31 May 2012

Stamp seller's loss deepens

7:12 am on 31 May 2012

Mowbray Collectables has widened its full year loss due to further writedowns of one of its Australian businesses.

The stamp collector and auctioneer, lost $184,000 in the year to the end of March, more than double last year's $81,000 loss.

Trading revenue fell 6% to $2.7 million, due to weak stamps and coin auctions in New Zealand, though its stakes in Australian auction houses, which include Peter Webb Galleries and Sothebys Australia performed well.

First east Auction ceased trading and Mowbray wrote off another $300,000 to reflect the expected shortfall in getting its money back.