Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Collectables post $261,500 half yearly operations

November 29, 2005

Mowbray Collectables post $261,500 half yearly operations profit

Listed stamp dealer Mowbray Collectables today reported a half yearly $261,500 profit from operations, up $223,200 on last year’s corresponding period.

The company posted a $43,100 net profit, an improvement of $129,400 on last year’s $86,300 net loss to September 30.

Amortisation totalled $218,400 including goodwill on investments in Peter Webb Galleries and Bonhams & Goodman.

Directors declared an interim dividend of 1.5 cents to be paid on December 16.

Chairman Murray Radford said the Mowbray group of companies continue to trade to expectations, including Stanley Gibbons, which performed stronger.

``The purchase of the Stirling stock in Christchurch was fortuitous and promises to deliver positive returns in coming years.

``To date over 10 tonnes of stamps have been sorted and identified. They are being shipped to the Otaki headquarters for future sales.’’

Auckland’s Peter Webb Galleries, in which Mowbray has a 49 percent holding, continues to shine as a leader in its field, despite the international art market reaching a peak.

The development of the fine wine department and regular wine auctions highlights further opportunities for their expansion.

Immediate returns from Mowbray’s 20 percent share in Sydney-based Bonhams & Goodman were also affected by the softening of the art market.

The purchase by Bonhams of a 50 percent shareholding in established Adelaide auction house Theodore Bruce, now trading as Bonhams & Bruce, is an indication of another opening in the Australian market.

Since September 30, Mowbray’s annual international stamp auction achieved budget expectations.

Mr Radford said despite the growth of online auctions, it appears those interested in fine art and collectables still favour the traditional auction process.

``Auctions have an 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.’’

The success of the second half of the year hinges on a number of auctions yet to be held in New Zealand and Australia.

He said it was gratifying to see an overseas based mutual fund equity investor come on board as a shareholder at an early stage in the company’s growth.

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Commerce Commission: Appeals Record $2.25m Fine In Vodafone FibreX Case

The Commerce Commission has filed an appeal in the High Court against a record $2.25 million fine imposed on Vodafone NZ Limited (Vodafone) for its offending under the Fair Trading Act during its FibreX advertising campaign. While the sentence imposed in the Auckland District Court on April 14 was the largest-ever fine under the Fair Trading Act, the Commission will argue that it is manifestly inadequate... More>>



All District Health Boards: Historic Pay Equity Settlement

An historic agreement has been ratified that addresses a long-standing undervaluation of a workforce that is critical to the smooth running of our hospitals and the delivery of healthcare... More>>


MPI: Dry Autumn In Waikato And South Auckland Leads To Drought Classification Drought conditions affecting the primary sector in the Waikato and South Auckland were today classified as a medium-scale adverse event, enabling a package of support for farmers and growers... More>>


Barfoot & Thompson: Rents Up By Around 3% In Most Areas

The average weekly rent paid for homes in most areas of Auckland has risen by around 3 percent year-on-year. The figures for end March from more than 16,000 properties... More>>


DoC: Smeagol The ‘Gravel Maggot’ Leaves Its Rare Mark On The Remote West Coast
An extremely rare species of sea slug or ‘gravel maggot’ has been detected for the first time on a remote beach in South Westland... More>>



Immigration: Annual Net Migration Loss Of 7,300

The provisional net loss of 7,300 people in the year ended March 2022 was the lowest net migration for a March year since 2012, Stats NZ said today... More>>