Preliminary Results

Posted on 12th November 2025 by webadmin

12
Nov

Scholium Group plc

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

Preliminary Results for the 12 months ended 31 March 2015

The board of Scholium, the fine art and collectibles trading company, presents its preliminary results for the 12 months ended 31 March 2015.

SUMMARY INFORMATION

Shapero Rare Books, the main operating brand, trades in rare books and other works on paper from Mayfair and through international fine art fairs. It also trades in modern and contemporary prints through its subsidiary trading brand, Shapero Modern.

The Group also trades alongside other third party dealers in the broader art and collectibles business via its brand, Scholium Trading.

On 2 April 2015 the Group announced the sale of its South Kensington operations, South Kensington Books and the Ultimate Library.

The Company’s shares are admitted to trading on AIM, a market operated and regulated by the London Stock Exchange.

Operational Highlights in the year ending 31 March 2015

· Building valuable stock in Shapero Rare Books following extensive buying programme and launch of Shapero Modern.

· Challenging market conditions, particularly in Shapero Rare Books’ Russian and Eastern European department.

· Scholium Trading – trading in the first year completed profitably – initially lower than expected margins, but faster stock turnover than expected.

Financial Highlights

	31 March 2015	31 March 2014
Revenue from continuing operations	£5.16m	£6.08m
Gross Profit from continuing operations	£1.89m	£2.44m

Inventory	£7.5m	£4.67m
Total Assets	£11.82m	£14.44m
Net Assets	£10.16m	£10.78m
NAV/Share	74.7p	79.3p
Dividend per ordinary share	0.5p	1.0p

Current Trading & Prospects

Revenue and gross profit for the first quarter of the current financial year (continuing operations) are ahead of the previous year. Both turnover and gross profits in June were greater than any other month since the Company’s shares were admitted to trading on AIM. Nonetheless, the volatility of revenue that characterised the second half of our 2014/15 financial year in Shapero Rare Books remains – whilst we have had encouraging responses to new offerings of stock in the analytic tradition (Economics & Social Sciences) and modern literature, the antiquarian book markets are not yet showing the consistent vitality of 2013/14.

Jasper Allen, Chairman of Scholium, said “We have built up excellent stock at Shapero Rare Books and have a strong balance sheet. This places us on a firm footing to explore alternatives for taking our company forward both within the business and externally. The slow-down in our Russian and Eastern European book department has been a setback. Nonetheless, we have started to reposition our stock and, whilst trading remains volatile, we are starting to see initial returns.”

For further information please contact:

Scholium Group plc	+44(0)20 7493 0876
Jasper Allen (Chairman)
Simon Southwood (Chief financial officer)

W H Ireland Limited (Nominated advisor)	+44(0)20 7220 1666
Chris Fielding/Mark Leonard

Whitman Howard Limited (Broker)	+44(0)20 7659 1234
Ranald McGregor-Smith/Niall Devins

CHAIRMAN’S STATEMENT

Whilst I am pleased to present the annual report and financial statements, they represent a year in which there was some uncertainty both within our company and within the markets in which we trade. We are working towards placing the business on a more stable and conservative footing where it is able to deploy its expertise in markets where there is less political uncertainty.

Business Review

During the year the Scholium group of companies traded under the following brands:

· Shapero Rare Books, the principal trading brand, which deals in rare and antiquarian books and works on paper;

· Shapero Modern, a unit within Shapero Rare books which deals in modern and contemporary prints;

· Scholium Trading, which trades with third party dealers in the broader rare and collectible goods markets;

· South Kensington Books, a local book store in South Kensington; and

· Ultimate Library, a provider of libraries to hotels, guesthouses and exclusive private residences.

South Kensington Books and the Ultimate Library were sold just after the year ended 31 March 2015.

Summary

In the first half of the year under review our businesses sought to deploy the capital raised in the fundraising in areas expected to be profitable. Shapero Rare Books quickly built its stock up to c. £7 million (31 March 2014: £4.6 million) at which point the board felt it should be constrained pending proof of performance. Trading in the second half of the year was not as brisk as we anticipated; particularly due to a slow-down in our Russian and Eastern European department.

Our South Kensington Operations, whilst small in the context of the group, traded steadily.

Scholium Trading took a little time to gain traction. Nonetheless it engaged in a number of profitable transactions – access to capital is a major differentiator in this market.

As at 31 March 2015, the Group had net assets of £10.2 million (2014: £10.8 million) including cash of £2.1 million (2014: £7.6 million) and stock of £7.5 million (2014: £4.7 million).

Performance

Shapero Rare Books

In the first half of the financial year we allocated approximately £3m of the capital raised at the time of our IPO to Shapero Rare Books. This was used to acquire high quality stock, which is now one of the highest calibre stocks of rare books in London.

Unfortunately the market for rare books proved tricky. The major point of concern has been that our trade in Russian and Eastern European materials has been slower than anticipated – whereas this department made up 35% of gross profit in the year to March 2014, in the year to March 2015, the department made up only 19% of gross profit; a material decline. Whilst the overall number of clients of this department has increased, the average spend per customer through the business has declined to approximately £64,000 (2014: £94,000) with much of the business transacted on commission. We remain in touch with customers. The other departments of Shapero Rare Books performed satisfactorily – gross profit per customer increased to approximately £3,267 (2014: £3,060).

The decline in performance of the books business was offset by a contribution from Shapero Modern, our modern and contemporary prints department, which was launched during the year.

Revenue for the year from the Group’s continuing operations amounted to £5.16 million (2014: £6.08 million in total), and a pre-tax loss of £0.5 million was incurred (2014: a loss of £0.37 million).

Scholium Trading

Trading by the Group alongside other dealers in the broader arts and collectibles market has developed, been profitable and now represents c. 12% of Group revenue. Whilst gross margins are in the region of 13%, stock turnover is higher than originally anticipated; the value-weighted average holding period of stock acquired for sale is approximately 65 days. During the year we traded alongside dealers in coins, sculpture, old master paintings, antiquarian books and oriental urns.

Revenue for the year from Scholium Trading amounted to £0.72 million generating gross profit of £0.09 million with an average holding period of 65 days.

South Kensington Operations

During the year South Kensington Operations (South Kensington & Ultimate Library) contributed net profits of £0.024 million (2014: £0.024 million) and were sold for £145,802 just after the year end.

Staff

As ever, our dedicated employees have contributed significantly to the development of the Group throughout the year and I would like to take this opportunity of thanking them again for their hard work and effort in what has been a challenging year. Philip Blackwell was instrumental in the listing of our group on AIM and we are delighted he has remained on the board of Scholium as a non-executive director.

Current Trading & Prospects

The group is well capitalised with good quality stock. Revenue and gross profit for the first quarter of the current financial year (continuing operations) are ahead of the previous year. Both turnover and gross profits in June were greater than any other month since the Company’s shares were admitted to trading on AIM. Nonetheless, the volatility of revenue that characterised the second half of our 2014/15 financial year in Shapero Rare Books remains – whilst we have had encouraging responses to new offerings of stock in the analytic tradition (Economics & Social Sciences) and modern literature, the antiquarian book markets are not yet showing the consistent vitality of 2013/14.

Scholium Trading continues to be shown interesting opportunities, some of which we have participated in. We will pursue these on a case by case basis subject to the overall cash resources available to the business.

Our board remains committed to running the business on a profitable basis – we realise that, at current levels of activity, we are sub-scale for AIM and are actively seeking to stabilise and grow the business. This is being done both by managing the cost base and actively seeking opportunities to diversify and enhance the business in the markets in which we operate.

Jasper Allen

Chairman

1 July 2015

STRATEGIC REPORT

This report provides an overview of our strategy and of our business model; gives a review of the performance of the business and of our financial position at the year-end; and sets out the principal risks to which the Group is exposed. In addition it comments on the future prospects of the business.

Principal activities and review of the business

Scholium Group plc is the holding company of a group of businesses involved primarily in the trading and retailing of rare and collectible goods.

The group comprises:

· Shapero Rare Books, a dealer in rare and antiquarian books and works on paper, and its subsidiary brand, Shapero Modern which trades in modern and contemporary prints, both located in Mayfair, London; and

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

Strategy

The Company seeks to create exposure to organisations that are engaged in the business of fine art and collectibles. It does this through its rare books and print dealers, Shapero Rare Books and Shapero Modern respectively; and through Scholium Trading which trades alongside other dealers in the broader art and collectibles market. It is seeking to grow its businesses organically through reinvestment of profits in high quality stock; and by diversification into new market areas through acquisition of companies and/or teams of expert dealers seeking a well-capitalised vehicle.

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

Our business model

Shapero Rare Books

Shapero Rare Books trades in rare and antiquarian books and works on paper. The items for sale typically range in value from £100 up to £1.5 million with an average sale price during the year of £4,816 (2014: £4,270). Shapero Rare Books specialises in natural history, travel and Russian materials. During the year it created a modern prints department, Shapero Modern, which has shown encouraging performance.

Scholium Trading

Scholium Trading trades in conjunction with dealers in high value rare and collectible goods. It acquires items or collections either as principal or in consortia with dealers who are expert in their own subject area in the broader collectibles market.

Revenue Streams

The Group earns revenue from:

· The sale of rare books and works on paper through Shapero Rare Books;

· The sale of modern and contemporary prints through Shapero Modern; and

· The sale of other rare and collectible items through Scholium Trading.

Key objectives and key performance indicators (KPIs)

Our key objectives are to:

· Increase the profitable trade of Shapero Rare Books and Shapero Modern through increased sales and selective purchasing; and

· Develop Scholium Trading to be the ‘first call’ for dealers in high value rare and collectible items seeking support in their trading items which exceed their immediate financial capacity.

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.

Years ending March 31 Continuing operations	2015	2014
Revenue (millions)	5.16	6.08
Gross Profit (millions)	1.89	2.44
Gross Margin	36%	40%
Stock Turnover	22 months	11 months

Review of the year from continuing operations

Overall performance

Revenue has reduced to £5.16 million (2014: £6.08 million), primarily due to a lower level of activity in the Russian and Eastern European department of Shapero Rare Books. Gross margins are slightly reduced at 36% (2014: 40%) due to a different product mix of book sales revenue, commission income, and trade through Scholium Trading.

The year has also seen a marked increase in the stock holding of the group to £7.47 million (2014: £4.67 million) as the proceeds of the fundraising undertaken in March 2014 have been used to acquire new stock in Shapero Rare Books, Shapero Modern and Scholium Trading.

Stock turnover in the year slowed to 22 months as newly acquired stock was not readily converted into sales.

Financial Position and Cash

As at 31 March 2015 our gross stock levels were £7.47 million (2014: £4.67 million) and net assets were £10.2 million (2014: £10.7 million). The increase in stock levels is largely due to the Group’s policy of measured investment in stock to drive turnover and return on capital. The reduction in net assets arises from the losses incurred in the year. The results and assets of the discontinued operations are disclosed in note 20.

Analysis of Profit by Department

12 months ending 31 March 2015 (continuing operations, all figures £m)

	Shapero Rare	Scholium	Central	Continuing
	Books	Trading		Operations
Revenue	4.44	0.72	0.00	5.16
Cost of goods sold	(2.64)	(0.63)	0.00	(3.27)
Gross Profit	1.80	0.09	0.00	1.89
Pre Tax Profit	(0.13)	0.09	(0.49)	(0.53)

The table above shows the performance of each revenue and cost department of the Group as it will be continuing in 2015. Administrative costs for the group, including distribution costs, were £2.4 million (2014: £1.9 million), reflecting the increased overheads required for an AIM listing.

Shapero Rare Books

Shapero Rare Books achieved a turnover of £4.44 million (2014:£6.08 million), excluding its South Kensington Operations which were sold shortly after the year end. The decline in performance, as compared to prior years, was predominantly due to a material slow-down in trade in the Russian and Eastern European department. In the year under review, the Russian and Eastern European department represented 19% of gross profit (2014: 35%). Shapero Modern has performed well in its first year, representing approximately 7.7% of Shapero Rare Books’ turnover.

Scholium Trading

Trading by the Group alongside other dealers in the broader arts and collectibles market has developed, been profitable and now represents c. 12% of Group revenue. Whilst gross margins are in the region of 13%, stock turnover is higher than originally anticipated; the value-weighted average holding period of stock acquired for sale is approximately 65 days. We remain encouraged by these returns and are actively seeking further profitable trades with third party dealers.

During the year we traded alongside dealers in coins, sculpture, old master paintings, antiquarian books and oriental urns. We anticipate that, as this business develops, margins will increase along with the average holding period as dealers start to understand our offer better.

Dividend

The Board does not propose to declare a final dividend for the current year.

Principal risks and uncertainties

Supply of antiquarian books and other items

By definition, rare and antiquarian books and other works on paper are rare. The availability of fresh stock of such items is often driven by major life events, such as inheritance, unrecovered debt, divorce or downsizing due to economic malaise. The business of Shapero Rare Books is reliant upon individual works and collections of works coming onto the market and upon the Group being able to access those business opportunities. There is no guarantee that fresh stock will come onto the market in sufficient quantities to meet the Group’s plans for continued growth.

When works become available for sale or purchase, such sales are often dealt with privately and discretely and, accordingly, there is no guarantee that the Group’s employees will be able to access such business opportunities or to negotiate successfully the purchase of fresh stock coming onto the market.

Reliance on key international trade fairs

A significant proportion of the Group’s sales are made at international trade fairs, and in particular The European Fine Art Fair. If this fair were to be discontinued it would have a material effect on the ability of the Group to sell goods. There are a limited number of stands at international trade fairs and as a result places are highly sought after. Whilst members of the Group have been exhibiting at these fairs for many years, there can be no certainty that it will continue to secure a place in the future.

Competition

The market in the books and other items in which the Group trades is competitive. In the market for antiquarian books and other items in which Shapero Rare Books trades, the Group faces various competitive pressures including from the major auctioneers, Sotheby’s, Christie’s and Bonhams, as well as smaller auctioneers and a large number of dealers and smaller operators.

The Group is likely to face continued and/or increased competition in the future both from established competitors and/or from new entrants to the market. The Group’s competitors include businesses with greater financial and other resources than the Group. Such competitors may be in a better position than the Group to compete for future business opportunities. If the Group is unable to compete effectively in any of the markets in which it operates, it could lead to material adverse effect on the Group’s business, financial condition, and operating.

Co-owned rare and collectible goods

In the case of high value items or collections, the Group will often acquire the items jointly with another bookseller and if not expressly provided for there is a risk that the Group will not be able to sell the entire asset without the agreement of all joint-owners. In this and other respects the Group relies on the honesty and integrity of other dealers. Whilst the Group takes care to deal only with established counterparties and experienced dealers who are well known to senior management and/or the Directors, there can be no guarantee that co-owners will comply with the agreed terms (including, for example not charging the items) or that such co-owners will not enter into administration or other insolvency procedure, and in the event there is a loss of the co-owned goods it is not certain that the Group could claim under its insurance policy in relation thereto.

Stock valuation and liquidity

The Group will trade in rare and collectible items, which may be highly illiquid. The value of goods acquired is difficult to assess and it may not be possible for management to sell the assets at or above the price for which they were acquired. The value of assets in the balance sheet may not represent the actual resale value achievable.

Theft, loss or damage

Rare and collectible items are highly mobile goods. Furthermore such goods are frequently transported internationally for trade shows or other marketing opportunities. Whilst precautions are taken to ensure safe passage, the Group’s assets may be lost, damaged or stolen. While the Group carries specialist insurance, there is no guarantee that the Group’s insurance cover will be adequate in all circumstances. Assets of the Group will be placed with third parties for sale on commission. While the Group intends to take appropriate precautions when placing assets with third parties, there is a risk that these assets outside of the Group’s direct control may be stolen or replaced by unscrupulous third parties with fakes or forgeries.

Authenticity and export authority

The Directors of the Company will ensure that due diligence is undertaken on the authenticity of the assets acquired for sale. Nonetheless fakes and forgeries do exist in the market and the Group may acquire these believing them to be authentic. Further, the attribution of works to a particular writer or artist is not an exact science, and there can be no guarantee that assets of the Group will not have been mistakenly attributed in this way. Lack of authenticity is not covered by the Group’s insurance. Whilst the Group takes appropriate care when acquiring works which may be of material importance in the state of origin, there can be no guarantee that works acquired by the Group are not subject to restrictions on export or sale.

Insurance

The Group carries a specialist insurance policy under the Antiquarian Booksellers Association Insurance Scheme which covers each of the businesses. The Directors believe that the Group carries appropriate insurance for a business of its size and nature but there can be no guarantee that the extent or value of the cover will be sufficient, in particular in relation to stock in transit or on consignment. The Directors review the Group’s insurance arrangements on an annual basis and endeavour to insure its stock adequately, but there is no certainty that future claims will not fall within the exclusions under the policy or that the insurer will pay out any claim if made. Further, there can be no guarantee that the necessary insurance will be available to the Group in the future at an acceptable cost or at all.

Premises

Like many of the established dealers in the market, the Group has a publicly accessible gallery in Mayfair, London from where Shapero Rare Books operates. The Directors believe that the location is highly desirable and an important factor in the success of the business as a whole. Since the year-end the Group has renewed its lease in Mayfair for a further 9 months and is actively investigating new premises in central London.

Terms of sale

To date, the contractual arrangements which the Group has entered into with clients, customers and other dealers have not always included (amongst other things) terms dealing specifically with

(i) transfer of ownership and risk,

(ii) contract formation,

(iii) price and payment,

(iv) limitations and exclusions of liability, and

(v) governing law and jurisdiction.

In light of the foregoing, there can be no guarantee that the Group’s arrangements with its customers will not be terminated on short notice or that the Group will not at some future time face challenges or disputes in relation to the contractual or other arrangements with its clients.

If the Group became involved in a contractual dispute and/or a third party was successful in any contractual dispute with the Group, any resultant loss of revenues or exposure to litigation costs or other claims could have a material adverse effect on the Group’s reputation, business, financial condition and/or operations or financial results. The Group is revising its standard terms of sale to seek to ensure that, going forward, the arrangements with clients, customers, dealers and others will include terms dealing with each of the aforementioned areas.

Currency risk

The Directors anticipate that the Group will conduct certain of its transactions other than in Pounds Sterling, the Company’s functional currency. As a result, movements in foreign exchange rates may impact the Group’s performance. The Group does not contract any hedging arrangements in respect of currency positions.

On behalf of the Board:

Simon Southwood

Chief Financial Officer

1 July 2015

Consolidated statement of comprehensive income

		Year Ended 31 March	Year Ended 31 March
			Restated
		2015	2014
Continuing operations	Note	£’000	£000

Revenue	3	5,166	6,083
Cost of sales		(3,273)	(3,641)
Gross profit		1,893	2,442

Distribution expenses		(268)	(420)

Administrative expenses		(2,148)	(1,492)
Exceptional items:
Replacement share-based payment scheme	7	–	(385)
IPO expenses	7	–	(228)

Total administrative expenses		(2,148)	(2,105)

(Loss) from operations		(523)	(83)

Financial income		–	1
Financial expenses	8	(6)	(290)

(Loss)/profit before taxation	6	(529)	(372)

Income tax credit	9	29	251

Loss for the year from continuing operations		(500)	(121)

Discontinued operations
Profit for the year from discontinued operations	20	24	24

(Loss)/profit for the year and total comprehensive income attributable to equity holders of the parent company		(476)	(97)

Basic and diluted loss per share:
From continued operations – pence	10	(3.71)	(45.50)
From discontinued operations – pence	10	0.18	9.00
From loss for the year – pence	10	(3.53)	(36.50)

There were no other recognised gains and losses in the year.

Consolidated statement of financial position		Registered company number: 08833975
			31 March	31 March
			2015	2014
	Note		£000	£000
Assets
Non-current assets
Property, plant and equipment	11		92	104
Intangible assets	12		–	16
Deferred taxation	17		280	258
			372	378

Current assets
Inventories	13		7,471	4,667
Trade and other receivables	14		1,694	1,816
Cash and cash equivalents			2,122	7,578
			11,287	14,061
Assets of disposal group classified as held for sale	20		162	–
			11,449

Total assets			11,821	14,439

Current liabilities
Trade and other payables	15		1,634	3,111
Loans and borrowings	16		–	533
Current corporation tax liabilities			–	14
Total current liabilities			1,634	3,658

Liabilities of disposal group classified as held for sale	20		24
Total liabilities			1,658

Net assets			10,163	10,781

Equity and liabilities
Equity attributable to owners of the Company
Ordinary shares	18		136	132
Share Premium			9,516	9,458
Merger reserve			82	82
Retained earnings			429	1,109
Total equity			10,163	10,781

The financial statements were approved by the Board of Directors and authorised for issue on 1 July 2015.

S Southwood

Director

Consolidated statement of changes in equity	Share	Share	Merger	Retained	Total
	capital	Premium	reserve	Earnings/ (deficit)	Equity
	£000	£000	£000	£000	£000
At 1 April 2013	52	–	2,047	(1,121)	978

Loss for the year from continued and discontinued operations	–	–	–	(97)	(97)
Total comprehensive income for the year	–	–	–	(97)	(97)

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	–	–	21	3	24
Share-based payments	–	–	–	338	338
Total transactions with owners	80	9,458	(1,965)	2,327	9,900

At 31 March 2014	132	9,458	82	1,109	10,781

The following describes the nature and purpose of each reserve within owners’ equity:

Share capital		Amount subscribed for shares at nominal value.
Share premium		Amount subscribed for share capital in excess of nominal value less attributable share-issue expenses.
Merger reserve		Amounts attributable to equity in respect of merged subsidiary undertakings.
Retained earnings/(deficit)		Cumulative profit/(loss) of the Group attributable to equity shareholders.

Consolidated statement of changes in equity continued	Share	Share	Merger	Retained	Total
	capital	premium	reserve	earnings	Equity
	£000	£000	£000	£000	£000

At 1 April 2014	132	9,458	82	1,109	10,781

Loss for the year from continued and discontinued operations	–	–	–	(476)	(476)
Total comprehensive income for the year	–	–	–	(476)	(476)

Shares issued in the period	4	58	–	–	62
Dividends	–	–	–	(204)	(204)
Total transactions with owners	4	58	–	–	(142)

At 31 March 2015	136	9,516	82	429	10,163

The following describes the nature and purpose of each reserve within owners’ equity:

Share capital	Amount subscribed for shares at nominal value.
Share premium	Amount subscribed for share capital in excess of nominal value less attributable share-issue expenses.
Merger reserve	Amounts attributable to equity in respect of merged subsidiary undertakings.
Retained earnings	Cumulative profit of the Group attributable to equity shareholders.

Consolidated statement of cash flows	31 March	31 March
	2015	2014
	£000	£000
Cash flows from operating activities
Loss before tax	(505)	(348)
Depreciation of property, plant and equipment	44	38
Amortisation of intangible assets	8	8
Share-based payment	–	338
	(453)	36

Increase in inventories	(2,930)	(1,336)
Increase in trade and other receivables	102	(448)
Decrease in trade and other payables	(1,639)	2,211
Net cash (used)/generated from operating activities	(4,920)	463

Cash flows from investing activities
Purchase of property, plant and equipment	(38)	(22)
Interest received	–	1
Net cash used in investing activities	(38)	(21)

Cash flows from financing activities
Proceeds from the issuance of ordinary shares	62	8,000
Share issue expenses	–	(801)
Repayment of shareholder loans	(350)	–
Interest paid	(6)	(259)
Dividends paid	(204)	–
Net cash (used)/generated from financing activities	(498)	6,940


Net (decrease)/increase in cash and cash equivalents	(5,456)	7,382

Cash and cash equivalents at the beginning of the year	7,578	196

Cash and cash equivalents at the end of the year	2,122	7,578

Company statement of financial position		Registered company number: 08833975
		31 March	31 March
		2015	2014
	Note	£000	£000
Assets
Non-current assets
Investments		5,200	5,200

Current assets
Trade and other receivables	14	5,527	507
Cash and cash equivalents		1,965	7,433
		7,492	7,940

Total assets		12,692	13,140

Current liabilities
Trade and other payables	15	79	569
Current corporation tax liabilities		–	7
Total current liabilities		79	576

Total liabilities		79	576

Net assets		12,613	12,564

Equity and liabilities
Equity attributable to owners of the Company
Ordinary shares	18	136	132
Share Premium		9,516	9,458
Merger reserve		2,809	2,809
Retained earnings		152	165
Total equity		12,613	12,564

The financial statements were approved by the Board of Directors and authorised for issue on 1 July 2015.

S Southwood

Director

Company statement of changes in equity	Share	Share	Merger	Retained	Total
	capital	premium	Reserve	Earnings/ (deficit)	Equity
	£000	£000	£000	£000	£000
At 7 January 2014	–	–	–	–	–
Loss for the period	–	–	–	(173)	(173)
Total comprehensive income for the period	–	–	–	(173)	(173)

Shares issued in the period	132	10,259	–	–	10,391
Share issue expenses	–	(801)	–	–	(801)
Investment in Shapero Rare Books Limited	–	–	2,809	–	2,809
Share-based payments	–	–	–	338	338
Total transactions with owners	132	9,458	2,809	338	12,737

Balance at 31 March 2014	132	9,458	2,809	165	12,564

Company statement of changes in equity	Share	Share	Merger	Retained	Total
	capital	premium	Reserve	earnings	Equity
	£000	£000	£000	£000	£000
At 1 April 2014	132	9,458	2,809	165	12,564

Profit for the year	–	–	–	191	191
Total comprehensive income for the period	–	–	–	191	191

Shares issued in the period	4	58	–	–	62
Dividends	–	–	–	(204)	(204)
Total transactions with owners	4	58	–	(204)	(142)

Balance at 31 March 2015	136	9,516	2,809	152	12,613

The following describes the nature and purpose of each reserve within owners’ equity:

Share capital	Amount subscribed for shares at nominal value.
Share premium	Amount subscribed for share capital in excess of nominal value less attributable share-issue expenses.
Merger reserve	Amounts attributable to equity in respect of merged subsidiary undertakings.
Retained earnings/(deficit)	Cumulative profit/( loss) of the Group attributable to equity shareholders.

Company statement of cash flows	31 March	31 March
	2015	2014
	£000	£000
Cash flows from operating activities
Profit from operations	184	(165)
Share-based payment	–	338
	184	173

Increase in trade and other receivables	(5,020)	(507)
Increase in trade and other payables	(490)	568
Net cash generated from operating activities	(5,326)	234

Cash flows from financing activities
Proceeds from the issuance of ordinary shares	62	8,000
Share issue expenses	–	(801)
Dividends	(204)
Net cash generated from financing activities	(142)	7,199


Net increase in cash and cash equivalents	(5,468)	7,433

Cash and cash equivalents at the beginning of the period	7,433	–

Cash and cash equivalents at the end of the period	1,965	7,433

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 32 St George Street, London W1S 2EA.

	Additional Information The financial information included in this statement does not constitute the Group’s statutory accounts (within the meaning of section 434 of the Companies Act 2006) for the years ended 31 March 2015 or 2014, but is derived from those accounts. Statutory accounts for 2014 have been delivered to the Registrar of Companies and those for 2015 will be delivered following the Company’s Annual General Meeting. The auditors have reported on those accounts; their reports were unqualified, did not draw attention to any matters by way of emphasis without qualifying their report and did not contain statements under s498(2) or (3) Companies Act 2006 or equivalent preceding legislation. The Annual General Meeting of Scholium Group plc will be held on [date].
2	Basis of preparation and accounting policies
	The basis of preparation and the accounting policies applied by the Group and the Company have been prepared on the same basis as and are consistent with the previous financial year.

	Operating Segments The Board considers that the Group’s project activity constitutes one operating and one reporting segment, as defined under IFRS 8. The total profit measures are operating profit and profit for the year, both disclosed on the face of the consolidated income statement. No differences exist between the basis of preparation of the performance measures used by management and the figures in the Group financial information. All of the revenues generated relate to the trading and retailing of rare and antiquarian books and works on paper, other quality books, ancillary income including commission receivable and from the repair of books. An analysis of revenues appears in note 3 below. All revenues are wholly generated within the UK. Accordingly there are no additional disclosures provided to the financial information.

Operating profit and loss

Operating profit and loss comprises revenues less operating costs. Operating costs comprise adjustments for changes in inventories, employee costs including share-based payments, amortisation, depreciation and impairment and other operating expenses.

Expenditure

Expenditure is recognised in respect of goods and services received when supplied in accordance with contractual terms. Provision is made when an obligation exists for a future liability relating to a past event and where the amount of the obligation can be reasonably estimated.

Exceptional items of expense

Exceptional items of expense are administrative costs which are large or unusual in nature and are not expected to recur on a regular basis.

3	Revenue	31 March	31 March
		2015 Group	2014 Group
		£000	£000

	Rare books and other works in paper	5,057	5,827
	Commissions	81	256
	Other income	28	–
		5,166	6,083

All revenues arising from the disposal group are excluded. See note 20.

4	Profit before taxation
	Profit before taxation is after charging/(crediting):	31 March 2015 Group	31 March 2014 Group
		£000	£000

	Depreciation of property, plant and equipment	44	38
	Amortisation of intangible assets	8	8
	Operating lease rentals	312	351
	Foreign currency losses	8	13
	Share-based payment expense	–	338
	Employee costs	791	1,015
	Fees payable to the Company’s auditor	30	39

In addition operating lease rentals of £65,000 were incurred within the disposal group (note 20).

5	Employee costs including Directors	31 March	31 March
		2015 Group	2014 Group
		£000	£000

	Wages and salaries	704	880
	Social Security Costs	75	123
	Pension costs	12	12
	Other employee benefits	–	–
	Share-based payments	–	338
		791	1,353

6	Directors’ remuneration	31 March	31 March
		2015 Group and Company	2014 Group and Company
		£000	£000

	Salaries and fees	310	220
	Social Security Costs	26	–
	Pension costs	–	–
		336	220

	Information regarding the highest paid Director which comprises salary and benefits is as follows:	125	100

7	Exceptional items of expenditure	31 March	31 March
		2015 Group	2014 Group
		£	£

	Accelerated share-based for replacement option scheme on listing	–	385
	IPO expenses	–	228
		–	613

On 27 March 2014 the previous share option incentive scheme within the Group, based upon ordinary shares within Shapero Rare Books Limited (formerly Bookbank Limited was accelerated on listing and a new share-incentive scheme put in place. The options related to the previous scheme are vested and exercisable on the date of issue

On 28 March 2014 the Company was admitted to the AIM market and an associated placing of shares was made. The total costs were £1,029,000 of which £801,000 were attributed to share premium.

8	Financial expense	31 March	31 March
		2015 Group	2014 Group
		£000	£000

	Interest on shareholder loan notes and director loans	6	259
	Amortised loan expenses	–	31
		6	290

9	Income tax	31 March	31 March
		2015 Group	2014 Group
		£000	£000
	Current tax (credit)/expense
	Current tax	(7)	7
	Deferred tax:
	Origination and reversal of temporary differences	(22)	(258)
	Total tax(credit	(29)	(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:

	31 March	31 March
	2015 Group	2014 Group
	£000	£000

(Loss)/profit before tax	(529)	(348)

Applied corporation tax rates:	20%	20%

Tax at the UK corporation tax rate of 20%	(106)	(70)

Expenses not deductible for tax purposes	6	53
Utilisation of previously unrecognised tax losses	–	(39)
Origination and reversal of temporary differences	71	(195)
Total tax credit	(29)	(251)

10	Loss per share	31 March	31 March
		2015 Group	2014 Group
		£000	£000

	Loss from continuing operations attributable to owners of the parent	(476)	(121)
	Profit from discontinued operations	24	24
	Total loss	(500)	(97)

	Number of shares
	Weighted average number of shares for the purpose of basic and diluted earnings per share and from both continuing and discontinued operations	13,498,165	265,813

	Basic and diluted loss per share from continuing operations – pence	(3.71)	(45.50)
	Earnings per share from discontinued operations – pence	0.18	9.00
	Total basic and diluted earnings per share – pence	(3.53)	(36.50)

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 2014 and 2015 is therefore the same as the basic loss per share for these years and the diluted weighted average number of shares is the same as the basic weighted average number of shares.

Basic earnings per share calculated on the full number of shares in issue are calculated by dividing net (loss)/profit for the year or period attributable to ordinary equity holders of the parent by number of shares in issue at 31 March 2015, amounting to 13,600,000 shares (2014: 13,200,325 shares).

The Company has 704,000 potentially issuable shares all of which relate to the potential dilution from the Group’s share-options issued to the Directors and certain employees.

11	Property, plant and equipment	31 March	31 March	31 March	31 March
		2015 Group	2015 Group	2015 Group	2015 Group
		Bibliography	Plant & Machinery	Fixtures & fittings	Total
		£000	£000	£000	£000
	Cost
	At 1 April 2013	78	59	19	156
	Acquired in the year	6	17	–	23
	At 31 March 2014	84	76	19	179
	Acquired in the year	4	12	22	38
	Transferred to disposal group (note 20)	–	(5)	(11)	(16)
	At 31 March 2015	88	83	30	201

	Depreciation
	At 1 April 2013	12	20	5	37
	Charge for the year	12	22	4	38
	At 31 March 2014	24	42	9	75
	Charge for the year	13	25	6	44
	Transferred to disposal group (note 20)	–	(3)	(7)	(10)
	At 31 March 2015	37	64	8	109

	Net book value
	At 31 March 2015	51	19	22	92

	At 31 March 2014	60	34	10	104

	At 31 March 2013	66	39	14	119

There are no items of property, plant and equipment held under finance leases.

12	Intangible assets	31 March
		2015 Group
		Total
	Customer lists and data	£000
	Cost

	At 1 April 2013 and 31 March 2014	170
	Transferred to disposal group (note 20)	(170)
	At 31 March 2015	–

	Amortisation
	At 1 April 2013	146
	Charge for the year	8
	At 31 March 2014	154
	Charge for the year	8
	Transferred to disposal group (note 20)	(162)
	At 31 March 2015	162
		–
	Net book value
	At 31 March 2015	–

	At 31 March 2014	16

	At 1 April 2013	24

There have been no impairments indicated in the year to 31 March 2015.

13	Inventories	31 March	31 March
		2015 Group	2014 Group
		£000	£000

	Stock	7,471	4,667
	Stock expensed in the year	3,083	3,954

14	Trade and other receivables	31 March	31 March	31 March	31 March
		2015 Group	2014 Group	2015 Company	2014 Company
		£000	£000	£000	£000

	Trade and other receivables	1,164	1,412	261	–
	Amounts due from Group undertakings	–	–	5,084	435
	Other debtors	221	198	175	68
	Prepayments and accrued income	309	206	7	4
		1,694	1,816	5,527	507

The age profile trade and other receivables comprise:

		£000

	Current	839
	One month past due	41
	Two months past due	27
	Three months past due	2
	Over three months past due	255
	Provision for doubtful debts	–
		1,164

As at 31 March 2015, trade receivable of £nil (31 March 2014 £4,000) and 31st March 2013 £nil) were considered past due and impaired. The other debtors’ balances are categorised as loans and receivables. All amounts shown under trade and other receivables are due for payment within one year.

15	Trade and other payables	31 March	31 March	31 March	31 March
		2015 Group	2014 Group	2015 Company	2014 Company
		£000	£000	£000	£000

	Trade creditors	1,136	2,355	–	197
	Social security and other taxes	37	18	9	–
	Accrued expenses	363	686	23	372
	Other creditors	98	52	47	–
		1,634	3,111	79	569

The directors consider the carrying value of trade and other payables approximate to their fair values.

16	Loans and borrowings	31 March	31 March
		2015 Group	2014 Group
	Current liabilities:	£000	£000

	Loans from shareholders	–	350
	Loans from directors	–	183
		–	533

The directors’ and shareholders’ loans of £350,000 carried interest at 5 per cent per annum and were secured by floating charges over the company’s assets. The loans were repaid in the year and the security released.

On 18 October 2014 the Company granted security over its fixed and floating assets to support a finance facility from Coutts & Company. This facility is undrawn at 31 March 2015.

17	Deferred tax	31 March	31 March
		2015 Group	2014 Group
		£000	£000

	Included in non-current assets	280	258

Deferred tax gross movements	31 March	31 March
	2015 Group	2014 Group
	£000	£000

Opening balance	(258)	–
Credit to income statement	(22)	(258)
Closing balance	(280)	(258)

The deferred tax asset comprises:	31 March	31 March
	2015 Group	2014 Group
	£000	£000

Temporary differences on property, plant and equipment	–	–
Available losses	283	176
Other temporary and deductible differences	(3)	82
Closing balance	280	258

Deferred tax is calculated in full on temporary differences under the liability method using the tax rates expected for future periods of 20%. The deferred tax has arisen due to the availability of trading losses The Group has unutilised tax allowances, at expected tax rates in future periods, of £352,000 of which £280,000 has been recognised (2014: £258,000 recognised).

18	Share capital	31 March	31 March
		2015 Group and Company	2014 Group
	Ordinary shares of £0.10 each	£000	£000

	At the beginning of the year	132	52
	Issued in the year	4	80
	At the end of the year	136	132

Number of shares	31 March	31 March
	2015 Group and Company	2014 Group and Company
Ordinary shares of £0.10 each	Number	Number

At the beginning of the year	13,200,325	–
Issued in the year	399,675	5,200,325
Placing of shares on admission to AIM	–	8,000,000
At the end of the year	13,600,000	13,200,325

All shares issued in the year arose from the exercise of employee share options.

Events after the balance sheet date

On 2 April 2015 the Group entered into an agreement for the disposal of its South Kensington operations: South Kensington Books and Ultimate Library to a company controlled by Philip Blackwell a director of the company. The aggregate consideration will be £145,802. For further information see note 20.

Non-current assets held for sale and discontinued operations

	Assets of the disposal group held for sale		31 March
			2015 Group and Company
			£000

	Property, plant and equipment		6
	Other intangible assets		8
	Inventory		126
	Other current assets		22
			162
	Liabilities of the disposal group held for sale
	Trade and other payables		24
	Liabilities of the disposal group held for sale

	Net assets of the disposal group		138

The disposal assets are stated at fair-value less costs to sell. There were no material adjustments to the carrying values of the disposal group assets and liabilities.

Analysis of the result of discontinued operations is as follows:

Statement of comprehensive income	31 March	31 March
	2015 Group and Company	2014 Group and Company
	£000	£000

Revenues	783	650
Expenses	(759)	(626)
Profit before tax of discontinued operations	24	24
Taxation	–	–
Profit after tax of discontinued operations	24	24

There were no other items of ‘other comprehensive income’.

The cash flows attributable to the discontinued operations were as follows:

Cash flows	31 March	31 March
	2015 Group and Company	2014 Group and Company
	£000	£000

Operating cash flows	11	(174)
Investing cash flows	(6)	–
Financing cash flows	–	–
Total cash flows	5	(174)

Regulatory News

Holding(s) in Company | 20 March 2018

Posted on 12th November 2025 by webadmin

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedⁱⁱ:			Scholium Group PLC LEI – 213800X174X5ARSGSN91
1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate)
Non-UK issuer
2. Reason for the notification (please mark the appropriate box or boxes with an “X”)
An acquisition or disposal of voting rights						X
An acquisition or disposal of financial instruments
An event changing the breakdown of voting rights
Other (please specify)ⁱⁱⁱ:
3. Details of person subject to the notification obligation^iv
Name			R300 Fund Segregated Portfolio, a segregated portfolio of Rampart Capital SPC Ltd
City and country of registered office (if applicable)			George Town, Grand Cayman, Cayman Islands
4. Full name of shareholder(s) (if different from 3.)^v
Name
City and country of registered office (if applicable)
5. Date on which the threshold was crossed or reached^vi:			16/03/2018
6. Date on which issuer notified (DD/MM/YYYY):			16/03/2018
7. Total positions of person(s) subject to the notification obligation
	% of voting rights attached to shares (total of 8. A)	% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)		Total of both in % (8.A + 8.B)	Total number of voting rights of issuer^vii
Resulting situation on the date on which threshold was crossed or reached	4.21%			4.21%	573,000
Position of previous notification (if applicable)

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached^viii
A: Voting rights attached to shares
Class/type of shares ISIN code (if possible)		Number of voting rights^ix					% of voting rights
		Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)			Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)
GB00BJYS2173		573000					4.21%


SUBTOTAL 8. A		573000					4.21%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument		Expiration date^x	Exercise/ Conversion Period^xi			Number of voting rights that may be acquired if the instrument is exercised/converted.			% of voting rights



			SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Type of financial instrument	Expiration date^x		Exercise/ Conversion Period ^xi		Physical or cash settlement^xii			Number of voting rights	% of voting rights



					SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”)
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer^xiii
Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity^xiv(please add additional rows as necessary)				X
Name^xv	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial instruments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold
Giles White 55%, Jim Webb 22.5% Ivo Fiennes 22.5% as shareholders of Rampart Capital Cayman Ltd	4.21%		4.21%
Rampart Capital Cayman Ltd	4.21%		4.21%
Rampart Capital SPC Ltd	4.21%		4.21%
R300 Fund Segregated Portfolio, a segregated portfolio of Rampart Capital SPC Ltd	4.21%		4.21%

10. In case of proxy voting, please identify:
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held

11. Additional information^xvi

Place of completion	London
Date of completion	19/03/2018

AIM Rule 26, Regulatory News

Interim Report & Financial Statements

Posted on 12th November 2025 by webadmin

12
Nov

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)

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

AIM Rule 26, Regulatory News

Holding(s) in Company | 22 March 2018

Posted on 12th November 2025 by webadmin

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedⁱⁱ:			Scholium Group plc
1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate)
Non-UK issuer
2. Reason for the notification (please mark the appropriate box or boxes with an “X”)
An acquisition or disposal of voting rights						X
An acquisition or disposal of financial instruments
An event changing the breakdown of voting rights
Other (please specify)ⁱⁱⁱ:
3. Details of person subject to the notification obligation^iv
Name			Peter Gyllenhammar
City and country of registered office (if applicable)			Stockholm, Sweden
4. Full name of shareholder(s) (if different from 3.)^v
Name			Peter Gyllenhammar AB The Union Discount Company of London Ltd
City and country of registered office (if applicable)			Stockholm, Sweden
5. Date on which the threshold was crossed or reached^vi:			21/3/2018
6. Date on which issuer notified (DD/MM/YYYY):
7. Total positions of person(s) subject to the notification obligation
	% of voting rights attached to shares (total of 8. A)	% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)		Total of both in % (8.A + 8.B)	Total number of voting rights of issuer^vii
Resulting situation on the date on which threshold was crossed or reached	8.90%			8.90%	13,600,000
Position of previous notification (if applicable)	7.48%			7.48%

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached^viii
A: Voting rights attached to shares
Class/type of shares ISIN code (if possible)		Number of voting rights^ix					% of voting rights
		Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)			Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)
GB00BJYS2173		1,209,836					8.90%


SUBTOTAL 8. A

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument		Expiration date^x	Exercise/ Conversion Period^xi			Number of voting rights that may be acquired if the instrument is exercised/converted.			% of voting rights



			SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Type of financial instrument	Expiration date^x		Exercise/ Conversion Period ^xi		Physical or cash settlement^xii			Number of voting rights	% of voting rights



					SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”)
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer^xiii
Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity^xiv(please add additional rows as necessary)				X
Name^xv	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial instruments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold
Peter Gyllenhammar	8.90%		8.90%





10. In case of proxy voting, please identify:
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held

11. Additional information^xvi

Place of completion	Stockholm, Sweden
Date of completion	21/3/2018

AIM Rule 26, Regulatory News

Annual Report & Financial Statements

Posted on 12th November 2025 by webadmin

12
Nov

Scholium Group plc

Annual Report & Financial Statements

7 July 2016

Scholium is engaged in the business of art. Its primary operating subsidiary is Shapero Rare Books which is one of the leading UK and international dealers in rare and antiquarian books and works on paper.

The group also trades alongside other third party dealers in the broader arts and collectibles business via its subsidiary, Scholium Trading.

Operational Highlights

Stabilisation of performance in core operating areas
Careful management of cash resources and costs
Elimination of operating losses

Financial Highlights

Years Ended 31 March (all figures ‘000)		2016	2015
Revenue	+30.5%	6,742	5,166
Gross Profit	+25.5%	2,376	1,893
Gross Margin	-1.4%	35%	37%
Adjusted Operating Profit[1]		24	(523)
Cash		1,309	2,122
NAV/Share		74.6p	74.7p

Commenting on the results Jasper Allen, Chairman of Scholium, noted “We were pleased with the performance for the year. A significant loss has been reversed and many of our core markets stabilised. There is some evidence of a return in confidence in our Russian customers. Whilst the current year started well, the lead up to the UK referendum on EU membership adversely affected levels of business and we are actively seeking to take advantage of some of the opportunities that will be created.”

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

Chairman’s Statement

I am very pleased to report, on behalf of your board, that the trend we saw in the first half of the financial year continued through to the second half: the market in our core areas stabilised, and we are actively seeking to take advantage of some of the opportunities that will be created.

The UK referendum on EU membership caused uncertainty in the first trading quarter, but we hope this trend is reversed with a number of new marketing initiatives.

The Group remains well capitalised with strong stock, over £1.3 million in cash and no debt at the year end.

Business Review

The Group’s ambition at the beginning of the financial year was to generate an increased gross return on its assets whilst managing costs in order to bring the group back to profitability. This was achieved.

Sales increased due to greater activity generally both in rare books trading and in our wider trading activities. Shapero Modern made a useful contribution to sales and profits in the year. There has been an increased emphasis on marketing the business more widely.

We have continued to attend the major trade fairs as in previous years, and are pleased with the results achieved generally through the production of high quality catalogues. We have increased the emphasis on publications relating to politics, philosophy, economics and modern first editions where we have had a number of successful results.

We are also very happy to have renewed our lease at 32 St. George Street for a further five years. The property market in Central London has inflated in recent years but we have offset much of the increase in rent by licensing the third floor of the building to a third party.

Revenue for the year of £6.7 million (2015: £5.2 million) generated adjusted operating profit of £0.02 million.

Staff

As ever, our dedicated employees have contributed significantly to the restoration of operating profitability of the Group in the year and I would like to take this opportunity of thanking them again for their hard work and effort in what has been a challenging year.

Current Trading and Prospects

The business remains well capitalised with high quality stock and, at the year end, had net assets of £10.2 million including £1.3 million of cash. These are equivalent to 75.0p and 9.5p per ordinary share respectively.

Despite a pleasing performance in the year ended 31 March 2016 compared with the previous year, we are aware of the requirement to make better returns from our strong asset base. We continue to seek opportunities for organic growth and to encourage bright and knowledgeable people with specialist knowledge of their markets to join us.

The financial year started slower than expected: levels of activity in our core markets continued to be positive but, consistent with the broader experience of business confidence in the UK leading up to the UK referendum on EU membership, our customers delayed material discretionary purchases. In the current year, we hope increased marketing in international venues, including the US, will enable us to benefit from weaker Sterling. We are also pleased to note that interest and activity in our Russian department has started to return.

Jasper Allen

6 July 2016

Strategic Report

Principal Activities & Review of the Business

The Group is engaged in the business of fine art and collectibles. It is typically engaged as a dealer — buying, owning and selling rare & collectible items objects for a profit. It does this on its own or alongside third party dealers in rare and collectible goods.

Shapero Rare Books is the core of the Group. It is a leading international dealer in rare and collectible antiquarian books and works on paper with special expertise in Natural History, Russian and Travel books. It is also developing its Shapero Modern brand which deals in modern and contemporary prints and editions by better-known artists who already have commercial success.

Scholium Trading is the newest member of the Group. Based upon recognition that art dealers are often undercapitalised, it works alongside these dealers in the broader rare and collectibles market where they have the expertise and the clients, but not the capital, to trade in their markets.

The Group maintains value from ownership of its stock and generates value through its expertise, astute buying and the profitable sale of stock.

Strategy & Key Objectives

The Company is seeking to grow its businesses organically through reinvestment of profits in high quality stock. Our key objectives are to:

Increase the profitable trade of Shapero Rare Books and Shapero Modern through increased sales, selective purchasing and management of the cost base;
Develop Scholium Trading to be the ‘first call’ for dealers in high value rare and collectible items seeking support in their trading items which exceed their immediate financial capacity; and
Seek to expand the group by encouraging new teams — that have specialist expertise in their markets and are seeking a well-capitalised company from which to trade — to join Scholium.

Review of the year from continuing operations

The Group had a welcome return to operating profitability (before exceptional items of expenditure) in the year. Revenue increased by 30.5% to £6.8 million as a consequence of stabilisation in our core market and increased revenue and profits from new initiatives and the development of recently established departments.

Shapero Rare Books and Shapero Modern continued to provide valuable revenue streams, and we are happy with the support we have been able to give our market through Scholium Trading, where much of the trade has taken place amongst dealers known to us through our core books and works on paper expertise. 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.

Key Performance Indicators Years Ended 31 March (all figures ‘000)	2016	2015	Variance
Revenue	6,742	5,166	+30.5%
Gross Profit	2,376	1,893	+25.5%
Gross Margin	35%	37%	-1.4%
Stock Turnover (months)	20.64	22.25	+7.2%
Gross Yield	32%	31%	+0.4%

Both Shapero Rare Books and Scholium Trading achieved profitably through the year. Encouragingly, stock turnover dropped to 20.6 months (2015: 22 months) and the gross profit as a percentage of the average stock levels increased to 32% (2015: 31%). Gross margin reduced to 35% (2015: 37%) reflecting, in large part, a desire of management to generate increased profits at slightly lower margins.

Analysis of revenue and profit by department

Year ending March 2016 (all figures £’000)

	Shapero Rare Books	Scholium Trading	Central	Consolidated
Revenue	5,609	1,133	0	6,742
Gross Profit	2,172	204	0	2,376
Gross Margin	39%	18%	n/a	35%

Adjusted Operating Profit	192	188	-356	24

The business achieved growth across all business units. Shapero Rare Books’ revenue grew to £5.6 million (2015: £4.4 million) delivering operating profit of £0.2 million (2015 loss of £0.2 million). Gross margin in the year dropped to 39% (2015: 41%) as the team successfully sought to drive profits through margin reduction.

As expected, Scholium Trading’s business increased during the year (profitability up by more than 50%) and it provided a valuable contribution of £0.2 million (2015: £0.1 million) to group profitability. The gross margin in Trading increased to 18% (2015: 13%). As expected, this is lower than the margin in Shapero Rare Books and reflects the payment of incentives to partners that the Group trades alongside.

Management also reduced central costs to £0.4 million (2015: £0.5 million). Overall, it is pleasing that almost all of our increase in gross profit has flowed to the bottom line.

Year ending March 2015 (all figures £’000)

	Shapero Rare Books	Scholium Trading	Central	Consolidated
Revenue	4,440	720	–	5,160
Gross Profit	1,800	90	–	1,890
Gross Margin	41%	13%	0%	37%
Operating Profit	(130)	90	(483)	(523)

Dividend

The Board does not propose to declare a final dividend for the current year.

Simon Southwood

Finance Director

6 July 2016

Independent Auditor’s Report to the Members of Scholium Group plc

We have audited the financial statements of Scholium Group Plc for the year ended 31 March 2016 which comprise the consolidated statement of comprehensive income, the consolidated statement of financial position, the consolidated statement of changes in equity, the consolidated statement of cash flows, the Company statement of financial position, the Company statement of changes in equity, the Company statement of cash flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union and, as regards the parent company financial statements, as applied in accordance with the provisions of the Companies Act 2006.

This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s 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 and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of Directors and Auditors

As explained more fully in the Directors’ Responsibilities Statement, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.

Scope of the audit of the financial statements

A description of the scope of an audit of financial statements is provided on the FRC’s website at www.frc.org.uk/auditscopeukprivate.

Opinion on financial statements

In our opinion:

the financial statements give a true and fair view of the state of the Group’s and the parent Company’s affairs as at 31 March 2016 and of the Group’s loss for the year then ended;
the Group financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union;
the parent Company financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union and as applied in accordance with the provisions of the Companies Act 2006; and
the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion the information given in the strategic report and Directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Ajay Bahl BA FCA (Senior statutory auditor)

For and on behalf of Wenn Townsend Chartered Accountants (Statutory auditor)

Date: 6 July 2016

Consolidated Statement of Comprehensive Income

		Year ended	Year ended
		31 Mar	31 Mar
		2016	2015
	Note	£000	£000

Revenue	3	6,742	5,166
Cost of Sales		(4,366)	(3,273)
Gross profit		2,376	1,893
		–	–
Distribution costs		(345)	(268)
		–	–
		–	–
Administrative expenses		(2,007)	(2,148)
Group expenses/recharges		–	–
		–	–
Exceptional gains and losses		(24)	–
		–	–
Total administrative expenses		(2,031)	(2,148)

Loss from operations		–	(523)

Adjusted operating profit before exceptional gains and losses		24	(523)
Exceptional gains and losses		(24)	–
Loss from operations		–	(523)

Financial income		2	–
Financial expenses		(5)	(6)
		–	–
Loss before taxation	4	(3)	(529)
		–	–
Income tax credit/(expense)		(3)	29
		–	–
Loss for the year from continuing operations		(6)	(500)

Discontinued operations
(Loss)/profit for the year from discontinued operations		(10)	24

Loss for the year and total comprehensive income attributable to equity holders of the parent company		(16)	(476)

Basic and diluted loss per share:
From continued operations – pence	6	(0.05)	(3.71)
From discontinued operations – pence	6	(0.07)	0.18
Total loss per share – pence	6	(0.12)	(3.53)

Consolidated Statement of Financial Position

		31 Mar	31 Mar
		2016	2015
	Note	£000	£000
Assets
Non-current assets
Property, plant and equipment		92	92
Deferred corporation tax asset	7	277	280
		369	372

Current assets
Inventories		7,550	7,471
Trade and other receivables		2,034	1,694
Cash and cash equivalents		1,309	2,122
		10,893	11,287

Assets of disposal group classified as held for sale		–	162

Total assets		11,262	11,821

Current liabilities
Trade and other payables		1,115	1,634
Total current liabilities		1,115	1,634

Liabilities of disposal group classified as held for sale		–	24

Total liabilities		1,115	1,658

Net assets/liabilities		10,147	10,163

Equity and liabilities
Equity attributable to owners of the parent
Ordinary shares		136	136
Share Premium		9,516	9,516
Merger reserve		82	82
Retained earnings/(deficit)		413	429
Total equity		10,147	10,163

The financial statements were approved by the Board of Directors and authorised for issue on 6 July 2015.

Consolidated Statement of Changes in Equity

	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 year from continued and discontinued operations	–	–	–	(476)	(476)
Total comprehensive income for the period	–	–	–	(476)	(476)

Shares issued in the period	4	58	–	–	62
Dividends paid	–	–	–	(204)	(204)

Balance at 31 March 2015	136	9,516	82	429	10,163

Loss for the year	–	–	–	(16)	(16)
Total comprehensive income for the period	–	–	–	(16)	(16)

Balance at 31 March 2016	136	9,516	82	413	10,147

There were no transactions with owners in the year.

The following describes the nature and purpose of each reserve within owners’ equity:

Share capital	Amount subscribed for shares at nominal value.
Share premium	Amount subscribed for share capital in excess of nominal value less attributable share-issue expenses.
Merger reserve	Amounts attributable to equity in respect of merged subsidiary undertakings.
Retained earnings/(deficit)	Cumulative profit/( loss) of the Group attributable to equity shareholders.

Consolidated Statement of Cash Flows

	31 Mar	31 Mar
	2016	2015
	£000	£000

Cash flows from operating activities
Loss before tax	(16)	(505)
Depreciation of property, plant and equipment	31	44
Amortisation of intangible assets	–	8
Profit on disposal of discontinued operation	(8)	–
	7	(453)

Increase in inventories ¹	(79)	(2,930)
(Increase)/decrease in trade and other receivables ¹	(337)	102
Decrease in trade and other payables ¹	(514)	(1,639)
Net cash generated from operating activities	(923)	(4,920)

Cash flows from investing activities
Purchase of property, plant and equipment	(31)	(38)
Disposal of discontinued operation	146	–
Net cash used in investing activities	115	(38)

Cash flows from financing activities
Proceeds from the issuance of ordinary shares	–	62
Repayment of shareholder loans	–	(350)
Dividends paid	–	(204)
Interest paid	(5)	(6)
Net cash used in financing activities	(5)	(498)

Net decrease in cash and cash equivalents	(813)	(5,456)

Cash and cash equivalents at the beginning of the year	2,122	7,578

Cash and cash equivalents at the end of the year	1,309	2,122

¹ Adjusted for inventories, other receivables and trade and other payables held in disposal group as at 31 March 2015.

Notes to the Consolidated Financial Statements

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 and accounting policies

The consolidated financial information, which represents the results of the Company and its subsidiaries, has been prepared in accordance with International Financial Reporting Standards and IFRC Interpretations issued by the International Accounting Standards Board

The principal accounting policies applied by the Group in the preparation of these consolidated financial statements for the years ended 31 March 2015 and 31 March 2016 are set out below. These policies have been consistently applied to all periods presented.

The functional and presentational currency of the Group and the Company is pounds sterling. The financial information is shown to the nearest £1,000.

Revenue Recognition

Revenue for the Group is measured at the fair value of the consideration received or receivable. The Group recognises revenue for services provided when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

The Group’s revenues from the sale of rare and antiquarian books and works on paper are recognised on completion of the relevant transaction. The Group’s commissions and other revenues are recognised when all performance conditions have been satisfied.

Inventories

Inventories are valued at the lower of cost and net realisable value. Cost incurred in bringing each product to its present location and condition is accounted for as follows:

Net realisable value is the estimated selling price in the ordinary course of business.

Operating profit and loss

3 Revenue

	31 Mar	31 Mar
	2016	2015
	Group	Group
	£000	£000

Sales of books and other stock	6,727	5,057
Commissions	15	81
Other income	–	28
	6,742	5,166

4 Profit Before Taxation

Profit before taxation is after charging/(crediting):	31 Mar	31 Mar
	2016	2015
	Group	Group
	£000	£000

Depreciation of property, plant and equipment	31	44
Amortisation of intangible assets	–	8
Operating lease rentals	338	312
Foreign currency losses	1	8
Employee costs (note 7)	1,015	1,009
Fees payable to the Company’s auditor (note 9)	40	30

5 Employee costs including Directors

	31 Mar	31 Mar
	2016	2015
	Group	Group
	£000	£000

Wages	884	919
Compensation for loss of office	24	–
Social security costs	88	75
Pension costs	12	12
Other employee benefits	6	3

	1,015	1,009

6 Profit (Loss) per share

	31 Mar		31 Mar
	2016		2015
	Group		Group
	£000		£000

Loss used in calculating basic and diluted earnings per share attributable to the owners of the parent	(6)	(500)
(Loss)/profit from discontinued operation	(10)		24
	(16)		(476)

Number of shares
Weighted average number of shares for the purpose of basic and diluted earnings per share	13,600,000		13,498,165


Basic loss per share from continuing operations (pence per share)	0.05		(3.71)
Basic loss per share from discontinued operations (pence per share)	0.07		0.18
Total basic and diluted earnings per share – pence	0.12		(3.53)

All shares issued in the year ending March 2015 arose from the exercise of employee share options. For further information see note 23.

All shares shown above are authorised, issued and fully paid up. Ordinary shares carry the right to one vote per share at general meetings of the Company and the rights to share in any distribution of profits or returns of capital and to share in any residual assets available for distribution in the event of a winding up.

7 Deferred Corporation Tax

	31 Mar	31 Mar
	2016	2015
	Group	Group
	£000	£000

Balance at the beginning of the year Income statement Balance at the end of the year The deferred tax asset comprises: Origination and reversal of temporary differences	(280)	(258)
Income statement	3	(22)
Balance at the end of the year	(277)	(280)

The deferred tax asset comprises:
Available losses	(280)	(283)
Other temporary and deductible differences	3	3
	(277)	(280)

Deferred tax is calculated in full on temporary differences under the liability method using the tax rates expected for future periods of 20%. The deferred tax has arisen due to the availability of trading losses The Group has unutilised tax allowances, at expected tax rates in future periods, of £370,000 (2015: £352,000) of which £280,000 has been recognised (2015 £283,000 recognised).

8 Post balance sheet date events

There have been no material events directly affecting the Group since the balance sheet date. The potential effect on the Group’s business of uncertainty arising from the UK referendum on EU membership is still being assessed by the Board.

9 Control

The company is controlled by a small number of shareholders, none of whom has overall control.

[1] Before exceptional costs

AIM Rule 26, Regulatory News

Holding(s) in Company | 26 March 2018

Posted on 12th November 2025 by webadmin

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedⁱⁱ:			Scholium Group plc
1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate)
Non-UK issuer
2. Reason for the notification (please mark the appropriate box or boxes with an “X”)
An acquisition or disposal of voting rights						X
An acquisition or disposal of financial instruments
An event changing the breakdown of voting rights
Other (please specify)ⁱⁱⁱ:
3. Details of person subject to the notification obligation^iv
Name			Peter Gyllenhammar
City and country of registered office (if applicable)			Stockholm, Sweden
4. Full name of shareholder(s) (if different from 3.)^v
Name			Peter Gyllenhammar AB The Union Discount Company of London Ltd
City and country of registered office (if applicable)			Stockholm, Sweden
5. Date on which the threshold was crossed or reached^vi:			23/3/2018
6. Date on which issuer notified (DD/MM/YYYY):
7. Total positions of person(s) subject to the notification obligation
	% of voting rights attached to shares (total of 8. A)	% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)		Total of both in % (8.A + 8.B)	Total number of voting rights of issuer^vii
Resulting situation on the date on which threshold was crossed or reached	9.08%			9.08%	13,600,000
Position of previous notification (if applicable)	8.90%			8.90%

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached^viii
A: Voting rights attached to shares
Class/type of shares ISIN code (if possible)		Number of voting rights^ix					% of voting rights
		Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)			Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)
GB00BJYS2173		1,234,836					9.08%


SUBTOTAL 8. A

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument		Expiration date^x	Exercise/ Conversion Period^xi			Number of voting rights that may be acquired if the instrument is exercised/converted.			% of voting rights



			SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Type of financial instrument	Expiration date^x		Exercise/ Conversion Period ^xi		Physical or cash settlement^xii			Number of voting rights	% of voting rights



					SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”)
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer^xiii
Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity^xiv(please add additional rows as necessary)				X
Name^xv	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial instruments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold
Peter Gyllenhammar	9.08%		9.08%





10. In case of proxy voting, please identify:
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held

11. Additional information^xvi

Place of completion	Stockholm, Sweden
Date of completion	23/3/2018

AIM Rule 26, Regulatory News

AGM Notice and posting of results

Posted on 12th November 2025 by webadmin

12
Nov

Scholium Group plc

(“Scholium” or the “Company”)

AGM Notice and posting of results

14 July 2016

Scholium is pleased to announce that it has today posted copies of its Annual Report and Financial Statements for the year ended 31 March 2016 to its shareholders. A notice convening the Company’s Annual General Meeting (AGM) was included. The AGM will be held at 32 St. George Street, London W1S 2EA on Friday, 9 September 2016 at 10:30 a.m.

A copy of the Annual Report and Financial Statements for the year ended 31 March 2016 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

Jasper Allen, Chairman

Simon Southwood, Chief Financial Officer

+44 (0)20 7493 0876

WH Ireland Ltd – Nominated Adviser

Chris Fielding/Nick Prowting

+44 (020) 7220 1666

AIM Rule 26, Regulatory News

Notification Of Major Interest In Shares

Posted on 12th November 2025 by webadmin

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)ⁱ

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedⁱⁱ:			Scholium Group plc
1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate)
Non-UK issuer
2. Reason for the notification (please mark the appropriate box or boxes with an “X”)
An acquisition or disposal of voting rights						X
An acquisition or disposal of financial instruments
An event changing the breakdown of voting rights
Other (please specify)ⁱⁱⁱ:
3. Details of person subject to the notification obligation^iv
Name			Peter Gyllenhammar
City and country of registered office (if applicable)			Stockholm, Sweden
4. Full name of shareholder(s) (if different from 3.)^v
Name			Peter Gyllenhammar AB The Union Discount Company of London Ltd
City and country of registered office (if applicable)			Stockholm, Sweden
5. Date on which the threshold was crossed or reached^vi:			11/10/2017
6. Date on which issuer notified (DD/MM/YYYY):
7. Total positions of person(s) subject to the notification obligation
	% of voting rights attached to shares (total of 8. A)	% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)		Total of both in % (8.A + 8.B)	Total number of voting rights of issuer^vii
Resulting situation on the date on which threshold was crossed or reached	7.48%			7.48%	1,017,336
Position of previous notification (if applicable)	6.56%			6.56%

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached^viii
A: Voting rights attached to shares
Class/type of shares ISIN code (if possible)		Number of voting rights^ix					% of voting rights
		Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)			Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)
		1,017,336					7.48%


SUBTOTAL 8. A

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument		Expiration date^x	Exercise/ Conversion Period^xi			Number of voting rights that may be acquired if the instrument is exercised/converted.			% of voting rights



			SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Type of financial instrument	Expiration date^x		Exercise/ Conversion Period ^xi		Physical or cash settlement^xii			Number of voting rights	% of voting rights



					SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”)
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer^xiii
Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity^xiv(please add additional rows as necessary)				X
Name^xv	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial instruments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold
Peter Gyllenhammar	7.48%		7.48%





10. In case of proxy voting, please identify:
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held

11. Additional information^xvi

Place of completion	Stockholm, Sweden
Date of completion	12/10/2017

AIM Rule 26, Regulatory News

Result of AGM

Posted on 12th November 2025 by webadmin

12
Nov

Scholium Group plc
(“Scholium” or the “Company”)
Result of AGM

Scholium is pleased to announce that it held its Annual General Meeting for shareholders today at 10:30 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
Jasper Allen, Chairman
Simon Southwood, Chief Financial Officer
+44 (0)20 7493 0876

WH Ireland Ltd – Nominated Adviser
Chris Fielding/Nick Prowting
+44 (020) 7220 1666

AIM Rule 26, Regulatory News

Trading Update | 02 May 2018

Posted on 12th November 2025 by webadmin

12
Nov

RNS Number : 8093M

Scholium Group PLC

02 May 2018

Scholium Group plc

Trading Update

The Directors of Scholium Group plc (the “Group”) are pleased to provide an update on trading for the 12 months ended 31 March 2018.

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

The Group has continued to make progress during the six months to 31 March 2018 and this progress is expected to result in a small profit for the year to 31 March 2018, compared to a loss of £224,000 in the prior year. This profit is achieved after absorbing all of the formation and start-up costs relating to our new division Mayfair Philatelic Auctions Limited.

Trading in Shapero Rare Books showed a good improvement overall compared with the prior year, due partly to higher sales and partly to the cost savings implemented.

Scholium Trading made a useful contribution albeit slightly below the previous year due to the timing of the sales of certain items delayed into the current financial year.

Mayfair Philatelics had a successful first auction in March 2018 with gross sales of approximately £385,000. A further auction is planned for 6 and 7 June 2018.

Finally, central costs were reduced by approximately £100,000 during the year.

Scholium Group plc

Jasper Allen, Chairman

Peter Floyd, Chief Financial Officer +44 (0)20 7493 0876

WH Ireland Ltd – Nominated Adviser

Chris Fielding/Jessica Cave +44 (0)20 7220 1666

TR-1: Standard form for notification of major holdings

Operational Highlights

Financial Highlights

Business Review

Revenue Streams

Key objectives and key performance indicators (KPIs)

Performance Review

Overall Performance

Shapero Rare Books

South Kensington Operations

Scholium Trading

Financial Position and Cashflow

Outlook

Dividend

Key Risks

TR-1: Standard form for notification of major holdings

Operational Highlights

Financial Highlights

Chairman’s Statement

Business Review

Staff

Current Trading and Prospects

Strategic Report

Principal Activities & Review of the Business

Strategy & Key Objectives

Review of the year from continuing operations

Key Performance Indicators

Analysis of revenue and profit by department

Shapero Rare Books

Scholium Trading

Central

Consolidated

Revenue

5,609

1,133

0

6,742

Gross Profit

2,172

204

0

2,376

Gross Margin

39%

18%

n/a

35%

Adjusted Operating Profit

192

188

-356

24

Dividend

Independent Auditor’s Report to the Members of Scholium Group plc

Respective responsibilities of Directors and Auditors

Scope of the audit of the financial statements

Opinion on financial statements

Opinion on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

Consolidated Statement of Comprehensive Income

Consolidated Statement of Financial Position

Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows

Notes to the Consolidated Financial Statements

1 General information

2 Basis of preparation and accounting policies

Revenue Recognition

3 Revenue

4 Profit Before Taxation

5 Employee costs including Directors

6 Profit (Loss) per share

7 Deferred Corporation Tax

8 Post balance sheet date events

9 Control

TR-1: Standard form for notification of major holdings

TR-1: Standard form for notification of major holdings