Scholium Group PLC Trading Update & Management Changes (5926B)
April 05 2017 - 1:00AM
UK Regulatory
TIDMSCHO
RNS Number : 5926B
Scholium Group PLC
05 April 2017
Scholium Group plc
Trading Update & Management Changes
5 April 2017
The board of Scholium Group plc (the "Group") provides an update
on trading for the twelve months to 31 March 2017 and announces a
change in the Board of Directors.
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
Trading Update
There has been a demonstrable improvement in the trading of the
Group in the second half year compared with the first half, with
sales having increased by over 80%, albeit at a lower margin. This
is in part due to a strong performance by Scholium Trading where we
have seen success in the sale of some major items. Sales of
antiquarian books and works on paper stabilised in the second half
and are currently on an improving trend. This improvement in
trading is expected to result in approximately breakeven for the
Group in the second half of the financial year.
At the time of the interim announcement in November 2016, it was
stated that annualised cost savings of GBP320,000 had been
identified before new initiatives. These have now been implemented
and the benefit of these savings, both at Group and subsidiary
level, will be seen in the new financial year commencing 1 April
2017.
Separately, we are delighted that Shapero Rare Books has joined
the Antiquarian Booksellers' Association. The benefit is that the
books and works on paper team will exhibit at several important new
international book fairs which provide valuable access to this
specialist market.
Board and other changes
On 4 April 2017 Mr Simon Southwood, Finance Director of the
Group, notified the Board of his intention to stand down as a
Director. He will continue to have responsibility for the
preparation of the financial statements for the year ended 31 March
2017, seeing them to the end of the audit process and ensuring a
smooth handover to his successor. The Board is grateful for his
considerable assistance in recent years and wish him well in his
new ventures.
Mr Peter Floyd (60) has agreed to join the Board of Scholium
Group Plc as part-time Finance Director upon Mr. Southwood's
departure. He was formerly a Partner in the London Office of Price
Waterhouse, Chief Financial Officer of the Fine Art Auction Group
from 2002 to 2012 and Finance Director of Noble Investments (UK)
Plc from 2012 to 2014. We look forward to welcoming him to the
Board.
In addition, we are excited to announce that Mr Roddy Newlands,
formerly Managing Director of Bloomsbury Auctions, has agreed to
join the team at Shapero Rare Books as Head of English Literature
where he will assist in the growth of new sales, cataloguing of
items and ecommerce. Roddy's specialism is in modern and first
editions which currently represents a very significant and popular
section of the market.
Rule 17 Disclosure
Peter John Laurence Floyd is or has been a director of the
following companies in the last 5 years:
Company Name Status
------------------------------------- -----------------
Noble Investments (UK) Limited Past Director
The Fine Art Auction Group Limited Past Director
Greenfield Auctions Limited Past Director
Broadwell Associates Limited Current Director
London Investment Property Syndicate Current Director
Limited
Solutionplanet Limited Current Director
Timberfield Limited Current Director
Bid For Wine (Uk) Limited Past Director
Saltmark Limited Past Director
Salehurst Trading Company Limited Past Director
Baynton Road Limited Past Director
Dnfa Auctions Limited Past Director
The Fine Art Auction Group Limited Past Director
Bloomsbury Auctions Clients Limited Past Director
Dreweatts 1759 Limited Past Director
Edgar Horns Limited Past Director
Dnfa Limited Past Director
Mallett At Bourdon House Limited Past Director
Mallett & Son (Antiques) Limited Past Director
Mallett Limited Past Director
H.J.Hatfield & Sons Limited Past Director
Mallett Overseas Limited Past Director
Ely House Gallery Limited Past Director
BCFLT Limited Past Director
------------------------------------- -----------------
Peter Floyd was a director of BCFLT Limited which was dissolved
via voluntary strike-off on 28 March 2017; all creditors were met
in full. He was also a director of The Car Group plc which entered
into liquidation on 12 November 2002 at which time approximately
GBP23 million of debts were not met.
There are no other disclosures required in respect of Schedule 2
paragraph (g).
For further information, please contact
Scholium Group plc
Jasper Allen, Chairman
Simon Southwood, Chief Financial Officer +44 (0)20 7493 0876
WH Ireland Ltd - Nominated Adviser
Chris Fielding/Nick Prowting +44 (0)20 7220 1666
This information is provided by RNS
The company news service from the London Stock Exchange
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