Scholium Group PLC Trading Statement (4005M)
13 October 2016 - 5:00PM
UK Regulatory
TIDMSCHO
RNS Number : 4005M
Scholium Group PLC
13 October 2016
Scholium Group plc
("Scholium" or, together with its subsidiaries, the "Group")
Trading Statement
13 October 2016
The Board of Scholium provides an update on trading for the six
months to 30 September 2016.
As indicated in the preliminary announcement on 7 July 2016,
sales in May and June in our markets were adversely affected in the
run up to the UK referendum on EU membership. However, we had begun
to see renewed activity in the market, particularly from Euro and
Dollar based buyers and anticipated this trend would continue.
Since then, the Group, and Shapero Rare Books in particular, has
continued to benefit from the weakness in Sterling. In addition to
improved sales in the book shop, this weakness is also enabling us
to place long-standing stock into overseas auctions at potentially
attractive Sterling prices.
Scholium Trading is inherently a lumpy business as it trades in
higher value items alongside third party dealers. The first half of
the year saw it perform slightly behind expectations. Nonetheless a
number of higher-value items are to be auctioned during the second
half of the financial year.
The Group's balance sheet remains strong with net cash of more
than GBP1.1 million, supporting a net asset value of the Group of
approximately GBP10 million (equivalent to 73.4p per ordinary
share).
In light of the above, first half sales were materially below
the level achieved last year, however at a significantly increased
margin, as a result of which the Board anticipates a small loss for
the first half. Notwithstanding the improved performance since
July, it is too early at this stage to assess whether or not the
outcome for the full year will meet market expectations.
Jasper Allen, Chairman of Scholium, commented: "We are
encouraged by the opportunities that weaker sterling is presenting
to the market. We continue to make up ground lost in May and June
and are focussing our efforts in maximising our performance over
the whole year."
Scholium Group plc
Jasper Allen, Chairman
Simon Southwood, Chief Financial Officer +44 (0)20 7493 0876
WH Ireland Ltd - Nominated Adviser
Chris Fielding/Nick Prowting +44 (0)20 7220 1666
This information is provided by RNS
The company news service from the London Stock Exchange
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