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The group, which runs philately auctioneer-dealer Stanley Gibbons, numismatic dealership Baldwin’s and auction joint venture Baldwin’s of St James’s, has been on a cost-cutting drive under the chairmanship of Harry Wilson who joined in 2016.

He said: “It is now 20 months since the refinancing. I am pleased to say that these are the first results which clearly show the progress which is being made. Of particular note… [is the] 72% [loss] reduction.”

Pre-tax losses narrowed to £661,000 from £2.4m in the first half of 2018. Sales rose to £6.7m from £5m the year before. Baldwin’s sales rose 6% on the previous year but profit fell by 27.5% due to the coin business suffering “the most from our period of financial difficulty and we are still rebuilding the stock levels”.

The company plans new websites and a redevelopment of its premises on The Strand in London.