Stanley Gibbons Group has appointed Louis Castro as an independent non-executive director of the company, and chairman designate of the Audit Committee, with immediate effect.
Yesterday, Stanley Gibbons reported a hefty swing to a 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 yesterday.