Scholium Group PLC Trading Update (9731C)
October 23 2020 - 1:00AM
UK Regulatory
TIDMSCHO
RNS Number : 9731C
Scholium Group PLC
23 October 2020
23 October 2020
Scholium Group plc
('Scholium') or ('Group')
Trading update
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
The Directors of Scholium Group plc (the "Group") provide an
update on trading for the six months ended 30 September 2020.
As previously announced, the Group's trading was severely
curtailed by the onset of Covid-19 from March 2020, which affected
the whole of this six month period, but the Group responded by
successfully increasing online sales activity and cutting
costs.
The Group overall incurred a modest loss in the first six months
compared to the profit of GBP64,000 in the six months to 30
September 2019. Significantly higher online activity helped Shapero
Rare Books to achieve a better level of sales than expected at the
start of the lockdown and it made a small profit for the period.
The cancellation of all the book and other trade fairs helped to
reduce costs, but resulted in there being no sales in Scholium
Trading in the first six months. Mayfair Philatelics had to
postpone its September auction to November, and therefore posted a
small loss for the first half of this year.
In October, t he Group relocated its premises to a first floor
bookshop at 106 New Bond Street, and a separate new gallery for
modern prints nearby at 43 Maddox Street. These moves will
contribute to an immediate reduction in the Group's cost base.
The Group has maintained its positive cash balances with
c.GBP300,000 at 30 September 2020 and over GBP8 million of stock.
The Group's application for a GBP250,000 Covid business
interruption loan was approved during the period but the loan has
yet to be drawn down. The Group's GBP0.5 million overdraft facility
also remains available.
The adverse impact of the restrictions imposed by governments
due to Covid-19 and in particular the cancellation of all of this
financial year's UK and international trade fairs has stimulated a
significant increase in online auctions and activity in both rare
books and works of art. This has created both buying and selling
opportunities for the Group. Nevertheless, given the
unpredictability of trading in the context of Covid-19, the Group
is currently expected to be loss making in the second half of this
financial year.
The Directors expect to release the results for the six months
ended 30 September 2020 by the end of November 2020.
Jasper Allen, Chairman of Scholium, noted:
"We are pleased that Shapero Rare Books has traded profitably
and that therefore the Group has performed at a better level than
the Board's expectations in the first half of this financial year.
We remain focussed on maximising sales through the channels still
available to us and reducing costs where possible.
We very much look forward to welcoming any shareholders looking
to visit our new premises."
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
Lydia Zychowska +44 (020) 7220 1666
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END
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