Dollar good for Mowbray

John Mowbray, managing director of Mowbray Collectables Ltd. Photo / Mark Mitchell

Otaki-based Mowbray Collectables Ltd says the high NZ dollar is helping its business as overseas buyers perceive value in their purchases.

The stamp and coin dealer is forecasting a record annual result after today reporting a net profit of $296,881 in the six months to September 30, up from $41,632 in the same period last year.

Sales rose 15 per cent in the New Zealand core business of stamp and coin auctions, while costs were as expected.

"Our international export sales remain significant following our success at the London Stamp Exhibition in May 2010. The high NZ dollar continues to assist our exports as overseas buyers perceive stronger value in their purchases," the company said.

Trading revenue was $1.58 million, down 5 per cent in last year, while other revenue was $118,000, up from $31,00 last year.

The company said its 49 per cent owned Peter Webb Galleries traded on a par with last year including a most successful motorbike sale attended by 500 people, and two oceanic tribal art sales attracting international attention. Art and wine sales are exceeding budgeted forecasts.

The business was started in 1965 by John Mowbray while he was still at school, according to the company's website. He remains chief executive officer.

- NZPA