STANLEY GIBBONS has been given the stamp of approval by the City after returning a 25% rise in pre-tax profits for the first six months of the year. The stamp dealer and investment adviser opened a Guernsey office last summer and its share price has since leapt from 141.5p to nearly 250p.

The profit figures, up from £1.4m. to £1.7m. on the back of a sales increase of 16% to £8.8m., have been well received in the City and it is believed there is still scope for growth in the company’s market share.

‘We’re very pleased and positive about the move to Guernsey,’ said operations director Richard Purkis.

‘We deal worldwide and we’ve found that a lot of our clients, especially from abroad, like to deal with the Guernsey office.’

Stanley Gibbons is registered in Guernsey but opened a third base, in addition to those in the Strand in London and Ringwood in Hampshire, for several reasons, including the fact that a couple of its executives lived in the island.

The Guernsey office is the base for chief executive Mike Hall and investment director Adrian Roose.

Mr Purkis said sales in Guernsey were good and that the company had also sourced several collections locally which had sold well at auction.

‘Guernsey is the main focus of our investment activities,’ he added. ‘We have a number of investment products based on stamps and autographs.

‘Some investors are looking for diversification.

‘Perhaps they have equities, gilts and property and stamps and autographs have an excellent track record over many years.

‘And it’s not just an investors’ market, but big with collectors too, which means it’s not as volatile as products solely for investors.’

Mr Purkis said the cost of setting up its Guernsey outlet had not been prohibitive, although the results highlight £44,000 spent on running the Bordage office as part of a rise in overheads.

‘We’re very pleased with the trade were doing in St Peter Port and with the new shops in the Markets, we can only see walk-in trade improving.’