Scholium Group continues to make progress

Scholium Group updated the market on its trading for the 12 months ended 31 March on Wednesday, reporting that it continued to make progress during the six months, with that progress expected to result in a small profit for the year, compared to a loss of £0.22m in the prior year.

The AIM-traded firm said the profit was achieved after absorbing all of the formation and start-up costs relating to its new division, Mayfair Philatelic Auctions Limited.

Trading in Shapero Rare Books showed a “good” improvement overall compared with the prior year, the board said, 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,” the board explained in its statement.

“Mayfair Philatelics had a successful first auction in March with gross sales of approximately £385,000.”

A further auction ws planned for 6 and 7 June.

Finally, central costs were reduced by approximately £0.1m during the year.