Annual report: strong trading in new financ'l year

Media release – July 2, 2007

Mowbray Collectables annual report: strong trading in new financial year

Listed stamp and collectables dealer and auction house Mowbray Collectables has reported strong trading for the new financial year with record results from some auctions.

In early April, Webbs art auctions in Auckland had a highly successful art sale but it was too late to be included in the annual result to March 31. Mowbray own 49 percent of Webbs.

Bonhams & Goodman opened their Melbourne auction rooms with a spectacular two day sale realising $7 million later in April. Mowbrays own 20 percent of Bonhams & Goodman.

Chairman Murray Radford said the New Zealand monthly stamp auctions were running at record levels.

``Our first quarter sales are 30 percent above the same period last year,’’ he said.

Another Mowbrays company, Stanley Gibbons Australia, recently recorded strong sales reaching nearly $1 million in their Sydney auction.

Mowbrays reported a solid 2006-07 trading result of $347,622 before tax, depreciation and the amortisation of goodwill. The directors declared a final dividend of 2.5c per share, payable on August 3. The annual meeting will be held in Wellington on August 15.

Since listing six years ago, Mowbray has amortised over $2 million of goodwill on its asset acquisitions.

The John Mowbray International annual sale to be held in October already looks like it will approach last year’s record achievement, judging on consignments to date.

Another Mowbrays associate company, Wildlife Philatelic Collections, the Australian agent for the World Wide Fund for nature stamp programme, has always been trading well.

The annual John Mowbray International annual sale to be held in Wellington in October already looks like it will approach last year’s record achievement, judging on consignments to date.

ENDS

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