Scholium Group PLC Trading Update (1974O)
28 Maggio 2020 - 8:50AM
UK Regulatory
TIDMSCHO
RNS Number : 1974O
Scholium Group PLC
28 May 2020
28 May 2020
Scholium Group plc
Trading update
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
The Directors of Scholium Group plc (the "Group") provide an
update on trading for the 12 months ended 31 March 2020.
The Group's trading was severely disrupted due to the
restrictions imposed internationally as a result of the unfolding
onset of Covid-19 during March, normally one of the Group's busiest
and most profitable months.
However, the Group anticipates, as a whole, only a small loss
for the six months to 31 March 2020, compared with the profit of
GBP64,000 for the six months ended 30 September 2019.
The Group still expects to have traded profitably for the year
as a whole to 31 March 2020, which is a pleasing improvement
compared to the small loss for the prior year.
The performance of its three constituent businesses, Shapero
Rare Books, Scholium Trading and Mayfair Philatelics improved when
compared with the prior year to 31 March 2019.
The Group entered the lockdown period in a reasonably strong
position with over GBP8 million of stock and over GBP280,000 of
cash with no borrowings. Despite the closure of the Group's retail
premises and the cancellation of all of the fairs both in the UK
and overseas in the current financial year to date, sales have
continued on the internet, by telephone and by post. These sales
are at considerably reduced levels and the Group is currently loss
making. Cash balances have however remained positive and the GBP0.5
million overdraft facility remains undrawn. Management remains
focussed on generating as many sales as possible during this
unprecedented period.
It is the Board's present expectation that the Group will incur
a loss in the first half of the year to 30 September 2020 as a
result of the disruption from Covid-19. The Board currently expects
that not all of the anticipated first half loss will be recouped in
the second half of the year. However, the continuing sales to date
in present circumstances provide some encouragement that the Group
will prevail to take advantage of opportunities as conditions
hopefully begin to improve. The Group's retail premises are
expected to re-open in mid- June.
The Directors expect to release the preliminary statement
relating to the results for the year ended 31 March 2020 by the end
of August 2020.
For further information please visit www.scholiumgroup.com or
contact:
Scholium Group plc
Jasper Allen, Chairman +44 (0)20 7493 0876
Peter Floyd, Finance Director
WH Ireland Ltd - Nominated Adviser
Chris Fielding +44 (020) 7220 1666
Lydia Zychowska
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END
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