LONDON (ShareCast) - (Sharecast News) - Rare books, art and collectibles dealer Scholium posted its preliminary results for the year ended 31 March on Thursday, reporting a 10% improvement in revenue to £6.7m.
The AIM-traded firm said it returned to profit during the year, after absorbing the start up costs of its new philatelic division.

Gross profit was £2.49m, up from £2.25m, while its profit before tax was £0.04m, swinging from a loss of £0.22m in the year prior.

Cash at year-end stood at £0.22m, down significantly from £0.97m.

Scholium said it achieved overhead cost reductions of £0.23m during the year, adding that its Shapero Rare Books division was profitable in both first and second half of the year.

Looking at current trading, its board said it was "satisfactory" in the first quarter of the new financial year.

"We are delighted to have returned the group to profitability after implementing the cost reductions successfully during the year," said Scholium chairman Jasper Allen.

"The newly formed philatelic division has recorded some early successes and is now firmly established in the UK stamp marketplace.

"The group continues to have an ungeared balance sheet and is now seeking to broaden its activities in its existing markets as well as considering new opportunities in related collectibles markets."

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