LONDON (Alliance News) - Rare antiquarian book dealer Scholium Group PLC Tuesday reported higher operating profit and revenue for its last financial year, but said it swung to a small loss after booking a number of exceptional costs mainly associated with its recent IPO.
The dealer in rare and antiquarian books, which listed on AIM at the end of March, reported a pretax loss of GBP59,000 for the year ended March 31, compared with a pretax profit of GBP312,000 a year earlier, on the back of higher administrative expenses and and exceptional costs.
Its gross profit for the year however was GBP2.8 million, compared with GBP2.3 million the prior year, as revenues rose 13% to GBP6.7 million, from GBP5.9 million last year, driven by strong growth in its specialist art bookshop in South Kensington, and its Ultimate Library business, which creates high quality reading libraries for luxury resorts, including Aman Resorts and Four Seasons Hotels and Resorts. The company also increased its stock by 40% during the year.
"We have made an encouraging start to the year with Shapero Rare Books and South Kensington Books ahead of the same period for the previous year and are looking forward to developing our business through selective deployment of new capital," said Chief Executive Philip Blackwell in a statement.
Signalling its confidence, the company declared a maiden dividend of 1 pence per share.
Scholium shares were up 1.5% at 87.25 pence Tuesday morning.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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Scholium Group (SCHO)