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Scholium reports loss amid reduced activity but hails online sales
StockMarketWire.com
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Media trading company Scholium Group has reported a pre-tax loss of £158,000 for the first half of its financial year as a result of reduced trading levels.
The company, which deals in rare books and art, saw revenue fall by 13.7% in the six months to 30 September 2020 when compared with the same period in 2019.
Gross profit was down 29.1%, with a margin of 31% - down from 38% the previous year - due to lower margins in its Shapero Rare Books subsidiary and 'effectively no sales' in Scholium Trading.
The company increased its cash balance by £67,000 over the period to £348,000.
Jasper Allen, chairman of Scholium, said: 'We are pleased that Shapero Rare Books has traded profitably, despite the cancellation of books and other trade fairs and the enforced closure of the shop for much of the period.
'The group responded by successfully increasing online sales activity and by cutting costs. Overall although the loss is disappointing, the group has performed at a better level than the board's expectations earlier this year.'
Story provided by StockMarketWire.com
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