Revenue was flat in the year ended December 31st at AIM-listed oil and gas exploration company Tangiers Petroleum in a year that saw the company complete a 'crisis turnaround'.

In its financial results for the year, the company, which has a portfolio of oil and gas assets located in Morocco and Australia, recorded revenue of $94,304, the same as the restated revenue value for 2011.

Administrative expenses for the year totalled $1.8m compared to $789,724 a year earlier and the impairment of exploration expense was valued at $30,528 compared to $340,889 the year before.

The loss before income tax was worth $4.77m compared to a loss of $5.28m a year earlier.

The Chairman of the company said: "With the completion of the company's 'crisis turn-around' and appointment of a new management team, [the] company is now ideally placed to pursue the next leg of its growth strategy."

"This desired growth in the assets of [the] company will be strongly grounded on the relevant professional and hands-on experience of its board and management team, targeting shallow-water and onshore petroleum assets in Africa for the immediate future," the Chairman added.

In September 2012, a new board was appointed and the company said that "significant efforts" were put to the immediate raising of capital crucial for the continued existence of the company and to the negotiation of farm-out arrangements to cover permit obligations in Morocco and Australia.

On the closure of farm-out deals on both the Moroccan and Australian acreage, the Chairman said the company would have cash of $14m as well as being fully funded for all its exploration commitments up to end 2014.


Stamp collection company Stanley Gibbons Group saw an increase in 2012 pre-tax profit as online sales soared.

Adjusted profit before tax of £6.0m grew by 11% on the previous year's £5.4m. Earnings before interest, tax, depreciation and amortisation (EBITDA) came to £6.5m, up 12% from £5.8m.

Results were driven by internet sales, which rose 55% during the year, and revenues outside the UK. However, total sales dropped slightly to £35.6m from £35.7m.

The acquisition of bidStart, a US-based online collectibles trading platform in November 2012 for a $1.0m, helped strengthen the company's results.

The group also expanded its global reach, opening an office in Hong Kong in September which contributed sales of £2.6m and profits of £0.7m.

"The continued growth in the profitability of the group in 2012 was achieved at the same time as substantial investment was made and corresponding progress in the implementation of our broader online strategy, which is expected to deliver material growth in future years," said Chairman Martin Bralsford.

"Specifically, the bidStart acquisition brings us the technology required to develop the global online collectibles trading platform."

He said the market for rare collectibles showed resilience as the benchmark GB250 Stamp Price Index grew 11% over the past year.

The company proposed a final dividend of 3.75p per share, compared to 3.50p the prior year.

In the year ahead, the firm expects profits to be impacted by its increased investment in its online strategy. It is, however, expected that the costs of the investment this year will be more than compensated for by growth opportunities in other parts of the business.

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