Scholium Group PLC Trading Update & Management Changes (5926B)

TIDMSCHO

RNS Number : 5926B

Scholium Group PLC

05 April 2017

Scholium Group plc

Trading Update & Management Changes

5 April 2017

The board of Scholium Group plc (the "Group") provides an update on trading for the twelve months to 31 March 2017 and announces a change in the Board of Directors.

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

Trading Update

There has been a demonstrable improvement in the trading of the Group in the second half year compared with the first half, with sales having increased by over 80%, albeit at a lower margin. This is in part due to a strong performance by Scholium Trading where we have seen success in the sale of some major items. Sales of antiquarian books and works on paper stabilised in the second half and are currently on an improving trend. This improvement in trading is expected to result in approximately breakeven for the Group in the second half of the financial year.

At the time of the interim announcement in November 2016, it was stated that annualised cost savings of GBP320,000 had been identified before new initiatives. These have now been implemented and the benefit of these savings, both at Group and subsidiary level, will be seen in the new financial year commencing 1 April 2017.

Separately, we are delighted that Shapero Rare Books has joined the Antiquarian Booksellers' Association. The benefit is that the books and works on paper team will exhibit at several important new international book fairs which provide valuable access to this specialist market.

Board and other changes

On 4 April 2017 Mr Simon Southwood, Finance Director of the Group, notified the Board of his intention to stand down as a Director. He will continue to have responsibility for the preparation of the financial statements for the year ended 31 March 2017, seeing them to the end of the audit process and ensuring a smooth handover to his successor. The Board is grateful for his considerable assistance in recent years and wish him well in his new ventures.

Mr Peter Floyd (60) has agreed to join the Board of Scholium Group Plc as part-time Finance Director upon Mr. Southwood's departure. He was formerly a Partner in the London Office of Price Waterhouse, Chief Financial Officer of the Fine Art Auction Group from 2002 to 2012 and Finance Director of Noble Investments (UK) Plc from 2012 to 2014. We look forward to welcoming him to the Board.

In addition, we are excited to announce that Mr Roddy Newlands, formerly Managing Director of Bloomsbury Auctions, has agreed to join the team at Shapero Rare Books as Head of English Literature where he will assist in the growth of new sales, cataloguing of items and ecommerce. Roddy's specialism is in modern and first editions which currently represents a very significant and popular section of the market.

Rule 17 Disclosure

Peter John Laurence Floyd is or has been a director of the following companies in the last 5 years:

 
 Company Name                           Status 
-------------------------------------  ----------------- 
 Noble Investments (UK) Limited         Past Director 
 The Fine Art Auction Group Limited     Past Director 
 Greenfield Auctions Limited            Past Director 
 Broadwell Associates Limited           Current Director 
 London Investment Property Syndicate   Current Director 
  Limited 
 Solutionplanet Limited                 Current Director 
 Timberfield Limited                    Current Director 
 Bid For Wine (Uk) Limited              Past Director 
 Saltmark Limited                       Past Director 
 Salehurst Trading Company Limited      Past Director 
 Baynton Road Limited                   Past Director 
 Dnfa Auctions Limited                  Past Director 
 The Fine Art Auction Group Limited     Past Director 
 Bloomsbury Auctions Clients Limited    Past Director 
 Dreweatts 1759 Limited                 Past Director 
 Edgar Horns Limited                    Past Director 
 Dnfa Limited                           Past Director 
 Mallett At Bourdon House Limited       Past Director 
 Mallett & Son (Antiques) Limited       Past Director 
 Mallett Limited                        Past Director 
 H.J.Hatfield & Sons Limited            Past Director 
 Mallett Overseas Limited               Past Director 
 Ely House Gallery Limited              Past Director 
 BCFLT Limited                          Past Director 
-------------------------------------  ----------------- 
 

Peter Floyd was a director of BCFLT Limited which was dissolved via voluntary strike-off on 28 March 2017; all creditors were met in full. He was also a director of The Car Group plc which entered into liquidation on 12 November 2002 at which time approximately GBP23 million of debts were not met.

There are no other disclosures required in respect of Schedule 2 paragraph (g).

For further information, please contact

 
 Scholium Group plc 
  Jasper Allen, Chairman 
  Simon Southwood, Chief Financial Officer    [phone] 
 WH Ireland Ltd - Nominated Adviser 
  Chris Fielding/Nick Prowting                [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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April 05, 2017 02:00 ET (06:00 GMT)