Scholium H2 trading 'severely disrupted' by Covid-19 lockdown measures

(Sharecast News) - Rare books dealer Scholium said on Tuesday that trading had been "severely disrupted" due to Covid-19 restrictions.
Scholium stated that the closure of its Mayfair retail premises for significant parts of the year and the complete cancellation of all domestic and international trade fairs normally attended by the group had resulted in the group registering a loss for the six months ended 31 March.

The AIM-listed firm stated the loss, before exceptional costs, was marginally lower than the loss for the first six months to 30 September 2020, which it stated was "a pleasing improvement".

Scholium also added that it had relocated premises in the second half of the year, incurring exceptional costs of approximately £125,000 but putting it on track to record "considerable annual cost savings" in future years.

"Despite moving successfully to achieving a greater proportion of sales taking place online through the website, the decline in footfall meant that the performance of Shapero Rare Books and Scholium Trading could not escape the adverse effects of Covid-19, with both businesses making a loss in the year. Mayfair Philatelics, also loss-making, made a successful switch to online auctions," said Scholium.

"Sales have continued on the internet, by telephone and by post. Whilst the retail premises re-opened on 12 April, footfall to date remains much lower than normal. The Directors do not anticipate a return to customary levels of trading until it is possible for visitors to travel to London in safety. Accordingly, the group is not expected to trade profitably in the first half of the year to 30 September 2021."

As of 0930 BST, Scholium shares had slumped 8.57% to 32.0p.