 | Company News 25 January 2011
The NEW Baldwin's Winter 2011 FIXED PRICE LIST is now available to download fron the Baldwin's website at www.baldwin.co.uk and hard copies are available from our retail premises. The new list contains a superb range of high quality Ancient Greek, Roman, Byzantine Coins, Ancient British & Anglo Saxon Coins, British Coins and Numismatic Literature.
For more information about coins from the fixed price list please contact our specialists at winter@baldwin.co.uk.
16 July 2010
The NEW SUMMER 2010 FIXED PRICE LIST is now available on our website and hard copies are available at our shop. The list contains a wonderful selection of high quality Ancient Greek, Roman, Byzantine, English hammered and milled, German gold and English Commemorative medals and numismatic books.
05 November 2009
Noble Investments (UK) PLC, the AIM listed coin and stamp dealer, is pleased to announce its preliminary results for the year ended 31 August 2009.
Financial Highlights:
Operating profit of GBP 1.952m up 16% (2008 GBP 1.684m);
EBITDA up 19% to GBP 2.081m (2008: GBP 1.745m);
Total dividend recommended of 3.0p up 20% (2008: 2.5p);
Basic earnings per share of 9.59p up 11% (2008 8.65p);
Diluted earnings per share of 9.45p up 14% (2008 8.32p);
Strong ungeared balance sheet with Net Asset value of GBP 13.8m (2008: GBP 13.7m); and
Cash balance of GBP 2.7m after expenditure on buyback and cancellation of 10% of equity.
Year ended 31 August 2009
Revenue GBP 12.097m
Operating profit GBP 1.952m
Profit before tax GBP 2.006m
Cash GBP 2.732m
Collectibles inventory GBP 8.608m
Basic earnings per share 9.59 pence
Diluted earnings per share 9.45 pence
Operational highlights
Strong retail sales led by demand for high quality rarities;
Numismatic auction department revenue steady with auctions conducted in London, Hong Kong and New York during the period under review;
Apex Philatelics Ltd (Apex) revenues and profits strong with 4 postal and 3 public auctions during the period; and
Significant growth in website traffic over the period. The combined three websites of Noble, A H Baldwin and Apex attracted over 11 million hits during the year and an average of over 11,000 visits per month.
Chairman's Statement
I am delighted to be making my first statement as Chairman since stepping up from Deputy Chairman last year.
Financial overview
The financial results for the year to 31 August 2009 show an increase over the equivalent period last year of approximately 19% in revenue. Operating profit increased by 16% and profit before tax by 5%, which reflects a considerable reduction in interest income on our cash balances during the year. Underlying these results is robust improvement in trading of rare coins along with satisfactory results from the auction division and a maiden full year contribution from Apex Philatelics Limited (Apex) which was acquired at the very end of last year. We are very pleased with the performance of Apex and the business and individuals have integrated well with the team at AH Baldwin & Sons Limited (A H Baldwin).
We believe that the business has been managed on a conservative and prudent basis on behalf of the shareholders during the period, particularly in view of the prevailing economic conditions.
Economic conditions
Towards the start of the year, financial markets were in freefall, reeling from the collapse of Lehman Brothers and the considerable and essential infusion of liquidity into the banking system by governments worldwide. Throughout this turmoil the businesses of A H Baldwin and Apex continued trading very satisfactorily.
The trading businesses of Noble were well positioned in the event being debt free and with very comfortable cash reserves and comprehensive inventories. It is our enviable stock of numismatic, philatelic and other collectibles which differentiates us from many of our peers both in the United Kingdom and overseas as it constantly attracts collectors to our London premises and to our stands at international coin fairs.
Dividend
We intend to recommend a final dividend of 2.00p, making a total of 3.00p for the year (2008: 2.50p). This represents a 20% increase on last years total dividend. The full year dividend is more than three times covered by earnings per share.
The final dividend will be paid, subject to shareholders approval, on 8 January 2010 to shareholders on the register on 11 December 2009.
We intend to maintain a progressive dividend policy as conditions permit.
Prospects
Looking to the future we hope for continuing organic growth of the existing businesses both at home and internationally. We are very much attuned to the prospect of making further acquisitions of businesses which are in areas that complement our existing strengths and bring additional specialists with them. We remain as a business, extremely well capitalised with a very strong balance sheet and we are determined to increase shareholder returns through prudent expansion.
I am sure that shareholders will wish to join with me in commending Ian and his team in their efforts on behalf of the Group during such a difficult economic climate.
Jasper Allen
Non-Executive Chairman
5 November 2009
Managing Director's Review
I am pleased to be able to report that further progress has been made since the Group's interim results.
Financial results
Revenue up 19% to GBP 12.097m (2008: GBP 10.141m);
Operating profit up 16% to GBP1.952m (2008: GBP1.684m);
EBITDA up 19% to GBP 2.081m (2008: GBP 1.745m);
Basic earnings per share up 11% to 9.59p (2008: 8.65p);
Diluted earnings per share of 9.45p up 14% (2008 8.32p);
Total dividend up 20% to 3p (2008: 2.5p); and
Strong ungeared balance sheet of GBP 13.8m (2008: GBP 13.7m) despite GBP 1.8m expenditure on buyback and cancellation of 10% of equity, dividends and Apex deferred consideration.
Financial overview
The results for the year showed an increase in revenue of 19% to GBP 12.097m (2008: GBP 10.141m). This was mainly due to the acquisition of Apex at the very end of the last financial year. Operating profit was up 16% to GBP 1.952m (2008: GBP 1.684m). It is pleasing, especially in this time of global instability and turmoil to be able to report that EBITDA rose 19% to GBP 2.081m (2008: GBP 1.745m) during the period.
Profit before tax rose slightly to GBP 2.006m from GBP 1.918m in 2008. This was a creditable performance especially when factoring in the substantial drop in bank interest income to GBP 54,000 from GBP 234,000 in 2008. The reduction was mainly due to the significant fall in deposit rates but also due to a reduced cash balance reduced following the buy back of GBP 1.1m of Noble shares, the payment of dividends and the first payment of deferred consideration for Apex. The cash balance was still a very healthy GBP 2.732m as at year end. It is therefore pleasing to show that the income derived from the acquisition of Apex more than offset the drop in bank interest.
Basic earnings per share were up 11% to 9.59p (2008: 8.65p). The increased earnings allow us to continue to raise the dividend, as mentioned at the time of the interim report. To this end, we propose a 20% increase for the year to 3p (2008: 2.5p). As the dividend is more than three times covered, we feel comfortable with this increase.
Operational overview
Retail:
The numismatic retail division had its best year ever primarily driven by demand for top quality rarities. A H Baldwin holds one of the most diversified and largest stock of coins in the world and we are constantly acquiring additional varieties. Coin fairs attended during the year included those in London, York, Harrogate, New York, Hong Kong, Paris, Munich, Berlin, Los Angeles and Tokyo. The retail division also produced Winter 2008 and Summer 2009 fixed price lists. Both were well received by our regular customers and we aim to continue producing two lists each year.
Auction:
The A H Baldwin auction department again had a very busy year although it produced slightly lower revenues from the previous record year. During this period, the department produced 17 catalogues for auctions held in London, New York and Hong Kong.
Apex:
Apex has just completed its first full year under the Noble umbrella. During the year under review, revenues reached a record level in their 15 year history, up 15% on the previous year. Consignments for the next six months are already in place. We hope to see the benefits of the Apex part of the Group continue in the future and for the brand to continue to grow. To this end, we are actively pursuing additional philatelic specialists to expand this area. Our combined databases of over 10,000 clients should give us potential for offering new products in the future.
Website:
We are in the current process of totally renovating and upgrading our website and standardising brands across the group. We continue to see more traffic through the websites and believe that additional funds directed at this medium will bear fruit in the long term. During the period, the Noble, A H Baldwin and Apex websites attracted over 11 million hits and averaged over 11,000 visits per month. We are hoping that the website will incorporate noticeable changes and advanced capabilities during the current financial year.
Overheads:
We continue to keep a close control on overheads whilst attempting to reward our employees for their continued hard work and dedication. Overheads for the year grew 44% however this was primarily due to the acquisition of Apex Philatelic. With that acquisition and a number of additions at A H Baldwin, average employee numbers grew from 14 to 21 during the year. We intend to continue to monitor overheads closely.
Employee Benefit Trust
On 29 September 2009 the Noble Investments (UK) PLC Employee Benefit Trust was approved and adopted. The Trust will be used to enable the incentivisation and reward of directors and employees through the issue of share options over the Company's shares held by the Trust.
Strategy
The business has, over the last six years since admission to AIM, grown steadily in revenues, profits, dividends and asset value. It has been suggested that we have been too cautious over the years, however we do not see it that way. Whilst we are a small company in stock market terms, we believe there are many opportunities available in the field of collectibles for a well capitalised ungeared company such as Noble. We consider many opportunities in the course of any given year and there have been several during the period under review.
We continue to source specialists to join our team and to look for suitable acquisitions in order to expand the products offered to our client base.
Employees
Once again, it is appropriate to thank the enlarged team from A H Baldwin and Apex for their tireless efforts over the past year. With so many auctions and fairs being held abroad or over weekends, it takes a strong commitment and dedication to keep the business running smoothly and maintain high standards.
Prospects
At the interim stage, I mentioned the economic uncertainty and our conservative approach. I believe this approach has benefitted the Group. However, we now feel that we are seeing opportunities to expand and we are actively seeking this expansion both organically and through exploring acquisitions. We are only two months in to the current year but have already completed two London auctions in September that included coins, banknotes, military decorations and commemorative medals, an Apex philatelic postal auction and in October an Islamic coin auction, also held in London. We are now preparing for our January 2010 New York auction and a February 2010 Hong Kong auction.
We continue to be very mindful that there is a great deal of uncertainty in the world at present and this is likely to continue in to 2010 and probably beyond. We do, however, believe our strong ungeared balance sheet gives us the necessary firepower to grow by selective acquisition.
02 September 2009
Copies of our London Coinex Auctions 62 & 63 catalogues for Tuesday 29th & Wednesday 30th September are available at our office. Both auctions will commence at 10am and take place in London next to our showroom in The Council Chamber, CIPFA, 3 Robert Street, WC2N 6BH.
The catalogues are available online by clicking on the right hand side of our home page and clicking on Auction 62 or 63.
Auction No.62 takes place of 29 Sept and contains over 970 lots of Ancient Greek, Roman and Byzantine, Anglo-Saxon, British hammered & milled, Danish, Spanish & South American, Greek, Italian and Georgian with many other coins from around the world.
Auction 63 takes place on Wednesday 30 September and contains over 780 lots including Orders, Decorations & Military Medals, Commemorative Medals, and over 300 lots of Indian coins.
The catalogues can also be viewed now and bids submitted via the website: www.the-saleroom.com
Live internet bidding on these auctions is available at www.the-saleroom.com
12 June 2009
Baldwin's is please to announce that it has just issued its Summer 2009 Fixed Price list, containing over £1m of Ancient Greek, Roman, Byzantine and British coins. Copies of the list will be posted out today and are available at our showroom. The catalogue is also available online by clicking on the Baldwin's logo on the right side of our home page and clicking on NEW 2009 SUMMER FIXED PRICE LIST.
01 May 2009
Copies of our 26 May 2009 London Auctions No.61 catalogue are available at our office. The auctions will take place in London next to our showroom in The Council Chamber, CIPFA, 3 Robert Street, WC2N 6BH.
The catalogue is available online by clicking on the right hand side of our home page and clicking on Auction 61.
Auction No.61 takes place of 26 May and contains over 500 lots of British 18th & 19th century Tokens including many extremely rare varieties.
The catalogue can also be viewed now and bids submitted via the website: www.the-saleroom.com
Live internet bidding on these auctions is available at www.the-saleroom.com
30 April 2009
Noble Investments (UK) PLC
Interim results for the six months ending 28 February 2009
Noble Investments (UK) PLC, the AIM listed coin and stamp dealer, is pleased to announce its interim results for the six months ending 28 February 2009.
Financial highlights:
- Revenue up 38% to £6,348,000 (2008:£4,610,000)
- Operating profit up 30% to ¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü‚Äö√Ñ√∂‚àö‚Ć‚àö‚àÇ‚Äö√†√∂‚àö‚à´¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ¬¨¬®‚àö√ú‚Äö√Ñ√∂‚àö√ë‚àö‚àÇ‚Äö√†√∂‚Äö√тĆ‚Äö√†√∂‚Äö√†√á‚Äö√Ñ√∂‚àö‚Ć‚àö‚àÇ‚Äö√†√∂‚Äö√†¬¥¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü‚Äö√Ñ√∂‚àö‚Ć‚àö‚àÇ‚Äö√†√∂‚àö‚à´¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫‚Äö√Ñ√∂‚àö√ë‚àö‚àÇ‚Äö√†√∂‚àö√´‚Äö√†√∂‚Äö√†√á‚Äö√Ñ√∂‚àö‚Ć‚àö‚àÇ‚Äö√Ñ√∂‚àö√ë‚Äö√тĆ‚Äö√Ñ√∂‚àö‚Ć‚àö‚àÇ‚Äö√Ñ√∂‚àö‚Ć‚àö√°‚Äö√Ñ√∂‚àö√ë‚àö‚àÇ‚Äö√†√∂‚Äö√тĆ‚Äö√†√∂‚Äö√†√á‚Äö√Ñ√∂‚àö‚Ć‚àö‚àÇ‚Äö√Ñ√∂‚àö‚Ƭ¨¬•¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü‚Äö√Ñ√∂‚àö‚Ć‚àö‚àÇ‚Äö√†√∂‚àö‚à´¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ¬¨¬®‚àö√ú‚Äö√Ñ√∂‚àö√ë‚àö‚àÇ‚Äö√†√∂‚Äö√тĆ‚Äö√†√∂‚Äö√†√á‚Äö√Ñ√∂‚àö‚Ć‚àö‚àÇ‚Äö√†√∂‚Äö√†¬¥¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü‚Äö√Ñ√∂‚àö‚Ć‚àö‚àÇ‚Äö√†√∂‚àö‚à´‚Äö√Ñ√∂‚àö√ë‚àö‚àÇ‚Äö√†√∂‚àö√´‚Äö√†√∂‚Äö√†√á‚Äö√Ñ√∂‚àö‚Ć‚àö‚àÇ‚Äö√†√∂‚àö¬¥‚Äö√Ñ√∂‚àö‚Ć‚àö‚àÇ‚Äö√Ñ√∂‚àö‚Ć‚àö√°‚Äö√Ñ√∂‚àö√ë‚àö‚àÇ‚Äö√†√∂‚Äö√тĆ‚Äö√†√∂‚Äö√†√á‚Äö√Ñ√∂‚àö√ë‚àö‚àÇ‚Äö√†√∂‚àö√´‚Äö√Ñ√∂‚àö√ë‚Äö√тĆ‚Äö√Ñ√∂‚àö√ë‚àö‚àÇ‚Äö√†√∂‚Äö√тĆ‚Äö√†√∂‚Äö√†√á‚Äö√Ñ√∂‚àö√ë‚àö‚àÇ‚Äö√†√∂‚Äö√тĆ‚Äö√†√∂‚àö¬∞‚Äö√Ñ√∂‚àö√ë‚àö‚àÇ‚Äö√†√∂‚àö√´‚Äö√†√∂‚Äö√†√á‚Äö√Ñ√∂‚àö‚Ć‚àö‚àÇ‚Äö√Ñ√∂‚àö√ë‚Äö√тĆ‚Äö√Ñ√∂‚àö‚Ć‚àö‚àÇ‚Äö√Ñ√∂‚àö‚Ć‚àö√°‚Äö√Ñ√∂‚àö√ë‚àö‚àÇ‚Äö√†√∂‚Äö√тĆ‚Äö√†√∂‚Äö√†√á‚Äö√Ñ√∂‚àö√ë‚àö‚àÇ‚Äö√†√∂‚Äö√тƬ¨¬®¬¨‚Ä¢¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü‚Äö√Ñ√∂‚àö‚Ć‚àö‚àÇ‚Äö√†√∂‚àö‚à´¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ¬¨¬®‚àö√ú‚Äö√Ñ√∂‚àö√ë‚àö‚àÇ‚Äö√†√∂‚Äö√тĆ‚Äö√†√∂‚Äö√†√á‚Äö√Ñ√∂‚àö‚Ć‚àö‚àÇ‚Äö√†√∂‚Äö√†¬¥¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü‚Äö√Ñ√∂‚àö‚Ć‚àö‚àÇ‚Äö√†√∂‚àö‚à´¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫‚Äö√Ñ√∂‚àö√ë‚àö‚àÇ‚Äö√†√∂‚àö√´‚Äö√†√∂‚Äö√†√á‚Äö√Ñ√∂‚àö‚Ć‚àö‚àÇ‚Äö√Ñ√∂‚àö√ë‚Äö√тĆ‚Äö√Ñ√∂‚àö‚Ć‚àö‚àÇ‚Äö√Ñ√∂‚àö‚Ć‚àö√°‚Äö√Ñ√∂‚àö√ë‚àö‚àÇ‚Äö√†√∂‚Äö√тĆ‚Äö√†√∂‚Äö√†√á‚Äö√Ñ√∂‚àö‚Ć‚àö‚àÇ‚Äö√Ñ√∂‚àö‚Ƭ¨¬•¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü‚Äö√Ñ√∂‚àö‚Ć‚àö‚àÇ‚Äö√†√∂‚àö‚à´¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√ܬ¨¬®¬¨¬Æ¬¨¬®‚àö√ú‚Äö√Ñ√∂‚àö√ë‚àö‚àÇ‚Äö√†√∂‚Äö√тĆ‚Äö√†√∂‚Äö√†√á‚Äö√Ñ√∂‚àö‚Ć‚àö‚àÇ‚Äö√†√∂‚Äö√†¬¥‚Äö√Ñ√∂‚àö√ë‚àö‚àÇ‚Äö√†√∂‚àö√´‚Äö√†√∂‚Äö√†√á‚Äö√Ñ√∂‚àö‚Ć‚àö‚àÇ‚Äö√†√∂‚àö¬¥‚Äö√Ñ√∂‚àö‚Ć‚àö‚àÇ‚Äö√Ñ√∂‚àö‚Ć‚àö√°‚Äö√Ñ√∂‚àö√ë‚àö‚àÇ‚Äö√†√∂‚Äö√тĆ‚Äö√†√∂‚Äö√†√á‚Äö√Ñ√∂‚àö‚Ć‚àö‚àÇ‚Äö√†√∂¬¨¬•‚Äö√Ñ√∂‚àö√ë‚àö‚àÇ‚Äö√†√∂‚Äö√тĆ‚Äö√†√∂‚Äö√†√á‚Äö√Ñ√∂‚àö√ë‚àö‚àÇ‚Äö√†√∂‚Äö√тĆ‚Äö√†√∂‚à
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