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LONDON (Alliance News) - Scholium Group PLC on Friday said it swung to a loss in the first half of its current financial year as a result of flat revenue and higher operating expenses.
The rare book and fine art trader recorded a pretax loss of GBP56,000 in the six months to the end of September versus GBP61,000 profit reported a year earlier, on a revenue of GBP3.3 million, unchanged year-on-year.
The result was hurt by lower sales in both the dealer in rare and antiquarian books Shapero Rare Books and collectible items trader Scholium Trading units, Scholium said.
Meanwhile, the retail and auction philatelic division Mayfair Philatelics saw an increase in sales.
The company's costs, including distribution and administrative expenses, increased by 25% to GBP1.2 million from GBP987,000 the year prior. Scholium anticipates costs to further increase in the second half of its current financial year as there will be three auctions in Mayfair compared to only one in the first half of the year.
"It has been pleasing that the group's main trading subsidiary, Shapero Rare Books, and Scholium Trading continue to trade profitably in this first six months to September 30," said Chairman Jasper Allen.
"Our new stamp venture, Mayfair Philatelics incurred a loss as expected, but will improve its revenue in the second half due to it holding three of its four auctions a year in Scholium's second six months," added Allen.
Scholium shares were trading down 4.4% on Friday at 43.00 pence each.
