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Scholium sees 'modest' first-half loss; to stay in red in second half

By BFN News | 07:36 AM | Friday 23 October, 2020


Collectible stamp and coin retailer Scholium said it would incur a small first-half loss after it boosted online sales during the pandemic and cut costs. Scholium said losses for the six months through September would be 'modest' and compare to a £64,000 profit year-on-year. The company said it also expected to be loss-making in the second half. 'As previously announced, the group's trading was severely curtailed by the onset of Covid-19 from March 2020, which affected the whole of this six month period,' Scholium said. 'But the group responded by successfully increasing online sales activity and cutting costs.' The company this month relocated its premises to a first-floor bookshop at 106 New Bond Street, London and a separate new gallery for modern prints nearby at 43 Maddox Street. Scholium said it had maintained its positive cash balances with around £300,000 at 30 September and over £8 million of stock. 'The adverse impact of the restrictions imposed by governments due to Covid-19 and in particular the cancellation of all of this financial year's UK and international trade fairs has stimulated a significant increase in online auctions and activity in both rare books and works of art,' it added. 'This has created both buying and selling opportunities for the group.' 'Nevertheless, given the unpredictability of trading in the context of Covid-19, the group is currently expected to be loss-making in the second half of this financial year.' Story provided by StockMarketWire.com

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