THE Guernsey offices of stamp and collectibles trader Stanley Gibbons continue to play an important part in its success, according to its chief executive.

Mike Hall, a Guernsey resident, said the company was fully committed to the island with its investment business based in offices at Le Bordage, along with its showroom.

It comes as the group, incorporated in Jersey, saw profits shoot up by 13% in the first six months of the year to £1.4m. and sales increase by 18% to £9.6m.

‘The Guernsey office has become a very important part of our business. We moved there in 2006 with a view to becoming an international business with international partners and that has happened. From contributing nothing, our Guernsey trading contributes quite a considerable amount.’

‘We do £1m.-worth of business to Channel Islands residents a year in areas such as rare investment stamp portfolios.’

He said high net-worth individuals were identifying the strategic need to diversify their wealth rather than chasing huge but volatile profit through other vehicles, such as the stock market.

‘Rather than keeping their money in bank accounts, which at the moment are offering rather low interest, they can look at stamps. Stamps will return 10% per annum, which on a compound basis they have delivered that for the past 50 years.’