Scholium expects losses to continue as pandemic impact lingers

Tue, 1st Jun 2021

Rare books trader Scholium said it had narrowed underlying annual losses, though it added that trading still was severely impacted by the pandemic, with losses set to continue into the first half of this year. Scholium's retail premises in Mayfair, London was closed for significant parts of the year just gone by through March. A complete cancellation of all of the domestic and international trade fairs normally attended by the group also weighed on sales. The company had relocated its premises in the second half, incurring exceptional costs of about £125,000. 'The new premises will result in considerable annual cost savings for the group in future years,' it added. Scholium said it remained well capitalised with over £8.5 million of stock. At 31 March 2021, cash was £2,000, after drawing down a £250,000 Covid bank loan, but without drawing upon the group's £500,000 overdraft facility.. 'Sales have continued on the internet, by telephone and by post,' the company said. 'Whilst the retail premises re-opened on 12 April, footfall to date remains much lower than normal.' 'The directors do not anticipate a return to customary levels of trading until it is possible for visitors to travel to London in safety.' 'Accordingly, the group is not expected to trade profitably in the first half of the year to 30 September 2021. The directors have therefore focussed on maximising performance and new sales channels in these difficult circumstances.' At 9:18am: (LON:SCHO) Scholium Group Plc share price was 0p at 32.5p Story provided by

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