Stamps retailer Stanley Gibbons said on Friday last year's profits were in line in expectations as online sales more than doubled.

In a trading update the company, which specialises in collectable and postage stamps, projected a strong balance sheet for the year ended December 31st following a 55% increase in internet sales. The firm had invested in its website, helping to boost sales.

A net cash balance of £7.0m was forecast on the back of company expansion as it targeted new global markets.

During the financial year the company acquired bidStart, a US-based online collectibles trading platform, for £1m to strengthen its position in the international online market.

A new office in Hong Kong, which opened in 2011, helped generate new business in Asia.

Stanley Gibbons experienced growth in sales of rare stamps from China and benefit from the Hong Kong office in sourcing material to meet the strong demand. Its success has led to plans for more overseas offices this year.

"The financial year just passed represented yet another success delivering growth in profitability in line with market forecast," Chairman Martin Bralsford said.

"This was achieved despite the costly work undertaken in the year developing our wider strategy. Most important, the acquisition of bidStart and associated fundraising represents a key milestone towards achieving our core objective in the development of the global online collectibles trading community."

Bralsford said last year's results has paved the way for growth in 2013.

Shares were up 0.64% to 235.00p at 8:30 Friday.

RD

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