27th Sep 2018 18:25
LONDON (Alliance News) - Stanley Gibbons Group PLC on Thursday said its loss narrowed in its financial year 2018 after it secured an investment from Phoenix UK Fund Ltd.
The postage stamps retailer said pretax loss narrowed in the year to the end of March to GBP8.0 million from GBP11.8 million reported a year earlier, as the company secured a GBP4.3 million loan for restructuring.
Last year, the company initiated the strategic review, which resulted in a transformational deal with Phoenix, signed in February. Phoenix agreed to invest GBP19.5 million into Stanley Gibbons.
Revenue, meanwhile, declined year-on-year to GBP13.4 million compared to GBP15.3 million.
Administrative expenses rose during the period to GBP12.0 million from GBP8.3 million, while selling & distribution costs dropped to GBP5.3 million from GBP10.1 million.
"The last two years have been very tough for all those involved in Stanley Gibbons but I hope that, with the restructuring undertaken and the Phoenix transaction completed, we are now through the low point," said Chairman Harry Wilson.
Stanley Gibbons shares closed 3.7% lower on Thursday at 3.90 pence each.
Related Shares:
SGI.L