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(Alliance News) - Scholium Group PLC on Thursday said a change in accounting standards and increased costs resulted in it swinging to loss in its recently-ended financial year.
The rare books retailer reported a pretax loss of GBP13,000 for the year to the end of March compared to a GBP1,000 profit reported a year prior, as administrative expenses increased to GBP2.1 million from GBP1.9 million.
Scholium explained that the adoption of IFRS 15 reduced prior year profit from GBP38,000 as a result of the deferral of sales into the current year previously recognised in the prior year accounts due to the different revenue recognition policies required.
Meanwhile, revenue rose by 8% to GBP7.1 million from GBP6.6 million year-on-year.
Looking ahead, Scholium said it has made a "satisfactory" start to the new financial year and remains committed to delivering improved shareholder value going forward.
Scholium shares were trading 5.8% lower on Thursday in London at 40.05 pence each.