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Stamp collecting firm Stanley Gibbons posts £29m pre-tax loss

Discussion in 'Market News' started by Lily, Oct 3, 2016.

  1. Lily

    Lily Forum Member

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    Future of collectables company in doubt as accounting errors and restructuring take toll on full-year profits

    The stamp collecting firm Stanley Gibbons has slumped to a £29m annual pre-tax loss and detailed a litany of financial woes after discovering “fundamental errors” in the company’s accounts.

    In a dismal update that sent its shares down 10% in early trading on Monday, the accountancy firm BDO said it did not have sufficient evidence to perform a proper audit and warned of “significant doubt about the group’s ability to continue as a going concern”.

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