Avarae benefits from growing interest in rare coins
Thursday, August 14, 2008
Avarae Global Coins, the AIM listed company dedicated to investing in rare and high quality coins, saw increases in both its portfolio of coins as well as its funds available for further investment during last year.
After raising £6 million in a share placing in August 2007, the company acquired important collections of Islamic, Indian and Chinese coins, with English, Islamic, Chinese, Indian, Russian and Polish coins continuing to be the sectors showing the strongest price increases.
Overall, the company acquired more than £3.36 million worth of rare and high quality coins during the year, taking the value at cost of the coin portfolio to £7.32 million – up from £4.1 million in 2007.
Opportunistic disposals of coins totalled £119,000, achieving an average gross return of more than 15%. As a result net profit for the year was £0.29 million up from a loss of £0.07 million last time.
Brian Hatton, executive director of Avarae, said: “We would expect coins from the portfolio to achieve appreciably higher returns if sold at auction, as has been proved by opportunistic sales made to date. With such growing interest in numismatic investments among investors globally and the significant hedge that high quality and rare coins achieve against inflation, we anticipate the company to be very well placed in the next few years.”
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