Noble Investments posted its annual results Friday, revealing a 23 per cent rise in pre-tax profits.

The UK-based company, which auctions collectables including coins and stamps, reported £3.7m profits to the year ended August,up from £3.0m the previous year.

Basic earnings per share were up 24% to 18.89p, compared to 15.27p in 2011.

The group's cash position rose over 50% to £2.25m as result of positive operating cash flow and auction proceeds.

However, revenues were down 2.3% to £12.35m from £12.65 for the period, due in part to a quieter year in trading.

The retail division raked in £1.2m, down from £2.7m the year before.

"However, the reduced retail activity meant that the retail specialists were able to spend considerable time and effort during the year, cataloguing the auction consignments, which benefited the auction division," said Managing Director Ian Goldbart.

Last year the group launched Baldwin's website and also updated the Apex Philtalic website.

Administrative expenses for the year were up 17% at £3.2m, partially due to increased expenditure on auction catalogue production, travel, promotion and advertising.

"It is pleasing to be able to report another year of growth in both profits and total dividend," Goldbart said.

"The group's strong balance sheet and strength in depth of specialists gives us a significant advantage over many of our competitors.

"We continue to make progress in the pursuit of an appropriate acquisition and hope to make a further announcement in due course. In summary, we have a strong auction book for 2013 and are well placed to continue to build upon the foundations laid in the last decade."

RD

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