Good morning!

In case you missed it, I did a write up on Waterman (LON:WTM) late yesterday. Looks a good turnaround situation, with further upside I think. My report is here, Waterman is right at the end. Also, am talking to management shortly, so may update on any key points from today's call.

Stanley Gibbons (LON:SGI)

Share price: 104.5p (down 27% today)
No. shares: 47.1m
Market cap: £49.2m

(at the time of writing, I hold a long position in this share)

Profit warning - oh dear, it's another profit warning, following hot on the heels of a previous warning on 23 Sep 2015. It might be useful to tabulate the contents of the two profit warnings, to see how they compare. Let's see if this works!

Update dated23 Sep 20156 Oct 2015
H1/H2 splitExpecting "materially higher revenues & profits" in H2 than H1"The Board expects that the Company will deliver materially higher revenue and profit in the second half of the financial year."
High value sales & H1 resultsUncertain whether these will complete by 30 Sep 2015. Material impact on H1 results if they don'tSome completed in September. H1 sales similar to LY, despite acquisitions. Profits expected to be "substantially below" H1 LY
Full year expectationsStill expect to meet full year market forecasts for y/e 31 Mar 2016On the basis of the performance in the first half, the Board now believes that, as a result of the weakness being experienced in our Asian operations and the continued illiquidity in high value stock items, it is unlikely that the Group will achieve the market forecast for the full year.
Online performanceDouble-digit growth in total online sales. But new Marketplace is not performing well, being tweaked. Won't spend on marketing until response improves"opportunity to materially grow shareholder value through the continued implementation of our online Marketplace and global auction business remains a positive proposition."
Cost savingsAnnualised savings of £1.4m expected from integrating Noble Investments, and Mallett"will benefit from a reduced fixed cost base and better cross selling of products and services across our customer base in the second half."

Good, I'm pleased with that table - worth doing, as it contrasts the deterioration in outlook from the update only 2 weeks ago. Clearly they've failed to close the high value sales needed…

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