Fine profits from Stanley Gibbons

Chief executive Michael Hall said the acquisitions had already surpassed his expectations: Noble and Murray together contributed £2.4m to first-half trading profit. But even without them Stanley Gibbons had a very profitable half year. Like-for-like trading profit almost doubled to £3.7m as the group achieved a much higher profit margin on the same level of underlying turnover. That's because the group purchased various large private collections during the period and successfully sold a number of items within the collections at much higher margins - the antiques equivalent of bulk-buying.

Mr Hall added that Mallet brings Stanley Gibbons expertise in fine antiques, making the group a 'one-stop shop' for estate disposals. It can now deal with everything from odds and ends worth a few hundred quid to very expensive items, enabling the group to compete with 'big guns' such as Sotheby's and Christie's.

Broker Peel Hunt expects pre-tax profit of £11.2m for the full year, giving EPS of 20p - up from £5.6m and 17p.