September 2018

2018 Interim Report

2018 Statements & Announcements,

Group Financial Information,

Interim & Annual Reports,

Investor Information,

This report covers the first six months since the refinancing in March earlier this year. The previous 2 years have been mostly about fixing things and plugging holes – this work is largely complete now as oneoff costs diminish and we start to rebuild from a cleaner slate. It would be nice to say that our problems are behind us but as the results show we still have a lot of work to do to achieve sustainable profitability. However, the more rewarding rebuilding phase has commenced, and some exciting work -streams have been initiated which it is hoped will unlock the full potential of our business. Technology improvements are high on that list.

The Group is now considerably smaller following the divestment of non-core activities and a substantial reduction in the head-count. Fortunately, we have been able to retain most of the specialists who enable Stanley Gibbons to offer a service to our clients which is second to none. We will look to build these teams as we move forward.