Scholium paints bright picture despite global instability

The numbers were looking good at fine-arts trader Scholium Group in its interim report on Wednesday, despite cashed-up foreign customers shying away due to global instability.

Revenue at the AIM-listed company was up 38% to £3.3m, with gross profit up 19.7% to £1.1m in the six months to 30 September.

Scholium also reported EBITDA of £45,000, marking a return to profitability for its continuing businesses. In the period, the group said it continued its programme of careful cost management. It also completed the sale of the South Kensington Books business.

"The international political instability of the last 12 months which impacted a number of established customers created a challenge for the management team, but we are delighted that they have responded admirably and managed to reposition stock, increase revenue and gross profits, reduce the cost base and return the business to operational profitability", said chairman Jasper Allen.

He added that the company's performance over the start of the second half was encouraging, and pointed out that the company currently had no debt.