29th Apr 2014 11:32
LONDON (Alliance News) - Rare antiquarian book dealer Scholium Group PLC Tuesday said trading progress has been encouraging, and it expects the performance of its underlying businesses for the year just ended to be comfortably ahead of market expectations.
The dealer in rare and antiquarian books raised GBP8 million in its initial public offering on AIM at the end of last month, funds it said it would use to increase its stock, develop the business, and set up a new trading division that will branch out into the wider rare and collectibles market.
The company, founded in 2009 by Chief Executive Phillip Blackwell, has been built up through three acquisitions.
Scholium said that the Shapero Rare Books unit, based in London?s affluent Mayfair neighbourhood, saw a good performance in the fourth quarter of its financial year ended March 31, boosted by The European Fine Art Fair in Maastricht, although it said it has also seen an improvement in day-to-day trade, which will reduce its reliance on international fairs.
"In addition, the board notes that stock turn on larger-value items that are new to market is higher; and believes that access to capital will increasingly become a major differentiator in the group's ability to compete in the market and negotiate price," the company said in a statement.
Scholium also operates a specialist art bookshop in South Kensington, and another business called Ultimate Library, which creates high quality reading libraries for luxury resorts, including Aman Resorts and Four Seasons Hotels and Resorts.
It said that trading at South Kensington Books has been "brisk", while its Ultimate Library business ended the year with a number of new contract wins, including Firmdale Hotels, Rosewood Hotels and new Aman Resort properties.
Scholium said that the new financial year has started well across its businesses, as demand for high quality books and collections from high net worth individuals and institutions continue to be strong, it said.
Scholium said it expects to announce its full-year results for the year ending March 31 in early July.
Scholium shares were up 3.3% at 93.00 pence per share midday Tuesday.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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