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LONDON (Alliance News) - Scholium Group PLC on Wednesday said it expects to turn to a small profit for its recently ended financial year after continuing to make progress during its second half.
Scholium is involved in the retail and trade of rare books, works on paper, and fine art.
The company said it expects the profit for its year ended March after a loss of GBP224,000 in its previous year. The profit, it said, will come after it absorbed all of the formation and start-up costs related to its new Mayfair Philatelic Auctions division.
Scholium said this division had its successful first auction in March with gross sales at around GBP385,000, and two more are planned in early June.
Trading in Scholium's Shapero Rare Books division has improved, it said, due to higher sales and cost saving work.
The Scholium Trading arm made a "useful" contribution, the company said, though it was down year-on-year due to some sales being delayed into its current year.
Scholium said it has managed to reduce central costs by approximately GBP100,000 during its year.
Shares were untraded on Wednesday at a price of 49.00 pence each.