Last checked at 13 May 2016 07:00
Scholium Group plc
("Scholium" or the "Company")
Trading Update
13 May 2016
The Directors of Scholium are pleased to report encouraging trading in the year ended 31 March 2016. Revenue is materially ahead of the prior year, as a result of which the pre-tax result is expected to be broadly break even. This growth has been achieved without significant use of Group cash resources.
Shapero Rare Books continues to trade positively and has grown over the period. Its Modern & Contemporary department provides a valuable revenue stream and has raised the exposure of the business.
Scholium Trading has had a good year working alongside a number of dealers and supporting their trade in higher value items. The return on capital employed in this business has validated our investment in it.
The Group's balance sheet remains strong, with net assets at the year-end in excess of £10 million (73.5p per share), including cash of approximately £1.3 million (9.5p per share).
The Company anticipates releasing a preliminary statement in respect of its full year results in early July 2016.
Jasper Allen, Chairman of Scholium, commented, "The second half of the year continued the welcome trend that started in the first half of the year - the market in our core areas of expertise has stabilised. We look forward to the new year with a strong balance sheet in a market which, we believe, will provide opportunities for growth either organically or by the acquisition of teams."
Scholium Group plc Jasper Allen, Chairman Simon Southwood, Chief Financial Officer | +44 (0)20 7493 0876 |
WH Ireland Ltd - Nominated Adviser Chris Fielding/Mark Leonard | +44 (0)20 7220 1666 |
Notes to Editors
Scholium is engaged in the business of art. Its primary operating subsidiary is Shapero Rare Books. Shapero Rare Books is one of the leading UK and international dealers in rare and antiquarian books and works on paper. It trades through premises in Mayfair where the bulk of its stock is on display to the general public. With particular expertise in the great Travel, Natural History and Russian genres, Shapero Rare Books is welcomed at prestigious international art fairs where it shows alongside the most important international dealers in rare art and collectible goods.
The Group, via its Scholium Trading subsidiary, is also active in the industry buying art and collectibles alongside other dealers who have specific market knowledge, be it books outside its core areas of expertise, sculpture, old master paintings arms, armour etc.