Auctioneer expects loss

Auctioneer and stamp dealer Mowbray Collectables is expecting a modest loss for the year to the end of March, but says its core operations continue to trade profitably and to budget.

In an update yesterday, the company said the loss was mainly because of poor trading at the Melbourne office of Mowbrays Australia, together with lower than expected results from associate companies affected by economic conditions.

Last year the company announced an annual net profit of $234,206, down from $382,094 a year earlier. In the first half of the current year, net profit was slightly up on the corresponding period a year earlier at $69,594.

With several wholly owned subsidiaries, Mowbray has a 49 per cent share in Peter Webb Galleries, and a 20 per cent share in Australian auction house Bonhams & Goodman.