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Collectables posts record annual gross surplus

May 30, 2006

Mowbray Collectables posts record annual gross surplus of $644,000

Listed stamp and collectables dealer and auction house Mowbray Collectables today reported a record annual surplus of $644,000 before tax and goodwill amortisation.

The company announced a dividend of 3c (1.5c last year) and a 1:10 bonus issue, subject to the dividend.

The net deficit after tax and amortisation of goodwill was $152,000, compared with the $170,000 net deficit last year. Mowbray has amortised goodwill of $611,000 and made provision for $185,000 in tax for the financial year to March 31.

Since listing six years ago, Mowbray has amortised over $1.5 million of goodwill on its asset acquisitions.

Managing director John Mowbray said it was a positive year with turnover around $70 million and busy trade producing the record gross surplus.

``The coin and stamp market is buoyant and the purchase of the Stirling stamp stock will produce an ongoing resource of saleable product.

``We are expecting strong prices at our international auction in October as a result of landmark record prices for New Zealand stamps in London auctions this year.

``The overall year ahead is promising with a large Stanley Gibbons sale in Sydney while Bonhams and Goodman (Sydney) and Peter Webb Galleries (Auckland) both expect strong trading to continue. Webbs experienced a buoyant year despite some indications of a downturn in the NZ art market. Bonhams and Goodman has undergone some restructuring during the year and are well positioned to take advantage of the closure of Christies in Australia.’’

Chairman Murray Radford said the Mowbray group of companies were continuing to trade to expectations and the increased dividend and the bonus issue both indicate the confidence directors have in future prospects.

``The purchase of more than 10 tonnes of Stirling stock in Christchurch was fortuitous and is delivering positive returns as promised. The Stirling collection was among the biggest stamp stocks in Australia and New Zealand.’’

Mr Radford said despite the initial flutter of online auctions, traditional fine art and collectable live auctions are securing excellent results.

``Auctions have the advantage of buyers being able to inspect lots closely before bidding and to take advantage of the security, reputation, knowledge and advice available from established auction houses.’’

John Mowbray is the only New Zealand dealer to attend and have a stand at the major international stamp exhibition in Washington DC this month.


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