Annual Report & Financial Statements

Scholium Group plc

Year ended 31 March 2022

Summary Information

Scholium is engaged in the business of rare books, modern prints, art and collectibles.  Its wholly- owned operating subsidiary, Shapero Rare Books Limited, is one of the leading UK dealers trading internationally in rare and antiquarian books and works on paper, and also trades as Shapero Modern, a leading UK dealer in the growing marketplace for modern and contemporary prints. 

Operating Highlights

  • A significant and encouraging increase in both physical and online sales across the Group
  • The Group's profitability restored, at £177k before tax
  • The profit before tax is stated after £240k of costs and provisions due to the closure of Mayfair Philatelic
  • Group net cash of £470k after deducting Covid bank loan of £235k as at 31 March 2022
  • Group continues to trade profitably in the first four months of the current year

Financial Highlights

Years ended 31 March (£'000)

2022

2021

Revenue

8,129

5,148

Gross Profit

3,071

1,691

Gross Margin

38%

33%

Profit / (Loss) before tax

177

(437)

Cash / (net borrowings)

470

(248)

NAV/Share

69p

68p

Contents

Company Information

2

Chairman's Statement

3

Chief Executive Officer's Statement

4

Strategic Report

5

Directors' Report

11

Statement of Directors' Responsibilities

24

Independent Auditor's Report to the Members of Scholium Group plc

25

Consolidated Statement of Comprehensive Income

33

Consolidated Statement of Financial Position

34

Consolidated Statement of Changes in Equity

35

Consolidated Statement of Cash Flows

36

Company Statement of Financial Position

37

Statement of Changes in Company Equity

38

Company Cashflow

39

Notes to the Consolidated Financial Statements

40

Scholium Group plc

1

Company Information

Officers of the Company

David Harland

Non-Executive Chairman

Bernard Shapero

Chief Executive Officer

Philip Tansey

Finance Director & Company Secretary

Charles Sebag-Montefiore

Senior Independent Non-Executive

Philip Blackwell

Non-Executive

Thomas James Jennings CBE

Non-Executive

Graham Noble

Non-Executive

Registered Office

Solicitors

106 New Bond Street

Gordon Dadds LLP

London

6 Agar Street

W1S 1DN

London WC2N 4HN

Broker & Nominated Adviser

Registrars

W H Ireland Limited

24 Martin Lane

London EC4R 0DR

Auditors

Link Group

Central Square -10th floor 29 Wellington Street Leeds LS1 4DL

Wenn Townsend

30 Giles Street

Oxford OX1 3LE

Company Website

http://scholiumgroup.com/

Registration Number

Registered in England and Wales with Number 08833975

2

Scholium Group plc

Chairman's Statement

I am delighted to present my first statement as Chair and to report that the Group's revenues for the year ended 31 March 2022 increased by 58% to £8.1 million (2021: £5.2 million) as a result of the return to some semblance of normality following the adverse impact of Covid in the prior year. This is the first profit in four years.

The Board is delighted with the turnaround and remains focused on further enhancing shareholder value, incentivising its executive and staff and continuing to search for further opportunities in related areas to build upon this pleasing result.

The Group remains well capitalised with £9.6 million of stock, and net cash of £470k after deducting the £235k of government Covid assistance loans. The Group also has an undrawn overdraft facility of £500k available to it.

Results

Group revenue for the year of £8.1 million (2021: £5.2 million) generated a profit before tax of £177k

(2021: loss of £437k). The Group continues to not recognise deferred tax assets and therefore the profit

after tax for the year to 31 March 2022 was also £177k (2021: loss of £437k).

Staff

The Group's operations continue to rely on the hard work and dedication of our small number of employees and I would like to take this opportunity of thanking them for their contribution and effort, during the year.

Current Trading and Prospects

Trading conditions have improved over the year and the Group's retail premises have enjoyed at least a return to something approaching normality following the closures of the prior Covid impacted year. Trading for the first four months of the current year has been profitable, which is encouraging, and net cash is positive. The current global political and economic environment is not only depressing but challenging and it is difficult to forecast the future prospects of the business though based on current trading we remain cautiously optimistic.

Board

I want to place on record the gratitude of my fellow Board members and myself to Jasper Allen for having steered the Group as Chairman for the last seven years since its IPO and to Peter Floyd, who after five years retired as our Finance Director in March this year. And it is with pleasure that I welcome Bernard as Group CEO in addition to his role as CEO of Shapero Rare Books Limited and to Philip Tansey as Finance Director.

Chairman

DAVID HARLAND

25 August 2022

Scholium Group plc

3

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Disclaimer

Scholium Group plc published this content on 19 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 September 2022 09:39:02 UTC.