Scholium Group PLC Trading Update (3039A)
June 01 2021 - 2:00AM
UK Regulatory
TIDMSCHO
RNS Number : 3039A
Scholium Group PLC
01 June 2021
1 June 2021
Scholium Group plc
Trading update
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
The Directors of Scholium Group plc (the "Group") provide an
update on trading for the 12 months ended 31 March 2021.
The Group's trading was severely disrupted due to the Covid-19
restrictions, in particular the closure of the Group's Mayfair
retail premises for significant parts of the year, and the complete
cancellation of all of the domestic and international trade fairs
normally attended by the Group.
As a consequence, the Group's trading has resulted in a loss for
the six months to 31 March 2021. This loss, before exceptional
costs, was marginally lower than the loss for the first six months
to 30 September 2020, which is a pleasing improvement. In addition,
the Group relocated its premises in this second half, incurring
exceptional costs of approximately GBP125,000. The new premises
will result in considerable annual cost savings for the Group 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.
The Group remains well capitalised with over GBP8.5 million of
stock. At 31 March 2021, cash was GBP2,000, after drawing down a
GBP250,000 Covid bank loan, but without drawing upon the Group's
GBP500,000 overdraft facility.
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. The Directors have therefore focussed on
maximising performance and new sales channels in these difficult
circumstances.
The Directors expect to release the preliminary statement
relating to the results for the year ended 31 March 2021 by the end
of August 2021.
For further information please visit www.scholiumgroup.com or
contact:
Scholium Group plc
Jasper Allen, Chairman
Peter Floyd, Finance Director +44 (0)20 7493 0876
WH Ireland Ltd - Nominated Adviser
Chris Fielding
Lydia Zychowska +44 (020) 7220 1666
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTDKDBDCBKDKPN
(END) Dow Jones Newswires
June 01, 2021 02:00 ET (06:00 GMT)
Scholium (LSE:SCHO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Scholium (LSE:SCHO)
Historical Stock Chart
From Apr 2023 to Apr 2024