drain for near zero return.

This is a tiny company by any standards, and many very major Businesses spend nothing like that on "The Internet". SG have NEVER understood the internet, and the red ink disaster of recent years proves it once again. It may even sink the company.

As I posted here months back the lot of them should have been sacked.

The Share price then was 3 quid, and it is now 1 quid dropping near 30% today alone.

The Board hold almost no stock, and that has been the case for a while, and that tells me PLENTY.

A young CEO getting paid $A500,000 or so a year, who sends out drivel snake-oil emails that a 10 year would be embarrassed to sign, is not what SG needs or wants.

Sell off ALL the deadwood businesses that are NOT stamps, get some thinkers onto the board, and get back to what they always do best .. selling stamps and making catalogues.

Can't argue with a single word of that. This share price has further to fall. Might get the proverbial 'dead cat bounce' tomorrow as traders think they can call the bottom - but unless City sees signs that moribund and/or gimmicky revenue generating models are being ditched then share price can easily drip drip drip to 50-70p

beerwagen · Post by **beerwagen** » 07 Oct 2015 04:51

danski99 wrote:Economic meltdown in China obviously going to deliver a big hit to SG given their reliance on Asian customer base in recent years.

There is no meltdown in China. It is a SG meltdown.

There is no way the SG stock can sustain its 5%+ dividend.

21B · Post by **21B** » 07 Oct 2015 06:13

This has been very painful to watch.

The SG meltdown has been long predicted here, Glen nailed it a long time back.

You can't expect much else from a company that resolutely ignores its core customer base. We have all been saying for a long time that they are doing nothing for collectors.

Time for tough decisions.

Who would miss them (catalogues apart...) ?

Brit-Col · Post by **Brit-Col** » 07 Oct 2015 07:11

beerwagen wrote:There is no meltdown in China. It is a SG meltdown.

Just to put a number to it, as of September 30th the Shanghai Stock Exchange Composite Index year-to-date return was -5.62%.

BC

Britcollector · Post by **Britcollector** » 07 Oct 2015 08:01

This is a never-ending story that seems to involve most companies at one time or another.

A company is successful but limited in sales/profits by its niche or location. The Board members, from other industries and knowing little about stamps, suggest what they think to be associated ventures. Some of these are pursued but are not successful because few in the original company understand them or can manage them.

Loses mount, stock goes down and and expert on company governance is hired. The board is fired, new ventures are sold off at a loss, and company announces it is now "focusing on its core competencies to regain customer trust."

The other ill considered move that SG has made is one that I have seen first hand before I retired is the venture to on-line services. Their idea was good - An on-line catalogue and stamp tally software for a yearly fee. Their implementation was poor.

What I would have is a team of computer guys and sensible collectors. Start with GB at the Part 1 level of detail, make it free until it works well, then expand to the commonwealth and charge for it.

beerwagen · Post by **beerwagen** » 07 Oct 2015 12:20

Brit-Col wrote:
beerwagen wrote:There is no meltdown in China. It is a SG meltdown.
Just to put a number to it, as of September 30th the Shanghai Stock Exchange Composite Index year-to-date return was -5.62%.

BC

The US S&P 500 index lost almost that much in the same time frame.

steevh · Post by **steevh** » 07 Oct 2015 19:22

Maybe its time to sell off all your classic GB.

What will happen to the catalogue values of GB Victoria without Gibbons to inflate them?

aethelwulf · Post by **aethelwulf** » 07 Oct 2015 19:35

steevh wrote:What will happen to the catalogue values of GB Victoria without Gibbons to inflate them?

SG might pump up the prices every year to keep their investment portfolio business afloat, but that doesn't necessarily mean all dealers will keep puffing up their prices; without a growth in client base with more money to spend and a willingness to pay more, the dealers will just offer material at lower percentages of SG.

danski99 · Post by **danski99** » 07 Oct 2015 20:58

steevh wrote:Maybe its time to sell off all your classic GB.

What will happen to the catalogue values of GB Victoria without Gibbons to inflate them?

That's actually pretty much what I'm doing - gradually flogging my British QV - apart from anything with Glasgow postmarks - and using funds realised to buy British Commonwealth QV. I bought a superb unmounted mint Bahamas QV £1 sideface - for the same price I could sell a pretty average used 3 margin penny black the other day. In terms of rarity there is no comparison.

Global Administrator · Post by **Global Administrator** » 07 Oct 2015 21:17

SG will be going nowhere.

They'll get back to selling stamps, and making catalogues, both of which they are actually good at.

And all the hare brained ideas like this years' buying of a Fine Wine Dealer etc will be out the door, along with most of the board hopefully.

Remember these folks were in recent decades owned by instant lettering giant Letraset!

The Chairman of Letraset blamed "indiscriminate expansion" and "imprudent" investment decisions for the problems at Gibbons, and was quoted in "The Times" as saying "We significantly overpaid for what we got."

They got burnt, and lost a fortune, and indeed Gibbons nearly sent them to the wall, and they in turn were gobbled up by office products maker Esselte who dumped SG in 1981 as they could see no synergy in it.

SG later were bought by Channel Islands based "Flying Flowers" I kid you not. Folks who sold - FRESH FLOWERS. Who of course were also totally clueless, and also lost a bomb.

Things lurched from dumber to dumber - and were snaffled up by Feigenbaum, who as "boss" flogged them cartons of Sand Dune Cinderellas from Staffa Island etc for a million quid etc. Again I kid you not.

Clive "forgot" to mention his Bankruptcy history in the official declarations when they were listed on the Stock Exchange, and SG were de-listed in MINUTES!

https://en.wikipedia.org/wiki/Stanley_Gibbons

In 1982 Clive Feigenbaum staged a management buy-out followed by an application in 1984 for a listing on the UK's Unlisted Securities Market in order to raise funds for new acquisitions. Following the buy-out, Feigenbaum, the Chairman, had owned over 50% of the shares, with the others owned by the rest of the board.

The listing went ahead but the shares were suspended within moments of their debut even before trading had begun, following concerns about Feigenbaum's background highlighted in an article in the "Sunday Times".

The suspension was said to be the fastest on record at that time. The concerns had surrounded Feigenbaum's expulsion from the Philatelic Traders Society for breaching their code of ethics and his sale of "23 Carat Gold" stamps of no postal validity from the island of Staffa.

U.S. Government tests had shown the stamps, sold at £10 each, to have had a gold value of about 5c each. The debacle was said to have caused considerable embarrassment, not just to the company but also to its USM brokers Simon & Coates.

Shortly afterwards, Feigenbaum resigned as Chairman and was bought out by a consortium of institutions and individuals for £3 million. A further attempt at a listing was planned for 1985 but did not go ahead.

danski99 · Post by **danski99** » 07 Oct 2015 22:18

Global Administrator wrote:SG will be going nowhere.

They'll get back to selling stamps, and making catalogues, both of which they are actually good at.

And all the hare brained ideas like this years' buying of a Fine Wine Dealer etc will be out the door, along with most of the board hopefully.

Remember these folks were in recent decades owned by instant lettering giant Letraset!

The Chairman of Letraset blamed "indiscriminate expansion" and "imprudent" investment decisions for the problems at Gibbons, and was quoted in "The Times" as saying "We significantly overpaid for what we got."

They got burnt, and lost a fortune, and indeed Gibbons nearly sent them to the wall, and they in turn were gobbled up by office products maker Esselte who dumped SG in 1981 as they could see no synergy in it.

SG later were bought by Channel Islands based "Flying Flowers" I kid you not. Folks who sold - FRESH FLOWERS. Who of course were also totally clueless, and also lost a bomb.

Things lurched from dumber to dumber - and were snaffled up by Feigenbaum, who as "boss" flogged them cartons of Sand Dune Cinderellas from Staffa Island etc for a million quid etc. Again I kid you not.

Clive "forgot" to mention his Bankruptcy history in the official declarations when they were listed on the Stock Exchange, and SG were de-listed in MINUTES!

https://en.wikipedia.org/wiki/Stanley_Gibbons

In 1982 Clive Feigenbaum staged a management buy-out followed by an application in 1984 for a listing on the UK's Unlisted Securities Market in order to raise funds for new acquisitions. Following the buy-out, Feigenbaum, the Chairman, had owned over 50% of the shares, with the others owned by the rest of the board.

The listing went ahead but the shares were suspended within moments of their debut even before trading had begun, following concerns about Feigenbaum's background highlighted in an article in the "Sunday Times".

The suspension was said to be the fastest on record at that time. The concerns had surrounded Feigenbaum's expulsion from the Philatelic Traders Society for breaching their code of ethics and his sale of "23 Carat Gold" stamps of no postal validity from the island of Staffa.

U.S. Government tests had shown the stamps, sold at £10 each, to have had a gold value of about 5c each. The debacle was said to have caused considerable embarrassment, not just to the company but also to its USM brokers Simon & Coates.

Shortly afterwards, Feigenbaum resigned as Chairman and was bought out by a consortium of institutions and individuals for £3 million. A further attempt at a listing was planned for 1985 but did not go ahead.

Surely there is a great book to be written here... the Rise and Fall of Stanley Gibbons. Enough plot twists and pantomime villains to make for a ripping yarn. Every stamp collector around the world would like it in their Christmas stocking.

danski99 · Post by **danski99** » 07 Oct 2015 23:17

From an investment BB:

Headlines in yesterday's Antiques Trade Gazette (ATG):

"Top two at Dreweatts in surprise exit" and article goes on to say "....Stephan Ludwig and Ian Goldbart, creators of the group of businesses that includes Dreweatts, Baldwin's and Mallett, are understood to have left parent company Stanley Gibbons......"

Article goes on to say "The departures are not thought to be connected to the financial performance of SG share price...... ATG were unable to contact SG at time of going to press".

danski99 · Post by **danski99** » 07 Oct 2015 23:20

I would say that in most cases, after a share price suffers an intraday collapse in the order of 30% as SG did yesterday on the LSE, you get a 'dead cat bounce' the following day, as traders and bottom fishers run in thinking they can snag a quick profit or that thefall is overdone. Not so in this case - down another few pence sub 100p now. That's the sign of a properly sick share that investors are giving a wide berth at the moment.

Global Administrator · Post by **Global Administrator** » 07 Oct 2015 23:39

Gibbons PR Hype wrote:
Six months ended 30 September 2015

The Group continues to embark on its strategy to evolve and diversify business operations to an online and auction business model with more predictable revenues streams and profits.

The Directors believe that the opportunity to materially grow shareholder value through the continued implementation of our online Marketplace and global auction business remains a positive proposition.

These clowns must think everyone out there is thick as a plank?

The SG share price has tanked all year from 4 quid to under 1 quid today, as the City has read too much vague hot air already and lame excuses and "dog ate my homework", and now the salvation is to be the INTERNET, that they have wasted about 10 million quid on so far with negligible effect.

Indeed in stamps it heavily cheapened their own prestige Brand, as they cheerfully invited 100s of clueless American Mom and Pop part-timers to share their own Gibbons website flogging mis-described stamps often exclusively using SCOTT numbers - a marketing MASTERSTROKE!

Until I read that Tiffany have invited a few Hillbillies in T Shirts and shorts to set up trestle tables, flogging tatty costume jewellery in their 5th Avenue New York showroom, I'll retain my view that their BidStart disaster brain fart was dumber than paint.

That dopey folly cost MILLIONS of quid in real money SG will never see again, and gained them nothing except Global ridicule from the trade and collectors.

danski99 · Post by **danski99** » 07 Oct 2015 23:43

Global Administrator wrote:
Gibbons PR Hype wrote:
Six months ended 30 September 2015

The Group continues to embark on its strategy to evolve and diversify business operations to an online and auction business model with more predictable revenues streams and profits.

The Directors believe that the opportunity to materially grow shareholder value through the continued implementation of our online Marketplace and global auction business remains a positive proposition.

These clowns must think everyone out there is thick as a plank?

The SG share price has tanked all year from 4 quid to under 1 quid today, as the City has read too much vague hot air already and lame excuses and "dog ate my homework", and now the salvation is to be the INTERNET, that they have wasted about 10 million quid on so far with negligible effect.

Indeed in stamps it heavily cheapened their own prestige Brand, as they cheerfully invited 100s of clueless American Mom and Pop part-timers to share their own Gibbons website flogging mis-described stamps often exclusively using SCOTT numbers - a marketing MASTERSTROKE!

Until I read that Tiffany have invited a few Hillbillies in T Shirts and shorts to set up trestle tables, flogging tatty costume jewellery in their 5th Avenue New York showroom, I'll retain my view that their BidStart disaster brain fart was dumber than paint.

That dopey folly cost MILLIONS of quid in real money SG will never see again, and gained them nothing except Global ridicule from the trade and collectors.

.... but apart from that, they're doing okay, right?

Parisboy · Post by **Parisboy** » 07 Oct 2015 23:58

It's a real shame about Gibbons. They are a well respected brand who could have had a brilliant online presence with downloadable catalogues and a great website promoting all the expertise and experience that they have. Yet everything they've touched recently has turned into a shambles.

Even the shop on The Strand seems sad and unwelcoming now.

Just half an hour with Glen would put them on the right track (seriously) but I really think that they have their fingers in their ears singing lalala while it all crashes down around them.

Jack · Post by **Jack** » 08 Oct 2015 01:09

For those who want to watch Stanley Gibbons share price in near live graphs with historical analysis see -

http://www.hl.co.uk/shares/shares-search-results/s/stanley-gibbons-group-plc-ordinary-1p

I particular liked clicking the Director Deals button. That is well worth a look...

steevh · Post by **steevh** » 08 Oct 2015 03:40

Its a real shame as they do make wonderful catalogues. (If you ignore some of the rather fanciful CVs.)

They could sell them much cheaper if they ran the rest of their business properly.

Not Bruce · Post by **Not Bruce** » 08 Oct 2015 04:23

Jack wrote:For those who want to watch Stanley Gibbons share price in near live graphs with historical analysis see -

http://www.hl.co.uk/shares/shares-search-results/s/stanley-gibbons-group-plc-ordinary-1p

I particular liked clicking the Director Deals button. That is well worth a look...

See what you mean... if you click on the "one year (1Y) button, looks like most of the directors are selling-up... not exactly a vote of confidence

Global Administrator · Post by **Global Administrator** » 08 Oct 2015 04:26

Not Bruce wrote:
Jack wrote:For those who want to watch Stanley Gibbons share price in near live graphs with historical analysis see -

https://www.hl.co.uk/shares/shares-search-results/s/stanley-gibbons-group-plc-ordinary-1p

I particular liked clicking the Director Deals button. That is well worth a look...
See what you mean... if you click on the "one year (1Y) button, looks like most of the directors are selling-up... not exactly a vote of confidence

And THEY got ~3 quid a share, not the under quid a share the schmucks who held on, while these lot of overpaid non-leaders were 'asleep at the wheel' received.

Global Administrator · Post by **Global Administrator** » 08 Oct 2015 04:38

https://stampwants-stamps.bidstart.com/Rare-Early-VAN-DIEMENS ... 955/a.html

This where SG have seriously damaged their brand.

Allowing clueless Mom and Pop amateur USA cowboys like this, to list worthless stamps like this one, on their own website as "RARE" for $A500 posted.

Not only ugly fiscally used, the SG cat clearly warns that minor kiss prints on this issue are common.

Value in the real world - a few cents. No wonder the share price has free-falled from 3 quid to under ONE pound this year. They are lost in the Internet woods!

VERY soon it will likely cost more to buy a UK letter rate stamp than a share in Gibbons!

The Pom · Post by **The Pom** » 08 Oct 2015 08:18

steevh wrote:Its a real shame as they do make wonderful catalogues. (If you ignore some of the rather fanciful CVs.)

I still wonder if anyone at SG will ever cotton onto the fact that Australian gummed sheet stamps are massively scarcer than their self adhesive equivalents.

They've had the best part of a quarter of a century to spot this, and have shown no signs of noticing something that pretty much every collector of Australia on the planet is well aware of....

Nick777VVV · Post by **Nick777VVV** » 08 Oct 2015 09:09

Getting a real hammering (deservedly) from the UK press over the past 48 hours.

http://www.iii.co.uk/articles/270239/stanley-gibbons-plunge-continues

http://www.thisismoney.co.uk/money/markets/article-3262557/S ... nings.html

...the beginning of the end...?

passport_collect · Post by **passport_collect** » 08 Oct 2015 10:42

The way the share price is going, we'll soon be able to have a whip round to buy SG. Then we can just stick to catalogues.

Global Administrator · Post by **Global Administrator** » 08 Oct 2015 12:57

Nick777VVV wrote:Getting a real hammering (deservedly) from the UK press over the past 48 hours.

http://www.iii.co.uk/articles/270239/stanley-gibbons-plunge-continues

If a CEO thinks telling the analyst markets THIS clutching-at-straws twaddle below, after a bad half is the answer and positive direction they seek, he needs to find a new job. "The Dog Ate My Homework".

A few unspecified sales "could" complete, but the value and timing of these alleged possible maybe un-named sales is "uncertain" - and he wonders why the share price is in total freefall???

Gibbons CEO wrote:Hall warns: "There are a number of potential sales of high value items that could complete in H2, but the quantum and timing is uncertain. Overall profits are likely to fall well below prior expectations."

A few more days of falls like this, and the cost to mail a LETTER in the UK, will literally be more than a share in Stanley Gibbons.

GregN · Post by **GregN** » 09 Oct 2015 19:40

Its seems from SG's share price Selling stamps is a terrible business JA right!

Generally dealers and collectors are having a great time like they have never had before in 40 years.. now with the tanking share market.

SG was a great business in the old days .. now to turn the corner it needs to start on a clean sheet like some mining companies viz "Gencore".

Sell off and close down non performing assets and pounce on those managers that are making bad decisions.

I wont touch SG as a business until the directors hold and buy up all the shares and their salaries depend on the share price performance.

Bye Bye SG .. RIP

danski99 · Post by **danski99** » 10 Oct 2015 23:26

"Generally dealers and collectors are having a great time like they have never had before in 40 years.. now with the tanking share market."

This fact will in part explain SG's demise. They were once 'high church' - purveyors of the orthodoxy with a global congregation. Although they still make the bible, their flock can now gather in 1001 different places to worship...

Global Administrator · Post by **Global Administrator** » 10 Oct 2015 23:47

Just hit an all time low for 5 or 10 years with a large volume done for them.

When does this clueless board need to be ousted?

danski99 · Post by **danski99** » 10 Oct 2015 23:54

Global Administrator wrote:
Just hit an all time low for 5 or 10 years with a large volume done for them.

When does this clueless board need to be ousted?

And still not a single sign of directors scooping up 'bargain basement' shares.

Further to fall yet, I would think.

Anyone who buys shares in a company whose chart looks like this one, in absence of solid positive news, thinking they can try to 'catch the bottom', is very foolhardy.

Nick777VVV · Post by **Nick777VVV** » 11 Oct 2015 04:22

Financial Times is quoting a 34% decline in just one week.

This time it's serious.

Stamp Investment Portfolio anyone?

GregN · Post by **GregN** » 11 Oct 2015 04:59

A stamp LISTED investment SHORTSELLING portfolio mmm comes to mind for SG and these businesses...

SG
COLLECTORS UNIVERSE
SOTHERBYS

A stamp UNLISTED investment LONGTERM portfolio "Stampboards.com"

norvic · Post by **norvic** » 13 Nov 2015 21:15

Interesting Commentary today on Stockopedia

A first draft of thoughts on these results.

Revenue. Disastrous. Top line, like for like down 21%. Within that philatelic trading and sales down by 40% from £15m to £9.1m. Publishing was up a tiny bit. Dealing in coins and other collectible so were up, but they had Mallett for a full year.

A point I have made previously: last year philatelic operating margin was 28% ( a rough £6.7m on £23.8m of sales) whereas the margin on other collectibles was 9.5%. So, they are rapidly losing high margin sales to replace with low margin sales. In the half, though "dealing in other collectibles" revenue was up by 75% ( £9.9m v £5.7m) the operating margin was ZERO. Last interims they made £707,000 on sales of £5.6m. This year £92,000 on sales of £9.9m ( OK 0.8% margin).

SGI has bought in a Whole load of businesses that are far lower margin, and completely diluted the stamp business. And obviously been so distracted by management issues that the high margin stamp business has not only been diluted, it has been neglected. Philatelic sales were 42% of sales last year (£24m of £57m). In this first half they are 33% ( £9.1m v £27m).

Anyway, the platforms have been a disaster. Visitor numbers are falling, despite the launch in May ( -8% at the marketplace and -21% at bidstart). But actually it is far worse than that. There is no reason why online sales should be seasonal, so compare 1H with 2H last year, the previous calendar period. GMV on the marketplace has fallen from £613,000 to £416,000 down 35% and on bidstart down from £829,000 to £397,000 a fall of 52%.

And how is the Marketplace, all these years after it was conceived ? (and btw the founder of bidstart Rosenburg has left) . " feedback has been used to prioritise ...further improvements deemed essential to user experience". "There is still work to be done on the design and functionality....but the basics are there". For goodness sake, it does not work. I estimated from the Annual Report that since 2010 they have spent £10m on IT. In this period they have expensed another £1.2m but we cannot see how much they have capitalised. In 2015 they capitalised £2.7m of IT spend. In this interim report there is on the cashflow £1.7m "purchase of intangibles" and I assume that is further IT expense, making c£3m for the half year. That may be wrong, but I bet is not far off the mark......for a system that does not work.

Jack · Post by **Jack** » 19 Nov 2015 03:09

SG is now sell at 88p and buy at 92p; a new year low. Quite a drop from the year high of £3.20...

passport_collect · Post by **passport_collect** » 19 Nov 2015 11:29

Jack wrote:SG is now sell at 88p and buy at 92p; a new year low. Quite a drop from the year high of £3.20...

And no one should ever pay full SG value for something in such poor condition

Global Administrator · Post by **Global Administrator** » 19 Nov 2015 11:49

Jack wrote:SG is now sell at 88p and buy at 92p; a new year low.

Well I have no MBA in stock trading, but these figures look back to front to me for a stock that is tanking.

Jack · Post by **Jack** » 19 Nov 2015 18:31

See above images from HL as to how they show it.