Mowbray says acquisition to double sales

Last updated 05:00 31/05/2014

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Mowbray Collectables has hammered a $112,000 loss this year but expects the acquisition of Auckland-based Peter Webb Galleries will double the future revenue of the group.

The listed Otaki company yesterday announced a $112,000 loss for the year ended March 31, 2014.

This was down more than 200 per cent on the previous year's $106,000 profit.

During the year Mowbray purchased the remaining 51 per cent of Auckland-based Peter Webb Galleries, priced at at least $1.3 million.

As a result of this, and a divestment in Sotheby's Australia, as well as the first capital raising by the company since 2010, Mowbray said it had incurred a number of one-off costs which had impacted the financial results.

The acquisition cost associated with Peter Webb Galleries was about $80,000, while Sotheby's was revalued down by about $52,000.

But the company said its core businesses had all been profitable.

Stamps and coins sales had reflected a challenging market, but were up 10 per cent to $3.33m.

The gross margin earned off each sale, however, suffered, while international sales had also been "robust".

Mowbray Collectables also forecast the acquisition of Peter Webb Galleries would double the revenue of the group, which last year totalled $4.13m.

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