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Stanley Gibbons has produced respectable results for the six months to the end of June. The decline in margins is blamed on "flat" auction revenues, increased trading with rival dealers and a fall in sales of high-margin investment autographs such as a letter signed by Henry VIII to the Pope. On the other hand, the tax charge remains at around 10 per cent because as much as half of the revenues now come through the company's recently enlarged Jersey office - which caters for high net worth investors.