Stanley Gibbons has swung to a hefty FY pretax loss of £28.9m, from a year-earlier restated profit of £1.8m.
Dividend was nil, from 5p a share. Group turnover was £59.1m, from £60m. Net assets per share had sunk to 81.5p, from 143.2p.
"The 43% fall in net asset value ... has resulted from a combination of both the inadequately integrated and managed acquisitions and internet development activities of recent years alongside the more pervasive impact of the reinvestment profile of the Groups investment contracts which had an element of contractual buy-back," the company said in a statement.
"These contracts were sold between 2005 and 2013 and have resulted in a restatement of prior year earnings relating to all open contracts as at 1 April 2014," it said.
"Although much remains to be done, substantial progress has been made over the last nine months with a reconstituted Board and relocation of Executive Directors to the UK, together with significant operational changes which are described in detail in the Business Review below."
"The market for rare collectibles and fine art remains buoyant for collectors and given the low interest rate environment continues to offer an attractive alternative for investment.
"The Brexit vote has added a degree of uncertainty over the macro environment but quality collectibles have traditionally maintained their value and appeal over the long-term and particularly in times of uncertainty.
"The restructuring of Stanley Gibbons has been unsettling for all concerned with the business, and the Directors would like to thank all our stakeholders for their ongoing support during this transitional period.
"There will inevitably be more challenges ahead but we have taken definitive action with a view to restoring the business and reputation of the Group."