Scholium Group plc
(“Scholium” and, together with its subsidiaries, the “Group”)
Trading Update
29 April 2014
Scholium, the holding company of a group of businesses involved primarily in trading and retailing fine art, rare and antiquarian books and other works on paper, is pleased to announce a trading update in respect of its financial year ended 31 March 2014 and a trading outlook for the current year.
2014 Trading Results
It has been an eventful year for the Group, culminating in admission to trading on AIM on 28 March and the successful raising of £8 million of new capital. The Group’s progress during the year has been encouraging and the Board anticipates that the performance of the underlying businesses will be comfortably ahead of market expectations for the year under review.
Shapero Rare Books
The final quarter of the Group’s financial year is an important time for Shapero Rare Books, particularly with The European Fine Art Fair in Maastricht. Performance over the quarter saw a pleasing improvement in day-to-day trade, reducing the Group’s reliance on international fairs.
In addition, the board notes that stock turn on larger-value items that are new to market is higher; and believes that access to capital will increasingly become a major differentiator in the Group’s ability to compete in the market and negotiate price.
South Kensington Books and Ultimate Library
Trade at South Kensington Books has been brisk and Ultimate Library ended the year with a number of new contract wins, including Firmdale Hotels, Rosewood Hotels and new Aman Resort properties.
Scholium Trading
The market’s response to the Scholium Trading proposition has been positive. Whilst no major acquisitions have yet been made, the process of educating dealers in the broader market for rare and collectible items to the advantages of trade alongside Scholium is progressing well.
Current Trading and Outlook
The year has started well across all businesses with demand for high quality books and collections from high net worth individuals and institutions continuing to be strong.
The strengthened balance sheet provides the Group with a substantial capital base from which to invest in further growth opportunities identified by the Board to deliver attractive shareholder returns.
Scholium expects to announce its full year results for the year ending 31 March 2014 in early July.
Philip Blackwell, CEO of Scholium Group noted, “We are delighted with the year’s performance which has created a strong platform for the future. The business is firmly on the road to asset-backed growth and we are looking forward to taking advantage of the opportunities that new capital provides.”
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Scholium Group plc Philip Blackwell, Chief Executive Officer Simon Southwood, Chief Financial Officer |
+44 (0)20 7493 0876 |
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WH Ireland Ltd – Nominated Adviser Chris Fielding / Nick Field |
+44 (0)20 7220 1666 |
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Whitman Howard Ltd – Broker Ranald McGregor-Smith / Niall Devins |
+44 (0)20 7087 4550 |
Notes to Editors
Shapero Rare Books
Shapero Rare Books was founded in 1979, is a dealer in rare and antiquarian books and works on paper. This includes maps of historic importance, vintage photographs and decorative and artistic prints. Mr Shapero is a well-known and established international dealer in rare books and maps. He developed his expertise from an initial focus on travel and illustrated books into a broad spectrum of rare and collectible works.
The management of Shapero Rare Books has experience in acquiring large consignments of rare and historically important antiquarian books for sale to an international client base. The business has operated since 1996 from its current leasehold premises in St George Street, Mayfair, London.
Scholium Trading
Scholium Trading acquires and trades in the wider market for rare and collectible goods alongside other specialist dealers.
South Kensington Books and Ultimate Library
South Kensington Books is the current trading name of a bookshop that has been operating from leasehold premises in Thurloe Street, South Kensington, London for several decades and which specialises in books valued at up to £150 in visual arts, architecture and photography.
Ultimate Library, which operates from the same premises, creates bespoke libraries on behalf of luxury hotels and resorts, and high-end personal residences around the world.