30 Nov 2011

Mowbray result lifted

8:25 am on 30 November 2011

Mowbray Collectables has lifted its half year profit.

The listed stamp collector and auctioneer made $107,000 in the six months to the end of September, compared with an adjusted profit of $87,00 in the same period a year earlier.

The company says the adjustment is needed because it sold its Australian auction arm and changed its accounting measures during the year.

Managing director John Mowbray says the core stamp and coin auction businesses have been affected by the Christchurch earthquake and the wider global economic uncertainty. Monthly sales have weakened.

But Mr Mowbray says Peter Webb Galleries reported satisfactory results for its art, jewelllery and wine auctions, and profits improved. Southeby's Australia, in which it has a 20% stake, has traded strongly and ahead of budget.

Shares in Mowbray Collectables were unchanged at 70 cents.