Scholium Group PLC Trading update and establishment of stamp business (2562U)
October 23 2017 - 1:00AM
UK Regulatory
TIDMSCHO
RNS Number : 2562U
Scholium Group PLC
23 October 2017
Scholium Group plc ("Scholium" or "Group")
Trading update and establishment of a stamp auctioneering and
retailing business
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
The Directors of Scholium are pleased to provide an update on
trading in the first half of its year ending 31 March 2018 and are
happy to announce the establishment of a stamp auctioneering and
retailing business.
Trading update
Sales in the six months ended 30 September 2017 have continued
to follow the improved trend experienced in the second half of the
previous financial year ended 31 March 2017.
Results for the first half, which has traditionally been quieter
than the second half, are therefore expected to show a return to
modest profitability, compared with a loss before taxation of
c.GBP240,000 in the comparable period last year.
The Directors anticipate that the results for the six months
ended 30 September 2017 will be released on 28 November 2017.
Mayfair Philatelics Limited ( "Mayfair" )
The Directors are also pleased to announce the incorporation of
a new wholly owned subsidiary, Mayfair Philatelics Limited, to
diversify the Group's activities into the auctioneering and
retailing of British, Commonwealth and World stamps.
They are further pleased to announce that the Group has
recruited Messrs Tim Francis and Rick Warren as executive directors
of Mayfair. Messrs Francis and Warren, who have in aggregate over
80 years of philatelic dealing and auctioneering experience,
founded Apex Philatelics Limited, a stamp auctioneering and
retailing business, which was acquired by Noble Investments (UK)
Plc and thereafter by Stanley Gibbons Group Plc. The Directors
expect to recruit further philatelists to join the team in due
course.
The Group has also acquired a significant portfolio of stamps,
which the Directors expect to be sufficient to cover Mayfair's
auctioneering and dealing requirements for the foreseeable
future.
Mayfair is expected to commence trading on 1 November 2017.
Jasper Allen, Chairman of Scholium, stated: "We are delighted to
announce to shareholders that we have negotiated not only the
recruitment into the Group of an experienced and specialist
philatelist team, but also the acquisition of a highly desirable
and significant portfolio of stamps on which to develop the
business. We see great benefit in the establishment of a new
revenue stream which diversifies the business but in a related
field.
"We are also delighted to report that the upturn in trading
reported in the second half last year has continued into this
financial year"
For further information please visit www.scholiumgroup.com or
contact:
Scholium Group plc
Jasper Allen, Chairman
Peter Floyd, Finance Director +44 (0)20 7493 0876
WH Ireland Ltd - Nominated
Adviser
Chris Fielding
Jessica Cave +44 (0)20 7220 1666
This information is provided by RNS
The company news service from the London Stock Exchange
END
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