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.