Category Archives: Regulatory News

Disposal, Board Changes & Trading Update

Scholium Group plc

(“Scholium”, the “Company” or, together with its subsidiaries, the “Group”)

Disposal, Board Changes & Trading Update

9 February 2014

Proposed Disposal of South Kensington Operations and Board Changes

The Board is pleased to announce that, following a review of operations, it has agreed outline terms for the disposal of its South Kensington operations, South Kensington Books and Ultimate Library. South Kensington Books, which specialises principally in the retail of illustrated contemporary art, architecture and photography books, and Ultimate Library, which creates bespoke libraries on behalf of luxury hotels and resorts, and high-end residences, have become less related to the Group’s core businesses, Shapero Rare Books and Scholium Trading. A company controlled by Philip Blackwell, the current Chief Executive Officer, will acquire the South Kensington operations.

With effect from 30 March, 2015, Philip Blackwell will step aside as Chief Executive in order to focus his attention on the South Kensington operations. Jasper Allen, the Chairman, will act as Executive Chairman whilst a suitable executive is identified to additionally strengthen the board. Philip Blackwell will remain on the board as a non-executive director.

Terms of the Disposal

The agreed terms, which are subject to final contract, provide for cash consideration of £140,000, representing a premium of 15% to the value of the unaudited attributable net assets as at 31 December 2014.

In the year to 31 March 2014, these businesses generated turnover of £650,088 and a profit before taxation, after allocation of central costs, of £24,351. Completion of this sale is expected to take place on or around 30 April 2015 with full details to be confirmed in due course.

Trading Update

Shapero Rare Books

Whilst revenues to date have been steady, we have seen a slowdown in sales, particularly larger value, higher margin sales, to customers from countries that are subject to material political instability and sanctions. Although these clients do have the propensity to be very active in the Spring fairs which, as ever, have a significant impact on the Group’s expected full year performance, the Board considers that a continuation of current trends would make it unlikely that revenues for the full year would be materially ahead of last year.

Scholium Trading

Scholium Trading has been involved in a number of profitable, albeit smaller, transactions across various asset classes, including sculpture, coins, paintings, and ceramics. Nonetheless, we had been hopeful of concluding a significant transaction very recently. Unfortunately, the assets were deemed to be of national importance and export licences were not granted. As a result there will be a corresponding significant shortfall in anticipated revenue and profit.

South Kensington Operations

South Kensington Books and Ultimate Library have generated increased returns, although small in the context of the Group.

Outlook

As a result of the issues detailed above, the Board is no longer confident, notwithstanding that the Group’s most important trade fairs take place in the next two months, that Scholium will meet market expectations for the year ending 31st March 2015 and in the worst case could experience a substantial reduction in profitability

The balance sheet of the Group remains strong with no indebtedness, cash at 31st December 2014 of approximately £2.4 million and a net asset value (unaudited) at the same date of approximately £10.5 million, equating to approximately 77p per share. Notwithstanding disappointing year-to-date performance, the Directors remain confident in the high levels of quality stock built up in Shapero Rare Books and look forward to converting the positive experience gained in Scholium Trading to larger trades in the coming year.

Jasper Allen, Executive Chairman of the Group commented, “Despite the disappointing performance in the current year, the Group remains strong with healthy levels of cash and excellent stock. With a clear focus on Shapero Rare Books and Scholium Trading, we are working hard to secure larger transactions, which have a significant impact on profitability, and continue to have a positive outlook for the future of the Group.”

Scholium Group plcJasper Allen, ChairmanSimon Southwood, Chief Financial Officer +44 (0)20 7493 0876
WH Ireland Ltd – Nominated AdviserChris Fielding/Mark Leonard +44 (0)20 7220 1666
Whitman Howard Ltd – BrokerRanald McGregor-Smith / Niall Devins +44 (0)20 7087 4550

 

 

Dividend Timetable

Scholium Group plc

(“Scholium” or the “Company”)

Dividend Timetable

On 15 December 2014, Scholium announced that it would pay an interim dividend of 0.5p to shareholders on its register on 16 January 2015.  The Company’s shares will become ex-dividend on 15 January 2015 and payment will be made on 30 January 2015.

 

For further information, please contact:

Scholium Group plc

Philip Blackwell, Chief Executive Officer

Simon Southwood, Chief Financial Officer

+44 (0)20 7493 0876

 

WH Ireland Ltd – Nominated Adviser

Chris Fielding / Mark Leonard

+44 (0)20 7220 1666

 

Whitman Howard Ltd – Broker

Ranald McGregor-Smith / Niall Devins

+44 (0)20 7087 4550

Interim Report & Financial Statements

Scholium Group plc

Interim Report & Financial Statements

15 December 2014

Scholium Group plc (“Scholium” or the “Company” or, together with its subsidiaries, the “Group”) is pleased to present its interim report and financial statements for the six months ended 30 September 2014.  The Group is involved in the trading of rare and collectible items.

Operational Highlights

·     Important and high quality stock acquired by Shapero Rare Books to drive sales for the principal selling season in the second half of the financial year

·     Launch of Shapero Modern, the modern and contemporary prints gallery within Shapero Rare Books

·     Trade commencement and development of the Scholium Trading proposition

·     Continued performance of South Kensington Books and accelerated growth of Ultimate Library

Financial Highlights

·     Revenue of £2.80 million (2013: £2.74 million)

·     Gross Profit of £1.14 million (2013: £1.16 million)

·     EBITDA of -£0.18 million (2013: £0.27 million)

·     Stock of £6.60 million (2013: £3.9 million)

·     NAV/Share of 77.49p1

·     Interim dividend of 0.5p per ordinary share payable to shareholders on the company’s register on 16 January 2015.

1Based on the currently issued share capital

Commenting on the interim results Philip Blackwell, Chief Executive of the Group, noted “We have spent the first six months of our financial year acquiring new stock, using much of the sum raised on flotation in March this year and executing our strategy. Shapero has significantly increased its range of high quality stock which puts it in a strong position for the significant selling season which occurs in the second half of the financial year. The new Scholium Trading business has launched and made its first acquisitions and our Kensington operations continue to perform strongly.”

For further information, please contact:

Scholium Group plc

Philip Blackwell, Chief Executive Officer

Simon Southwood, Chief Financial Officer

+44 (0)20 7493 0876

WH Ireland Ltd – Nominated Adviser

Chris Fielding / Mark Leonard

+44 (0)20 7220 1666

Whitman Howard Ltd – Broker

Ranald McGregor-Smith / Niall Devins

+44 (0)20 7087 4550

 

Business Review

Scholium Group companies are involved primarily in the trading and retailing of books and other works on paper, as well as dealing in rare and collectible items in the wider art market.

The group of businesses comprises:

•              Shapero Rare Books, a dealer in rare and antiquarian books and works on paper, located in Mayfair, London;

•              South Kensington Books, a bookshop specialising primarily in art, and its sister business, Ultimate Library, which creates bespoke libraries for luxury hotels and private residences; and

•              Scholium Trading, a company set up to trade in conjunction with other dealers in high value rare and collectible items.

Revenue Streams

The Group earns revenue from:

•              the sale of rare books and works on paper through Shapero Rare Books;

•              the sale of art books and literature through South Kensington Books;

•              the sale of whole collections and libraries through Ultimate Library; and

•              the sale of other rare and collectible items through Scholium Trading.

Key objectives and key performance indicators (KPIs)

The Group’s strategy is to:

•              increase the antiquarian  stock and trade of Shapero Rare Books and broaden the product mix into Modern prints;

•              invest in developing Scholium Trading – a company created to trade alongside other dealers in high value rare and collectible items and participate in the acquisition for sale of large consignments; and

•              accelerate the growth of the South Kensington Books and Ultimate Library brands; the latter concomitant with the development of international hospitality groups and the demand for premium property in Central London.

The directors intend to provide an attractive level of dividends to shareholders along with stable asset-backed growth driven by the markets in which the Group operates.

Our current principal KPIs are:

•              gross margin, EBITDA, earnings per share;

•              the breadth and distribution of the stock of assets held by the Group;

•              stock turnover of assets; and

•              various key risk indicators including capital resources, portfolio allocation and cash.

Performance Review

Overall Performance

The table below illustrates performance for the first six months of our financial year.  Overall, revenue has increased, gross margin on owned stock has increased, but due to the change in mix between commission and owned stock the gross margin of the Group has decreased.  The restocking exercise of Shapero Rare Books has been continuing apace and the business is in a good position for the second half of the financial year, which contains the main selling season.  Costs have increased – primarily to manage the enhanced stock levels and due to the increased overhead of the AIM listing.  The balance sheet remains strong with a very high level of asset backing.  Our challenge is to justify the increased overhead by converting the increased stock into profitable sales in the second half of the financial year.

Figure 1.:          Overall Performance (all figures £,000 unless otherwise noted)

Six months ended September

2014

2013

Variance

Revenue

 2,798

 2,739

2.2%

Gross Profit

 1,142

 1,161

-1.6%

Gross Margin

41%

42%

-2.4%

Direct Costs

(168) 

(159) 

5.7%

Administration Costs

(1,184) 

(767) 

54.4%

EBITDA

(184) 

269

-168.4%

Stock

6,605

3,880

70.2%

Cash

2,754

50

Net Asset Value

10,538

1,274

NAV/Share

77.49p

Shapero Rare Books

Whilst activity at Shapero Rare Books in the first six months of the financial year has been slightly quieter than anticipated, the focus of the business has been to position itself strongly for the major selling season which runs in the second half of the financial year, culminating with The European Fine Art Fair in March.  Consistent with these goals, Shapero Rare Books has increased its stock significantly to approximately £6.3 million at 30 September 2014 (2013: £3.8 million) with a number of noteworthy acquisitions.  As expected with the move to more expensive, higher quality stock, the margin on sales of owned stock increased to approximately 37.6% (2013: 34.8%). Shapero Rare Books has also become more active in the sale of modern prints.

Figure 2.:          Shapero Rare Books KPIs (all figures £,000 unless otherwise noted)

Six months ended September

Variance

Revenue

2014

2013

Own Stock

  2,370

  2,207

 7.4%

Commission

 25

 240

-89.6%

  2,395

 2,447

 -2.1%

Gross Profit

Own Stock

  890

 769

 15.7%

Commission

 25

 240

-89.6%

 915

  1,009

-9.3 %

Gross Margin

Own Stock

37.6%

 34.8%

Own stock + Commission

38.2%

 41.2%

EBITDA

-1

 239

–100.4%

Stock Value

 6,274

 3,779

66.0%

The most significant variance during the period under review was the absence of a one-off commission that the business earned during the first half of the financial year of 2013 on the final sale of a large consignment of books.  The cost base of Shapero Rare Books has increased to reflect the increased purchasing activity and anticipated sales activity in the second half of the financial year.

Whilst stock turnover for the period is lower, this is in large part due to the rapid growth in stock; and positions the business strongly for the second half of the financial year.

South Kensington Operations

Our South Kensington operations have shown accelerated growth in sales, margin and profitability and are strongly cash positive. Increased footfall has helped retail sales and some high profile hotel contract wins, both in London and overseas, have also driven sales.

Figure 3.:          South Kensington Operations Summary (all figures £,000 unless otherwise noted)

South Kensington Operations

Six months ended September

Growth

Revenue

2014

2013

South Kensington Bookshop

 276

 259

6.6%

Ultimate Library

 116

 33

251.5%

 392

 292

34.2%

Gross Profit

  217

  149

 45.6%

Gross Margin

55%

51%

EBITDA

 60

 30

 100%

Trade in the bookshop showed 6% year-on-year growth and we were most encouraged by growth in orders to Ultimate Library.

Scholium Trading

The first half of the year was productive for Scholium Trading. Although this activity began more slowly than anticipated, it has been pleasing to note that the stock turn on trades completed has been better than expected. Scholium Trading earned its first profit in the period under review, with a return of 10% over a period of 2 months. Since the period end, two further profitable sales have been completed. Having spent considerable time developing relationships with dealers, we are seeing increased activity in the second half of the year with some material propositions for acquiring significant collections.

Financial Position and Cashflow

On 30 September 2014 the Group had a strong balance sheet – £2.75 million of cash (30 September 2013: £0.05 million) and a further £6.6 million of stock (30 September 2014: £3.9 million) supported Gross Assets of £11.5 million (30 September 2013: £5.6 million).  The company had no debt; all working capital facilities provided by the group’s shareholders in 2012 and 2013 were repaid over the period (a total amount of £0.53 million).

Outlook

Whilst sales to date have been slightly lower than hoped for, the overall result for our financial year is heavily influenced by the outcome of sales in the final quarter, which culminates in The European Fine Art Fair, where, traditionally, a significant proportion of the Group’s sales are made. Given the high levels of quality stock and a firm pipeline of selling opportunities, the Directors are confident, if certain high value items are successfully sold before the end of March 2015, that market forecasts will be achieved.

Dividend

Based on the directors’ assessment of the prospects for the year as a whole, the Company will pay an interim dividend of 0.5p to shareholders on the Company’s register on 16 January 2015.

Key Risks

Like all businesses, the Group faces risks and uncertainties that could impact on the Group’s strategy. The Board recognizes that the nature and scope of these risks can change and regularly reviews the risks faced by the Group and the systems and processes to mitigate such risks.

The principal risks and uncertainties affecting the continuing business activities of the Group were outlined in detail in the Strategic Report section of the annual report covering the year ended 31March 2014.

In preparing this interim report for the six months ended 30 September 2014, the Board has reviewed these risks and uncertainties and considers that there have been no changes since the publication of the 2014 Annual Report.

Philip Blackwell

12 December 2014

Independent Review Report to Scholium Group plc

Introduction

We have been engaged by the company to review the condensed set of financial statements in the interim report for the six months ended 30th September 2014 which comprises the condensed consolidated statement of comprehensive income, the consolidated statement of changes in equity, the condensed consolidated statement of financial position and the consolidated statement of cash flows and the related explanatory notes.  We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the company in accordance with the terms of our engagement.  Our review has been undertaken so that we might state to the company those matters we are required to state to it in this report and for no other purpose.  To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have reached.

Directors’ Responsibilities

The interim report is the responsibility of, and has been approved by, the directors.  The directors are responsible for preparing the interim report in accordance with the AIM rules.

As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the EU.  The condensed set of financial statements included in this interim report has been prepared in accordance with the recognition and measurement requirements of IFRSs as adopted by the EU.

Our Responsibility

Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the interim report based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK.  A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.  A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.  Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the interim report for the six months ended 30th September 2014 is not prepared, in all material respects, in accordance with the recognition and measurement requirements of IFRSs as adopted by the EU and the AIM rules.

A K Bahl BA FCA

For and on behalf of

Wenn Townsend Chartered Accountants

Oxford, United Kingdom

12 December 2014



Consolidated statement of comprehensive incomefor the six-month period ended 30 September 2014 (unaudited)

Six-month period

 ended

Six-month period

 ended

Year 

ended  

30 September

30 September

31 March

2014

2013

2014

Note

£000

£000

£000

Revenue

3

2,798

2,739

6,733

Cost of sales

(1,656)

(1,578)

(3,954)

Gross profit

1,142

1,161

2,779

Distribution expenses

(168)

(159)

(423)

Administrative expenses

(1,184)

(767)

(1,802)

Exceptional items:

Share-based payment schemes

(19)

(385)

IPO expenses

(228)

Total administrative expenses

(1,203)

(767)

(2,415)

(Loss)/profit from operations

(229)

235

(59)

Adjusted profit from operations before IPO expenses and share-based payment expense

(210)

554

Share-based payment schemes

(19)

(385)

IPO expenses

(228)

(Loss)/profit from operations

(229)

235

(59)

Financial income

1

Financial expenses

(6)

(128)

(290)

(Loss)/profit before taxation

(235)

107

(348)

Income tax credit/(expense)

4

47

189

251

(Loss)/profit  for the year and total comprehensive income attributable to equity holders of the parent company

(188)

296

(97)

Basic (loss)/profit per share – pence

5

(1.40)

347.14

(36.49)

Diluted (loss)/profit per share – pence

5

(1.40)

5.91

(36.49)

Consolidated statement of financial position

30 September

30 September

31 March

2014

2013

2014

Note

£000

£000

£000

Assets

Non-current assets

Property, plant and equipment

115

115

104

Intangible assets

12

20

16

Deferred taxation

305

189

258

432

324

378

Current assets

Stock

6,605

3,880

4,667

Trade and other receivables

6

1,716

1,374

1,816

Cash and cash equivalents

2,754

50

7,578

11,075

5,304

14,061

Total assets

11,507

5,628

14,439

Current liabilities

Trade and other payables

7

962

1,616

3,111

Loans and borrowings

623

533

Current corporation tax liabilities

7

7

14

Total current liabilities

969

2,246

3,658

Non-current liabilities

Loans and borrowings

2,108

2,108

Total liabilities

969

4,354

3,658

Net assets

10,538

1,274

10,781

Equity and liabilities

Equity attributable to owners of the Company

Ordinary shares

136

52

132

Share premium

9,516

9,458

Merger reserve

82

2,047

82

Retained earnings/(deficit)

804

(825)

1,109

Total equity

10,538

1,274

10,781

These interim financial statements were approved by the Board of Directors on 12 December 2014 and signed on its behalf by Simon Southwood

Consolidated statement of changes in equity

Note

Share

Share

Merger

Retained

Total

capital

premium

reserve

deficit

equity

£000

£000

£000

£000

£000

Balance at 1 April 2013

52

2,047

(1,121)

978

Profit for the period

296

296

Total comprehensive income for the period

296

296

Balance at 30 September 2013

52

2,047

(825)

1,274

Loss for the period

(393)

(393)

Total comprehensive income for the period

(393)

(393)

Shares issued in the period

80

10,259

10,339

Share issue expenses

(801)

(801)

Capital reduction in subsidiary

(1,986)

1,986

Cancellation of shares in subsidiary from merger reserve

21

3

24

Share-based payments

338

338

Total contributions by owners of the parent

80

9,458

(1,965)

2,327

9,900

Balance at 31 March 2014

132

9,458

82

1,109

10,781

Consolidated statement of changes in equity

Note

Share

Share

Merger

Retained

Total

capital

premium

reserve

deficit

equity

£000

£000

£000

£000

£000

Balance at 1 April 2014

132

9,458

82

1,109

10,781

Loss for the period

(188)

(188)

Total comprehensive income for the period

(188)

(188)

Shares issued in the period

4

58

62

Share-based payments

19

19

Dividends paid

(136)

(136)

Total contributions by owners of the parent

4

58

(117)

(55)

Balance at 30 September 2014

136

9,516

82

804

10,538

Consolidated statement of cash flows

Six-month period

 ended

Six-month period

 ended

Year 

ended  

30 September

30 September

31 March

2014

2013

2014

£000

£000

Cash flows from operating activities

(Loss)/profit before tax

(235)

107

(348)

Depreciation of property, plant and equipment

22

18

38

Amortisation of intangible assets

4

4

8

Interest payable

6

Share-based payment

19

338

(184)

129

36

Increase in inventories

(1,938)

(547)

(1,336)

Decrease/(increase)in trade and other receivables

100

(6)

(448)

(Decrease)/increase in trade and other payables

(2,156)

94

2,211

Net cash generated from operating activities

(4,178)

(330)

463

Cash flows from investing activities

Purchase of property, plant and equipment

(33)

(14)

(22)

Interest received

1

Net cash generated used in investing activities

(33)

(14)

(21)

Cash flows from financing activities

Proceeds from the issuance of ordinary shares

62

8,000

Share issue expenses

(801)

(Repayment)/receipt of shareholder loans

(533)

273

Dividends paid

(136)

Interest paid

(6)

(75)

(259)

Net cash generated from financing activities

(613)

198

6,940

Net increase in cash and cash equivalents

(4,824)

(146)

7,382

Cash and cash equivalents at the beginning of the period

7,578

196

196

Cash and cash equivalents at the end of the period

2,754

50

7,578

1

General information

Scholium Group plc and its subsidiaries (together ‘the Group’) are engaged in the trading and retailing of rare and antiquarian books and works on paper primarily in the United Kingdom. The Company is a public company domiciled and incorporated in England and Wales (registered number 08833975). The address of its registered office is 32 St George Street, London W1S 2EA.

2

Basis of preparation

These condensed interim financial statements of the Groupfor the six months ended 30 September 2014 (the Period) have been prepared using accounting policies consistent with International Financial Reporting Standards (IFRSs) as adopted by the European Union. The same accounting policies, presentation and methods of computation are followed in the condensed set of financial statements as applied in the Group’s latest audited financial statements for the year ended 31 March 2014. Amendments made to IFRSs since 31 March 2014 have not had a material effect on the Group’s results or financial position for the six-month period ended 30 September 2014.

While the financial figures included within this half-yearly report have been computed in accordance with IFRSs applicable to interim periods, this half-yearly report does not contain sufficient information to constitute an interim financial report as set out in International Accounting Standard 34 Interim Financial Reporting.

These condensed interim financial statements have not been audited, do not include all of the information required for full annual financial statements, and should be read in conjunction with the Group’s consolidated annual financial statements for the year ended 31 March 2014. The auditors’ opinion on these Statutory Accounts was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under s498(2) or s498(3) of the Companies Act 2006.

3

Revenue

30 September

30 September

31 March

2014

2013

2014

£000

£000

£000

Book sales

2,761

2,494

6,474

Commissions

25

240

256

Other income

12

5

3

2,798

2,739

6,733

4

Income tax

30 September

30 September

31 March

2014

2013

2014

£000

£000

£000

Current tax (credit)/expense

Current  tax

1

7

Deferred tax:

Origination and reversal of temporary differences

(48)

(189)

(258)

Total tax credit

(47)

(189)

(251)

The reasons for the difference between the actual tax (credit)/charge for the year and the standard rate of corporation tax in the United Kingdom applied to (loss)/profit for the year as follows:

30 September

30 September

31 March

2014

2013

2014

£000

£000

£000

(Loss)/profit before tax

(235)

107

(348)

Applied corporation tax rates:

20%

20%

20%

Tax at the UK corporation tax rate of 20%

(47)

21

(70)

Expenses not deductible for tax purposes

53

Utilisation of previously unrecognised tax losses

3

(39)

Origination and reversal of temporary differences

0

(213)

(195)

Total tax credit

(47)

(189)

(251)

5.

Earnings/(loss) per share

30 September

30 September

31 March

2014

2013

2014

(Loss)/profit used in calculating basic and diluted earnings per share

(188)

296

(97)

Number of shares

Weighted average number of shares for the purpose of basic earnings per share

13,399,070

85,268

265,813

Weighted average number of shares for the purpose of diluted earnings per share

13,399,070

5,004,888

265,813

Basic (loss)/earnings per share (pence per share)

(1.40)

347.14

(36.49)

Diluted (loss)/ earnings per share (pence per share)

(1.40)

5.91

(36.49)

Basic earnings per share amounts are calculated by dividing net (loss)/profit for the year or period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year.

Where the Group has incurred a loss in a year or period the diluted earnings per share is the same as the basic earnings per share as the loss has an anti-dilutive effect. The diluted loss per share for 30 September 2014 and 31 March 2014 is therefore the same as the basic loss per share for the relevant period and the diluted weighted average number of shares is the same as the basic weighted average number of shares.

The Company has 1,056,000 potentially issuable shares all of which relate to the potential dilution from the Group’s share-options issued in the year ended 31 March 2014.

6

Trade and other receivables

30 September

30 September

31 March

2014

2013

2014

£000

£000

£000

Trade and other receivables

1,183

1,008

1,412

Other debtors

204

84

198

Prepayments and accrued income

329

282

206

1,716

1,374

1,816

7

Trade and other payables

30 September

30 September

31 March

2014

2013

2014

£000

£000

£000

Trade creditors

652

1,111

2,355

Social security and other taxes

35

50

18

Accrued expenses

99

55

686

Other creditors

176

400

52

962

1,616

3,111

Release of Interim Report & Financial Statements

Scholium Group plc 

Release of Interim Report & Financial Statements

Scholium Group plc announces that it will release its interim report and financial statements for the 6 months ended 30 September 2014 on 15 December 2014.

Scholium Group plc

Philip Blackwell, Chief Executive Officer

Simon Southwood, Chief Financial Officer

+44 (0)20 7493 0876

WH Ireland Ltd – Nominated Adviser

Chris Fielding / Mark Leonard

+44 (0)20 7220 1666

Whitman Howard Ltd – Broker

Ranald McGregor-Smith / Niall Devins

+44 (0)20 7087 4550

Notes to Editors

Scholium Group plc is the holding company for a group of companies involved in the retail and trade of rare books, works on paper and fine art.

Shapero Rare Books

Shapero Rare Books was founded in 1979, is a dealer in rare and antiquarian books and works on paper. This includes maps of historic importance, vintage photographs and decorative and artistic prints. Mr Shapero is a well-known and established international dealer in rare books and maps. He developed his expertise from an initial focus on travel and illustrated books into a broad spectrum of rare and collectible works.

The management of Shapero Rare Books has experience in acquiring large consignments of rare and historically important antiquarian books for sale to an international client base. The business has operated since 1996 from its current leasehold premises in St George Street, Mayfair, London.

Scholium Trading

Scholium Trading acquires and trades in the wider market for rare and collectible goods alongside other specialist dealers.

South Kensington Books and Ultimate Library

South Kensington Books is the current trading name of a bookshop that has been operating from leasehold premises in Thurloe Street, South Kensington, London for several decades and which specialises in books valued at up to £150 in visual arts, architecture and photography.

Ultimate Library, which operates from the same premises, creates bespoke libraries on behalf of luxury hotels and resorts, and high-end personal residences around the world.

Trading Statement

Scholium Group plc

(“Scholium” or, together with its subsidiaries, the “Group”)

Trading Statement

16 October 2014

The directors of Scholium are pleased to provide an update for the market on the Group’s performance for the six months ended 30 September 2014 ahead of the Group’s interim statement that will be released in late November.

Shapero Rare Books

Sales of own stock were ahead of the corresponding period last year, whilst the one-off consignment commissions did not recur. Gross profit margins on owned stock also increased in the first half reflecting the continuing emphasis on the shift to higher quality books. The main focus, since the Group’s IPO in March 2014 has been positioning the business for the significant selling season in the second half of the year and putting in place the infrastructure for future growth. Consistent with these goals Shapero Rare Books has increased its stock significantly, to approximately £6.2 million at the period end, with a number of noteworthy acquisitions.

Scholium Trading

The first half of the year was productive for Scholium Trading. Although this activity began more slowly than anticipated, it has been pleasing to note that the stock turn on trades completed has been better than expected. Scholium Trading earned its first profit in the period under review, with a return of 10% over a period of 2 months. Since the period end, two further profitable sales have been completed. Having spent considerable time developing relationships with dealers, we expect that activity will substantially increase in the second half of the financial year and beyond.

South Kensington Operations

Our South Kensington operations, albeit small, have shown accelerated growth in sales, margin and profitability and are strongly cash positive. Increased footfall has helped retail sales and some high profile hotel contract wins, both in London and overseas, have also driven sales. We launched a new private library business in the summer and it is starting to gain traction.

Outlook

We look forward to the busy selling season in the second half of the year with optimism, strong levels of quality stock and a firm pipeline of selling opportunities.

Scholium Group plc

Philip Blackwell, Chief Executive Officer

Simon Southwood, Chief Financial Officer

+44 (0)20 7493 0876

WH Ireland Ltd – Nominated Adviser

Chris Fielding / Mark Leonard

+44 (0)20 7220 1666

Whitman Howard Ltd – Broker

Ranald McGregor-Smith / Niall Devins

+44 (0)20 7087 4550

Notes to Editors

Scholium Group plc is the holding company for a group of companies involved in the retail and trade of rare books, works on paper and fine art.

Shapero Rare Books

Shapero Rare Books was founded in 1979, is a dealer in rare and antiquarian books and works on paper. This includes maps of historic importance, vintage photographs and decorative and artistic prints. Mr Shapero is a well-known and established international dealer in rare books and maps. He developed his expertise from an initial focus on travel and illustrated books into a broad spectrum of rare and collectible works.

The management of Shapero Rare Books has experience in acquiring large consignments of rare and historically important antiquarian books for sale to an international client base. The business has operated since 1996 from its current leasehold premises in St George Street, Mayfair, London.

Scholium Trading

Scholium Trading acquires and trades in the wider market for rare and collectible goods alongside other specialist dealers.

South Kensington Books and Ultimate Library

South Kensington Books is the current trading name of a bookshop that has been operating from leasehold premises in Thurloe Street, South Kensington, London for several decades and which specialises in books valued at up to £150 in visual arts, architecture and photography.

Ultimate Library, which operates from the same premises, creates bespoke libraries on behalf of luxury hotels and resorts, and high-end personal residences around the world

Director’s Shareholding

Scholium Group plc (the “Company”)

Director’s Shareholding

The Company announces that it was informed today that on 5 September 2014 Charles Sebag-Montefiore, non-executive director, purchased 10,000 ordinary shares in the capital of the Company at a price of £0.81 per share. 

Following this purchase Charles Sebag-Montefiore is interested in 20,000 ordinary shares in the Company, representing approximately 0.147 per cent of the issued share capital of the Company. 

For further information please visit www.scholiumgroup.com or contact:

Scholium Group plc

Philip Blackwell, Chief Executive Officer

Simon Southwood, Chief Financial Officer

 

+44 (0)20 7493 0876

WH Ireland Limited (NOMAD)

Chris Fielding / Nick Field

 

+44 (0)20 7220 1666

 

Notes to Editors

Scholium Group plc is the holding company for a group of companies involved in the retail and trade of rare books, works on paper and fine art.

 

Shapero Rare Books

Shapero Rare Books was founded in 1979, is a dealer in rare and antiquarian books and works on paper. This includes maps of historic importance, vintage photographs and decorative and artistic prints. Mr Shapero is a well-known and established international dealer in rare books and maps. He developed his expertise from an initial focus on travel and illustrated books into a broad spectrum of rare and collectible works.

 

The management of Shapero Rare Books has experience in acquiring large consignments of rare and historically important antiquarian books for sale to an international client base. The business has operated since 1996 from its current leasehold premises in St George Street, Mayfair, London.

 

Scholium Trading

Scholium Trading acquires and trades in the wider market for rare and collectible goods alongside other specialist dealers.

 

South Kensington Books and Ultimate Library

South Kensington Books is the current trading name of a bookshop that has been operating from leasehold premises in Thurloe Street, South Kensington, London for several decades and which specialises in books valued at up to £150 in visual arts, architecture and photography.

 

Ultimate Library, which operates from the same premises, creates bespoke libraries on behalf of luxury hotels and resorts, and high-end personal residences around the world

Result of AGM

Scholium Group plc 

(“Scholium Group” or the “Company”)

Results of Annual General Meeting

4 September 2014

Scholium Group is pleased to announce that it held its Annual General Meeting for shareholders today at 9:30 a.m. in London. All resolutions proposed at the meeting were duly passed.

For further information please visit www.scholiumgroup.com or contact:

Scholium Group plc

Philip Blackwell, Chief Executive Officer

Simon Southwood, Chief Financial Officer

+44 (0)20 7493 0876

 

Notes to Editors

Scholium Group plc is the holding company for a group of companies involved in the retail and trade of rare books, works on paper and fine art.

Shapero Rare Books

Shapero Rare Books was founded in 1979, is a dealer in rare and antiquarian books and works on paper. This includes maps of historic importance, vintage photographs and decorative and artistic prints. Mr Shapero is a well-known and established international dealer in rare books and maps. He developed his expertise from an initial focus on travel and illustrated books into a broad spectrum of rare and collectible works.

 The management of Shapero Rare Books has experience in acquiring large consignments of rare and historically important antiquarian books for sale to an international client base. The business has operated since 1996 from its current leasehold premises in St George Street, Mayfair, London.

 Scholium Trading

Scholium Trading acquires and trades in the wider market for rare and collectible goods alongside other specialist dealers.

 South Kensington Books and Ultimate Library

South Kensington Books is the current trading name of a bookshop that has been operating from leasehold premises in Thurloe Street, South Kensington, London for several decades and which specialises in books valued at up to £150 in visual arts, architecture and photography.

 Ultimate Library, which operates from the same premises, creates bespoke libraries on behalf of luxury hotels and resorts, and high-end personal residences around the world.

AGM Statement

Scholium Group plc

(together with its subsidiaries, the “Group”)

AGM Statement

At the AGM this morning, the Chairman, Jasper Allen, will make the following statement:

 “Since admission to trading on 28 March 2014, we have been applying the new capital raised to increasing the Group’s stock and trade.  It has taken time and effort to judiciously build the stock, and the Group is now in a strong position for the second half of the year with high quality inventory.

“At 31 July 2014, the aggregate inventories of the Group were approximately £6.45 million (31 March 2014: £4.67 million) which provides a healthy position going into the second half of the year, traditionally our busier half.

“Interest in Shapero Rare Books remains strong with a number of material deals expected to complete in September.  It will also be exhibiting at a number of important international fairs before the end of the financial year including New York, Hong Kong and The European Fine Art Fair in March.

For further information please visit www.scholiumgroup.com or contact:

Scholium Group plc

Philip Blackwell, Chief Executive Officer

Simon Southwood, Chief Financial Officer

+44 (0)20 7493 0876

WH Ireland Ltd – Nominated Adviser

Chris Fielding / Nick Field

+44 (0)20 7220 1666

Whitman Howard Ltd – Broker

Ranald McGregor-Smith / Niall Devins

+44 (0)20 7087 4550

Notes to Editors

Scholium Group plc is the holding company for a group of companies involved in the retail and trade of rare books, works on paper and fine art.

Shapero Rare Books

Shapero Rare Books was founded in 1979, is a dealer in rare and antiquarian books and works on paper. This includes maps of historic importance, vintage photographs and decorative and artistic prints. Mr Shapero is a well-known and established international dealer in rare books and maps. He developed his expertise from an initial focus on travel and illustrated books into a broad spectrum of rare and collectible works.

The management of Shapero Rare Books has experience in acquiring large consignments of rare and historically important antiquarian books for sale to an international client base. The business has operated since 1996 from its current leasehold premises in St George Street, Mayfair, London.

Scholium Trading

Scholium Trading acquires and trades in the wider market for rare and collectible goods alongside other specialist dealers.

South Kensington Books and Ultimate Library

South Kensington Books is the current trading name of a bookshop that has been operating from leasehold premises in Thurloe Street, South Kensington, London for several decades and which specialises in books valued at up to £150 in visual arts, architecture and photography.

Ultimate Library, which operates from the same premises, creates bespoke libraries on behalf of luxury hotels and resorts, and high-end personal residences around the world

AGM Notice and posting of results

Scholium Group plc 

(“Scholium Group” or the “Company”)

AGM Notice and posting of results

31 July 2014

Scholium Group is pleased to announce that it has today posted copies of its Annual Report and Financial Statements for the period ended 31 March 2014 to its shareholders.  A notice convening the Company’s Annual General Meeting (AGM) was included.  The AGM will be held in the library of the Ham Yard Hotel (which was supplied by the Scholium Group’s Ultimate Library division) at One Ham Yard, London W1D 7DT on Thursday, 4 September 2014 at 9:30 a.m. 

A copy of the Annual Report and Financial Statements for the period ended 31 March 2014 as well as the Notice of the AGM is available on the Company’s website, www.scholiumgroup.com 

For further information please visit www.scholiumgroup.com or contact:

Scholium Group plc

Philip Blackwell, Chief Executive Officer

Simon Southwood, Chief Financial Officer

+44 (0)20 7493 0876

Notes to Editors

Scholium Group plc is the holding company for a group of companies involved in the retail and trade of rare books, works on paper and fine art.

Shapero Rare Books

Shapero Rare Books was founded in 1979, is a dealer in rare and antiquarian books and works on paper. This includes maps of historic importance, vintage photographs and decorative and artistic prints. Mr Shapero is a well-known and established international dealer in rare books and maps. He developed his expertise from an initial focus on travel and illustrated books into a broad spectrum of rare and collectible works.

The management of Shapero Rare Books has experience in acquiring large consignments of rare and historically important antiquarian books for sale to an international client base. The business has operated since 1996 from its current leasehold premises in St George Street, Mayfair, London.

Scholium Trading

Scholium Trading acquires and trades in the wider market for rare and collectible goods alongside other specialist dealers.

South Kensington Books and Ultimate Library

South Kensington Books is the current trading name of a bookshop that has been operating from leasehold premises in Thurloe Street, South Kensington, London for several decades and which specialises in books valued at up to £150 in visual arts, architecture and photography.

Ultimate Library, which operates from the same premises, creates bespoke libraries on behalf of luxury hotels and resorts, and high-end personal residences around the world

Director Shareholding

Scholium Group plc (the “Company”)

Director Shareholding

28 July 2014

The Company announces that it was informed on 28 July 2014 that on 25 July 2014 Jasper Allen, Chairman, purchased 2,000 ordinary shares in the capital of the Company at a price of £0.80 per share. 

Following this purchase Jasper Allen is interested in 102,000 ordinary shares in the Company, representing approximately 0.75 per cent of the issued share capital of the Company. 

For further information please visit www.scholiumgroup.com or contact:

Scholium Group plc

Philip Blackwell, Chief Executive Officer

Simon Southwood, Chief Financial Officer

 

+44 (0)20 7493 0876

Notes to Editors

Scholium Group plc is the holding company for a group of companies involved in the retail and trade of rare books, works on paper and fine art.

Shapero Rare Books

Shapero Rare Books was founded in 1979, is a dealer in rare and antiquarian books and works on paper. This includes maps of historic importance, vintage photographs and decorative and artistic prints. Mr Shapero is a well-known and established international dealer in rare books and maps. He developed his expertise from an initial focus on travel and illustrated books into a broad spectrum of rare and collectible works.

The management of Shapero Rare Books has experience in acquiring large consignments of rare and historically important antiquarian books for sale to an international client base. The business has operated since 1996 from its current leasehold premises in St George Street, Mayfair, London.

Scholium Trading

Scholium Trading acquires and trades in the wider market for rare and collectible goods alongside other specialist dealers.

South Kensington Books and Ultimate Library

South Kensington Books is the current trading name of a bookshop that has been operating from leasehold premises in Thurloe Street, South Kensington, London for several decades and which specialises in books valued at up to £150 in visual arts, architecture and photography.

Ultimate Library, which operates from the same premises, creates bespoke libraries on behalf of luxury hotels and resorts, and high-end personal residences around the world.