Stanley Gibbons launches online trading site

Stanley Gibbons said that it is planning to trade online while wealthy Chinese stamp collectors have helped to boost its profit.

The stamp specialist will launch an online trading platform early Autumn 2011.

There will be a charge to use it for buying and selling, so creating revenue for the historic firm.

Overall sales in 2010 reached £26.4m, a rise of 13 per cent in comparison with £23.4m in 2009.

Earnings per share went up seven per cent to 15.69p from 14.70p the previous year. The company said shareholders would benefit from the expansion plan.

Company chairman Martin Bralsford said: “The Board has confidence in the Company's future and the delivery of good returns to Shareholders."

The outlook for Stabley Gibbons includes building a bigger presence in the US market, too, this year.

US buyers are often reluctant to buy from overseas, company secretary Richard Purkis said today.

After establishing contact with US distributors, the firm intends to build a stronger rapport with buyers.

Changes to the company board last April kicked the expansion into action.