Results round-up

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.

Real estate investment trust Ground Rents Income Fund (GRIF) said its asset value and pre-tax profit rose in the year to the end of September.

In the 12 months to 30 September, the London-listed company posted a 9.5% year-on-year increase in net asset value per ordinary shares to 114.2p, while profit before tax, which included a £9.19m valuation gain more than doubled to £12.5m.

"We have seen pricing move up significantly with RPI reviewable rents being in demand particularly,” said group chairman Malcolm Naish.

“The traditional 25 year reviews with rents doubling have also seen a significant yield shift from around 6% in March 2012 to around 4% today.

"We feel the prospects for GRIF are positive. The trend of increasing market values coupled with a growing income each year, it is hoped, will have the intended effect of a growing net asset value."