LONDON (Alliance News) - Rare books dealer Scholium Group PLC said Thursday it swung to a full year profit as revenue rose and its new stamp dealing unit established itself in the market.
For the year ended March, the rare books and collectibles dealer swung to a GBP38,000 pretax profit from a GBP224,000 loss the year prior. This was after revenue rose to GBP6.7 million from GBP6.1 million the year before.
Scholium does not pay a dividend.
"We are delighted to have returned the group to profitability after implementing the cost reductions successfully during the year," Scholium Chairman Jasper Allen said. "The newly formed philatelic division has recorded some early successes and is now firmly established in the UK stamp marketplace."
Its new stamp dealing unit - Mayfair Philatelic - held its inaugural auction in March with another in June.
"The group continues to have an ungeared balance sheet and is now seeking to broaden its activities in its existing markets as well as considering new opportunities in related collectibles markets", Allen added.
Shares in Scholium were 2.1% higher at 49.00 pence on Thursday.
Scholium Group (SCHO)