Results predictably awful, but have we reached the low point and is there promise?

Results from the well-known philatelic and collectibles group were, as anticipated, fairly awful. With huge amounts ‘invested’ in their own stockholding of collectibles, the nature of this business seems to have changed dramatically over the past few years. The key question now is whether they have purchased wisely and can start to unlock the value from the huge inventory. We offer some thoughts.