Shares in philately retail and investment specialist Stanley Gibbons slipped back after management warned that profits for the year would come in below expectations, despite an expected 20 per cent jump in turnover for the year.
Profits will still be ahead of last year's figure, but will fall short of expectations after a move by the company to shift sales away from guaranteed return products, which required hefty provisions in its accounts, to minimum return products on which margins are lower. Some sales which clients had deferred from 2008 also failed to materialise in 2009, as investors found alternative investments elsewhere. Furthermore, the company has incurred costs from increased marketing and the setting up of a Jersey office.
Price: 109p
When: 8 May 2009
