Please read the latest financial statements for the Scholium Group here:
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
The Directors of Scholium are pleased to provide an update on trading in the first half of its year ending 31 March 2018 and are happy to announce the establishment of a stamp auctioneering and retailing business.
Sales in the six months ended 30 September 2017 have continued to follow the improved trend experienced in the second half of the previous financial year ended 31 March 2017.
Results for the first half, which has traditionally been quieter than the second half, are therefore expected to show a return to modest profitability, compared with a loss before taxation of c.£240,000 in the comparable period last year.
The Directors anticipate that the results for the six months ended 30 September 2017 will be released on 28 November 2017.
Mayfair Philatelics Limited ( “Mayfair” )
The Directors are also pleased to announce the incorporation of a new wholly owned subsidiary, Mayfair Philatelics Limited, to diversify the Group’s activities into the auctioneering and retailing of British, Commonwealth and World stamps.
They are further pleased to announce that the Group has recruited Messrs Tim Francis and Rick Warren as executive directors of Mayfair. Messrs Francis and Warren, who have in aggregate over 80 years of philatelic dealing and auctioneering experience, founded Apex Philatelics Limited, a stamp auctioneering and retailing business, which was acquired by Noble Investments (UK) Plc and thereafter by Stanley Gibbons Group Plc. The Directors expect to recruit further philatelists to join the team in due course.
The Group has also acquired a significant portfolio of stamps, which the Directors expect to be sufficient to cover Mayfair’s auctioneering and dealing requirements for the foreseeable future.
Mayfair is expected to commence trading on 1 November 2017.
Jasper Allen, Chairman of Scholium, stated: “We are delighted to announce to shareholders that we have negotiated not only the recruitment into the Group of an experienced and specialist philatelist team, but also the acquisition of a highly desirable and significant portfolio of stamps on which to develop the business. We see great benefit in the establishment of a new revenue stream which diversifies the business but in a related field.
“We are also delighted to report that the upturn in trading reported in the second half last year has continued into this financial year”
Scholium Group PLC on Tuesday said its subsidiary Shapero Rare Books Ltd has sold a 50% interest in its entire stock of Russian books, maps, prints and works on paper to PY Ltd.
PY is a company controlled by Pierre-Yves Guillemet, a former employee of Shapero.
The Russian stock had a cost and book value at March 31 of GBP1.0 million, and in the year ended on that date generated a contribution of around GBP15,000 to central costs.
The consideration comprises GBP250,000 payable on completion and a non-interest-bearing loan of GBP315,000 repayable from the sale of the Russian stock in the period to February 28, 2022. Any balance of the loan not repaid by then is to be repaid in cash in full by that date.
Scholium said it will retain ownership of 50% of the Russian stock, and will receive half the sale proceeds including a half share of the profit.
“We are delighted to have entered into this agreement with PY Ltd, which will enable us to redeploy part of our investment in the Russian stock into more buoyant parts of our business, whilst also retaining an interest in the profits which we are confident Pierre-Yves Guillemet will earn,” Chairman Jasper Allen said.