TIDMSCHO
RNS Number : 9828H
Scholium Group PLC
30 November 2022
Scholium Group plc
Interim Report & Financial Statements
Six Months ended 30 September 2022
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
The directors of Scholium Group plc ("Scholium", the "Company"
or, together with its subsidiaries, the "Group") present their
report and financial statements for the Group for the six months
ended 30 September 2022.
Operating highlights
-- Revenues at GBP4,454k up by 16% compared with prior corresponding period
-- Gross profit of GBP1,731k up by 36% compared with last year
and at an increasingly better margin of 39% (2021: 33%)
-- Pre-tax profit up by 33% to GBP179k due to improved trading
and a sustained recovery from Covid-19 (2021: profit of
GBP135k)
-- Earnings per share increased 33% to 1.32p per share (2021: 0.99p per share)
-- NAV per share of 70.4p (2021: 68.8p)
-- Cash (net of GBP213k (2021: GBP250k) Covid loan) is lower by
GBP780k from 31 March at GBP(515)k at 30 September 2022 due to the
unwinding of client cash balances in H1
Financial Summary
Six months ended September 2022 2021 Change
(GBP000 unless otherwise stated) Restated*
Revenue 4,454 3,832 16%
Gross Profit 1,731 1,274 36%
Gross Margin 39% 33%
Pre-Tax Profit 179 135 33%
Inventories 9,482 8,895 7%
Net Cash (515) 1,000
Net Assets 9,578 9,357 2%
NAV/Share (pence) 70.4 68.8
David Harland, Chair of Scholium, noted:
"We are pleased with the continuing steady progress made by the
Group in recording its third consecutive profitable half-year
period. The closure of the Mayfair Philatelics business has
proceeded smoothly with minimal impact and we are delighted to see
a fuller calendar of trade fairs both in the UK and abroad.
On-going geopolitical events present a difficult environment in
which to plan but we remain cautiously positive about the coming
six month period."
The person responsible for arranging the release of this
announcement on behalf of the Company is Philip Tansey, Chief
Financial Officer of the Company.
For further information, please contact:
Scholium Group plc
David Harland, Chairman
Philip Tansey, Chief Financial Officer +44 (0)20 7493 0876
WH Ireland Ltd - Nominated Adviser
Chris Fielding
Megan Liddell +44 (020) 7220 1666
* The 2021 figures have been restated by eliminating the
impact of the discontinued operation, Mayfair Philatelics.
Business Review
Scholium is engaged in the business of rare books, modern
prints, art and collectibles. Its primary operating subsidiary is
Shapero Rare Books, one of the leading UK dealers trading
internationally in rare and antiquarian books and works on paper,
which also trades as Shapero Modern, a leading UK dealer in the
growing marketplace of modern and contemporary prints.
Revenue streams
The Group earned revenue in the six months to 30 September 2022
from the sale of rare books, prints and works on paper through
Shapero Rare Books and limited sales of remaining stocks in Mayfair
Philatelics which the Board had decided to close in the financial
year ended 31 March 2022, due to the challenging nature of the
collectible stamps market.
Strategy and key performance indicators (KPIs)
The Group's strategy is to:
-- provide stable asset-backed growth driven by the markets in which the Group operates;
-- build, either organically or by acquisition, a portfolio of
art and collectibles focused businesses to enable further
diversification of its revenue and profit streams; and,
-- attract individuals or teams of specialists in markets
complementary to the Group's existing businesses.
The current principal KPIs are:
-- sales, gross profit, gross margin and profit before tax;
-- the breadth and distribution of the stock of rare books held by the Group;
-- stock turnover;
-- cash position;
-- net assets per share; and,
-- earnings per share.
Performance Review
Overall Performance
The Group made a profit before tax of GBP179k during the six
months to 30 September 2022, a welcome 33% increase from the profit
of GBP135k for the corresponding period last year. Sales revenues
and margins improved despite on-going global events.
Turnover increased by 16% compared to the same period in the
prior year. This was due to significantly higher sales in Shapero
Rare Books (SRB). SRB's sales were 16% higher than last year at
GBP4,429k (2021: GBP3,814k). Gross Profit increased by 36% to
GBP1,731k (2021: GBP1,274k) reflecting the higher margins achieved
in this period.
Group costs, including Distribution and Administrative expenses,
increased by 39% to GBP1,518k (2021: GBP1,091k). Almost all of this
increase was due to trade fairs and exhibitions which in the prior
corresponding period were only starting following the lifting of
Covid restrictions.
The results of the Mayfair Philatelics business are shown as
Discontinued operations in the financial statements as the decision
was taken to close it and significant charges taken in the year
ended 31 March 2022. The decision to close the business has led to
a focus on selling the remaining stock and collecting the
outstanding debtors. This process, whilst involved, is approaching
its end and a further GBP15k of provisions was taken in the period
against the likely irrecoverable nature of some of the smaller and
older debts.
The Group result for the six months was a profit before tax of
GBP179k (2021: profit of GBP135k). There is no current or deferred
tax charge (2021: GBP0k) as the Group has utilised tax losses which
are not recognised as a deferred tax asset.
Inventories increased by GBP587k to GBP9,482k (2021: GBP8,895k).
Group cash balances continue to fluctuate on a monthly basis in
line with stock purchases and trade debtors and whether, as in the
prior period, certain levels of clients' cash were maintained with
the Company pending sales; a significant balance of clients' cash
received immediately prior to the year-end date of 31 March 2022
and then released immediately afterwards being the prime driver.
Net overdrafts and cash loans of GBP(515)k at 30 September 2022
(2021: net cash of GBP1,000k).
Summary Group Financials
Six months ended September (all figures GBP'000) 2022 2021 Change
Revenue 4,454 3,832 16%
Gross Profit 1,731 1,274 36%
Gross Margin 39% 33%
Distribution Expenses (368) (89) 313%
Administrative Expenses (1,150) (1,002) 15%
Pre-Tax Profit 179 135 33%
Inventories 9,482 8,895 7%
Net cash (515) 1,000
Net Assets 9,578 9,357 2%
NAV/Share (pence) 70.4 68.8 2%
Alternative accounting presentation
The Board is focused on demonstrating shareholder return and
part of that desire is the analysis of the core performance of the
Group's trading business without costs that are related to the
non-trading elements such as public company status and other
non-directly related or one-off costs not typically expected to be
incurred in a 'normal' year.
Six months ended September (GBP'000) 2022 2021
Profit 179 135
----- -----
Add back:
----- -----
Central costs of the public group 157 158
----- -----
Mayfair Philatelic losses 15 28
----- -----
Depreciation & amortisation 171 114
----- -----
Finance expenses 19 19
----- -----
Operating EBITDA 541 454
----- -----
Financial Position
The Group retains a strong balance sheet. Net assets of
GBP9,578k (2021: GBP9,357k) are supported by GBP9,482k of stock
(2021: GBP8,895k) including an overdraft balance in net cash of
GBP(515)k (2021: cash of GBP1,000k). Trade and other payables have
decreased substantially on account of significant client cash
balances held in advance of sales at the 31 March 2022. The Covid
loan drawn down in October 2020 of GBP250k has been reduced by
repayment to the current GBP213k (2021: GBP250k). There is 70.4p of
net assets per share (2021: 68.8p).
Shapero Rare Books & Shapero Modern
Shapero Rare Books including Shapero Modern continues to be the
driver of sales growth and source of trading profits with Group
resources balanced between its stock of rare books and prints to
maximise sales and profit opportunities.
Shapero Rare Books operates from its first-floor bookshop at 106
New Bond Street, its retail premises on the ground floor of 105 New
Bond Street and a separate gallery for modern prints nearby at 43
Maddox Street. The previously separate leases for both premises in
New Bond Street were combined into a single lease during the period
though for a period of less than 12 months and consequently the
Board is focused on securing suitable alternative premises in the
near future.
Trading in both Rare Books and Shapero Modern was at increased
levels during the first six months of the year compared to the
prior year. Turnover increased by 16% as compared to the prior-year
period to GBP4,429k (2021: GBP3,814k) due to the re-opening after
the restrictions of Covid-19. The gross margin of 39% (2021: 33%)
reflected higher margins across both books and prints. The profit
achieved by this division for the first six months of the financial
year was GBP367k (2021: GBP319k).
Summary Performance, Shapero businesses
Six months ended September (all figures GBP'000) 2022 2021 Change
Revenue 4,429 3,814 16%
Gross Profit 1,731 1,268 37%
Gross Margin 39% 33%
Pre-Tax Profit 367 319
Scholium Trading
Scholium Trading was originally set up to trade alongside
third-party dealers in rare and collectible items, typically in
paintings and works of art. The Board had decided to wind down the
business and sell the remaining few items of stock.
Scholium Trading's activity for the first half to 30 September
2022 resulted in sales of GBP25k (2021: GBP18k), with a gross
profit of GBP0k (2021: GBP6k).
Mayfair Philatelics
The Board determined that the market for stamps was unable to
generate the success and profits seen in books and art and the
decision was taken to close the business in the year ended 31 March
2022. The results of the business have been presented and treated
as discontinued business within these report and accounts and the
impact of this is explained in note 6 to these accounts.
The first half resulted in sales of GBP28k (2021: GBP371k).
Gross profit, which was principally from the auction activities,
amounted to GBP1k (2021: GBP169k). Direct costs and overheads
amounted to GBP79k (2021: GBP197k). The net loss from on-going
wind-down activities of GBP52k was offset against impairment
provisions taken in the prior financial period ending March 2022. A
further provision in regard to the impairment of stock and debtors
of GBP15k was taken in the current financial period resulting in a
pre-tax loss due to discontinued business of GBP15k (2021:
GBP29k).
Costs
Distribution costs have increased significantly driven almost
entirely by the costs of trade fairs and exhibitions that had
previously been impacted by Covid-19 lockdowns. The central costs
of the business include all board directors and other Group level
costs including the various costs associated with membership of the
AIM market. There were no (2021: GBP0k) recharges made to the
Group's subsidiaries for these central costs in the six months
ended 30 September 2022. The central costs were therefore GBP157k
(2021: GBP158k).
Summary Performance, Central costs
Six months ended September (all figures GBP'000) 2022 2021 Change
Total Costs (157) (158) -%
Outlook
The Group is now focused on its two profitable businesses, rare
books and modern prints having discontinued the distraction of
stamps and Scholium Trading and is looking to continue the
profitable performance of the recent eighteen months into the
second half of the current financial year.
Looking forward, the Group is viewing its trading for the second
half of the year with cautious optimism.
Key Risks
Like all businesses, the Group faces risks and uncertainties
that could impact on the Group's strategy. The Board recognises
that the nature and scope of these risks can change and regularly
reviews the risks faced by the Group and the systems and processes
to mitigate such risks.
The principal risks and uncertainties affecting the continuing
business activities of the Group were outlined in detail in the
Strategic Report section of the annual report covering the full
year ended 31 March 2022.
In preparing this interim report for the six months ended 30
September 2022, the Board has reviewed these risks and
uncertainties and considers that there have been no changes since
the publication of the 2022 Annual Report.
Independent Review Report to Scholium Group plc
Conclusion
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 September 2022 which comprises the condensed
consolidated statement of comprehensive income, the consolidated
statement of changes in equity, the condensed consolidated
statement of financial position, the consolidated statement of cash
flows and the related explanatory notes.
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
September 2022 is not prepared, in all material respects, in
accordance with UK adopted International Accounting Standard 34 and
the AIM Rules.
Basis for Conclusion
We conducted our review in accordance with International
Standard on Review Engagements (UK) 2410, "Review of Interim
Financial Information Performed by the Independent Auditor of the
Entity" issued for use in the United Kingdom. A review of interim
financial information consists of making enquiries, primarily of
persons responsible for financial and accounting matters, and
applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does
not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.
As disclosed in note 2, the annual financial statements of the
Group are prepared in accordance with UK adopted IFRSs. The
condensed set of financial statements included in this half-yearly
financial report has been prepared in accordance with UK adopted
International Accounting Standard 34, "Interim Financial
Reporting".
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than
those performed in an audit as
described in the Basis of Conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or
that management have identified material uncertainties relating to
going concern that are not appropriately disclosed.
This conclusion is based on the review procedures performed in
accordance with this ISRE, however future events or conditions may
cause the entity to cease to continue as a going concern.
Responsibilities of Directors
The directors are responsible for preparing the half-yearly
financial report in accordance with the AIM rules.
In preparing the half-yearly financial report, the directors are
responsible for assessing the company's ability to continue as a
going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the
directors either intend to liquidate the company or to cease
operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Review of Financial
Information
In reviewing the half-yearly report, we are responsible for
expressing to the Company a conclusion on the condensed set of
financial statement in the half-yearly financial report. Our
conclusion, including our Conclusions Relating to Going Concern,
are based on procedures that are less extensive than audit
procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of Our Report
This report is made solely to the Company in accordance with
International Standard on Review Engagements (UK and Ireland) 2410
"Review of Interim Financial Information Performed by the
Independent Auditor of the Entity" issued by the Financial
Reporting Council. Our work has been undertaken so that we might
state to the Company those matters we are required to state to it
in an independent review report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company, for our review
work, for this report, or for the conclusions we have formed.
Lee Baker FCA
For and on behalf of
Wenn Townsend Chartered Accountants
Oxford, United Kingdom
29 November 2022
Consolidated statement of total comprehensive income
(unaudited)
Six-month Six-month Year
Period Period Ended
Ended (Unaudited) Ended (Unaudited) (Audited)
30 Sept 30 Sept 31 Mar
2022 2021 2022
Note GBP000 GBP000 GBP000
Revenue 3 4,454 3,832 8,129
Cost of Sales (2,723) (2,558) (5,058)
Gross profit 1,731 1,274 3,071
------------------- ------------------- -----------
Distribution costs (368) (89) (340)
Administrative expenses (1,150) (1,002) (2,262)
Total costs and expenses (1,518) (1,091) (2,602)
------------------- ------------------- -----------
Profit from operations 213 183 469
Financial income - - -
Financial expense 4 (19) (19) (33)
Other income 58
Profit before taxation 194 164 494
Income tax (expense) 5 - - -
Profit for the period from
continuing operations 194 164 494
Loss from discontinued operations 6 (15) (29) (317)
Profit for the period and
total comprehensive income
attributable to equity holders
of the parent company 179 135 177
------------------- ------------------- -----------
Earnings per share in share:
From continued operations
- pence 7 1.43 1.21 3.63
From discontinued operations (0.11) (0.22) ( 2.33)
Total earnings per share 1.32 0.99 1.30
------------------- ------------------- -----------
Consolidated statement of financial position
30 Sept 30 Sept 31 Mar
2022 2021 2022
Note GBP000 GBP000 GBP000
Unaudited Unaudited Audited
Assets
Non-current assets
Property, plant and equipment 980 1,080 970
Intangible assets 4 6 4
984 1,086 974
--------------- ----------------- --------
Current assets
Inventories 9,482 8,895 9,584
Trade and other receivables 8 2,677 2,589 2,219
Cash and cash equivalents (302) 1,250 705
11,857 12,734 12,508
--------------- ----------------- --------
Total assets 12,841 13,820 13,482
--------------- ----------------- --------
Current liabilities
Trade and other payables 9 2,053 3,163 2,868
Bank loans and borrowings 10 44 63 47
Right-of-use asset lease liabilities 11 322 166 193
Total current liabilities 2,419 3,392 3,108
--------------- ----------------- --------
Liabilities due over one year
Bank loans and borrowings 10 169 187 188
Right-of-use asset lease liabilities 11 675 884 787
Total liabilities due over
one year 844 1,071 975
Total liabilities 3,263 4,463 4,083
--------------- ----------------- --------
Net assets 9,578 9,357 9,399
--------------- ----------------- --------
Equity and liabilities
Equity attributable to owners
of the parent
Ordinary shares 136 136 136
Share premium 9,516 9,516 9,516
Merger reserve 82 82 82
Retained earnings (156) (377) (335)
Total equity 9,578 9,357 9,399
--------------- ----------------- --------
Net Asset Value per Share 70.4p 68.8p 69.1p
These interim financial statements were approved by the Board of
Directors on 29 November 2022 and signed on its behalf by Philip
Tansey.
Statement of changes in equity
Share Share Merger Retained Total
Capital Premium reserve earnings equity
GBP000 GBP000 GBP000 GBP000 GBP000
-------- -------- -------- --------- -------
Balance at 31 March 2020 136 9,516 82 (75) 9,659
Loss for the period from continued operations - - - (158) (158)
-------- -------- -------- --------- -------
Total comprehensive income for the period - - - (158) (158)
-------- -------- -------- --------- -------
Balance at 30 September 2020 136 9,516 82 (233) 9,501
Loss for the period from continued operations - - - (279) (279)
-------- -------- -------- --------- -------
Total comprehensive income for the period - - - (279) (279)
-------- -------- -------- --------- -------
Balance at 31 March 2021 136 9,516 82 (512) 9,222
Profit for the period from continued operations - - - 164 164
Loss for the period from discontinued operations (29) (29)
-------- -------- -------- --------- -------
Total comprehensive income for the period - - - 135 135
-------- -------- -------- --------- -------
Balance at 30 September 2021 136 9,516 82 (377) 9,357
Profit for the period from continued operations - - - 330 330
Loss for the period from discontinued operations (288) (288)
Total comprehensive income for the period - - - 42 42
-------- -------- -------- --------- -------
Balance at 31 March 2022 136 9,516 82 (335) 9,399
Profit for the period from continued operations - - - 194 194
Loss for the period from discontinued operations (15) (15)
Total comprehensive income for the period - - - 179 179
-------- -------- -------- --------- -------
Balance at 30 September 2022 136 9,516 82 (156) 9,578
-------- -------- -------- --------- -------
Consolidated statements of cashflows
30 Sept 30 Sept 31 Mar
2022 2021 2022
GBP000 GBP000 GBP000
Cash flows from operating activities
Profit before tax 179 135 177
Depreciation of property, plant and equipment 171 114 231
Amortisation of intangible assets - 2 4
Finance expense 19 19 33
369 270 445
Decrease / (increase) in inventories 102 130 (559)
(Increase) in trade and other receivables (458) (900) (530)
Increase/(decrease) in trade and other payables (815) 1,855 1,560
Net cash generated from operating activities (802) 1,355 916
--------- ---------- -----------
Cash flows from investing activities
Purchase of property, plant and equipment (16) (19) (26)
Net purchase of right to use assets (54) - -
--------- ---------- -----------
Net cash used in investing activities (70) (19) (26)
--------- ---------- -----------
Cash flows from financing activities
Lease repayments for right-of-use assets (107) (82) (165)
Bank loan (22) - (15)
Interest paid (6) (6) (7)
Net cash (used)/generated from financing activities (135) (88) (187)
--------- ---------- -----------
Net increase / (decrease) in cash and cash equivalents (1,007) 1,248 703
Cash and cash equivalents at the beginning of the period 705 2 2
Cash and cash equivalents at the end of the period (302) 1,250 705
--------- ---------- -----------
Cash / (overdraft) (302) 1,250 705
------ ---------- ------------
Notes
1. General information
Scholium Group plc and subsidiaries (together 'the Group') are
engaged in the trading and retailing of rare and antiquarian book
and, prints and works on paper primarily in the United Kingdom. The
Company is a public company domiciled and incorporated in England
and Wales (registered number 08833975). The registered address is
106 New Bond Street, London W1S 1DN.
2. Basis of preparation
These condensed interim financial statements of the Group for
the six months ended 30 September 2022 (the 'Period') have been
prepared using accounting policies consistent with International
Financial Reporting Standards (IFRSs) including standards and
interpretations issued by the International Accounting Standards
Board and in accordance with International Accounting Standards in
conformity with the requirements of the Companies Act 2006. The
same accounting policies, presentation and methods of computation
are followed in these condensed set of financial statements as
applied in the Group's latest audited financial statements for the
year ended 31 March 2022. While the financial figures included
within this half-yearly report have been computed in accordance
with IFRS applicable to interim periods, this half-yearly report
does not contain sufficient information to constitute an interim
financial report as set out in International Accounting Standard 34
Interim Financial Reporting. These condensed interim financial
statements have not been audited, do not include all of the
information required for full annual financial statements, and
should be read in conjunction with the Group's consolidated annual
financial statements for the year ended 31 March 2022. The
auditors' opinion on these Statutory Accounts was unqualified, did
not draw attention to any matters by way of emphasis and did not
contain a statement under s498 (2) or s498 (3) of the Companies Act
2006.
3. Revenue
30 Sept 30 Sept 31 Mar
2022 2021 2022
Group Group Group
GBP000 GBP000 GBP000
Sales of stock 4,228 3,577 7,839
Commissions 163 237 279
Other income 63 18 11
------------- ------------ -----------
4,454 3,832 8,129
------------------------- ------------- ------------ -----------
* The 2021 figures have been restated by eliminating the
impact of the discontinued operation, Mayfair Philatelics.
4. Financial (expense)
30 Sept 30 Sept 31 Mar
2022 2021 2022
Group Group Group
GBP000 GBP000 GBP000
Interest payable (6) (6) (10)
Unwinding of discount on right-to-use liabilities (13) (13) (23)
Total financial (expense) (19) (19) (33)
------- ------- ------
5. Income Tax
30 Sept 30 Sept 31 Mar
2022 2021 2022
GBP000 GBP000 GBP000
Current and deferred tax expense
Current tax - - -
Deferred tax - - -
Total tax expense - - -
-------- -------- -------
The charge for the year is reconciled to the
profit per the income statement as follows:
30 Sept 30 Sept 31 Mar
2022 2021 2022
GBP000 GBP000 GBP000
Profit before tax 179 135 177
-------- -------- -------
Applied corporation tax rates: 19% 19% 19%
Tax at the UK corporation tax rate of 19%: 34 26 34
Utilisation of tax losses (34) (26) (34)
Current and deferred tax charge - - -
-------- -------- -------
6. Discontinued Operations
The Board conducted a review of the Mayfair Philatelic business
in the year ended 31 March 2022 and determined that the business
was not key to the future of the Group and unlikely to become
profitable on an ongoing basis. In accordance with IFRS5 -
Non-current assets held for sale and discontinued operations, the
results for Mayfair Philatelic are shown as Discontinued operations
in the income statement of both the current and the prior period;
its assets and liabilities have been recorded at the lower of the
carrying value and fair value less costs to sell in the financial
statements for this financial period. An analysis of the individual
line items is shown below.
Financial performance and cash flow information
Results in GBP'000 30 Sept 30 Sept 31 Mar
2022 2021 2022
Revenue 28 371 680
Cost of sales (1) (202) 374
Gross Profit (27) (169) 306
Distribution expenses (12) (43) 74
Administration expenses (67) (155) 409
Offset against brought forward provision 52 - -
-------- -------- -------
(Loss) before impairment charges - (29) (177)
Impairment charges against debtors and
stock 15 140
(Loss) before tax (15) (29) (317)
Tax - - -
-------- -------- -------
(Loss) from discontinued operations (15) (29) (317)
-------- -------- -------
The net result of wind-down sales less costs and net losses
incurred in the six months ended 30 September 2022 have been
off-set by releases from the impairment provision charged to the
accounts of the year ended 31 March 2022.
Assets and liabilities of discontinued business
The following assets and liabilities relating to Mayfair
Philatelic are included within the relevant line of the Group
Consolidated statement of financial position at the lower of the
carrying value and fair value less costs to sell at:
GBP'000 30 Sept 30 Sept 31 Mar
Assets 2022 2021 2022
Fixed assets 2 6 5
Intangible assets 4 6 4
Current assets - Stock 27 261 114
Current assets - debtors and prepayments 79 359 458
-------------------------------------------- -------- -------- -------
Total assets of Discontinued business 112 632 581
Liabilities
Trade creditors 2 43 236
Accruals 94 30 141
-------------------------------------------- -------- -------- -------
Total Liabilities of Discontinued business 96 73 377
-------------------------------------------- -------- -------- -------
7. Earnings/(Loss) per Share - pence
30 Sept 30 Sept 31 Mar
2022 2021 2022
Group Group Group
GBP000 GBP000 GBP000
Profit used in calculating basic and diluted earnings per share
attributable to the owners
of the parent
Continuing 194 164 494
Discontinued (Note 6) (15) (29) (317)
Total 179 135 177
Number of shares
Weighted average number of shares for the purpose of basic and diluted 13.6 13.6 13.6
earnings per share million million million
Basic earnings per share from continuing operations 1.43 1.21 3.63
Basic loss per share from discontinued operations (0.11) (0.22) (2.33)
----------------------------------------------------------------------- --------- --------- ---------
Total basic and diluted earnings per share 1.32 0.99 1.30
-------------------------------------------------------------------------- --------- --------- ---------
Basic earnings per share amounts are calculated by dividing net
profit / (loss) for the year or period attributable to ordinary
equity holders of the parent by the weighted average number of
ordinary shares outstanding during the year.
The Company currently has no potentially issuable shares arising
from share options. As a consequence, the number of basic and fully
diluted shares in issue are equal. No new shares were issued during
the period, and the Company had 13.6 million shares in issue at the
end of the period.
8. Trade and Other Receivables
30 Sept 30 Sept 31 Mar
2022 2021 2022
Group Group Group
GBP000 GBP000 GBP000
Trade debtors 2,262 2,268 1,700
Other debtors - 33 24
Prepayments and accrued
income 415 288 495
2,677 2,589 2,219
-------- -------- -------
9. Trade and Other Payables
30 Sept 30 Sept 31 Mar
2021 2021 2022
Group Group Group
GBP000 GBP000 GBP000
Trade creditors 1,158 2,244 1,946
Other taxes and social
security (18) 30 30
Accruals and deferred income 890 864 768
Other creditors 23 25 124
2,053 3,163 2,868
-------- -------- -------
10. Loans and Borrowings
30 Sept 30 Sept 31 Mar
2022 2021 2022
Group Group Group
GBP000 GBP000 GBP000
Bank loan due in less than
one year 44 63 47
Bank loan due in more than
one year 169 187 188
Total bank loan 213 250 235
----------------- ----------------- -------
11. Right-of-use asset lease liabilities
30 Sept 30 Sept 31 Mar
2022 2021 2022
Group Group Group
GBP000 GBP000 GBP000
Lease liabilities due in
less than one year 322 166 193
-------- -------- -------
Lease liabilities due in
more than one year 675 884 787
-------- -------- -------
These liabilities represent the future lease payments due under
the Group's leases of its Mayfair premises.
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END
IR BKCBPABDDDDB
(END) Dow Jones Newswires
November 30, 2022 02:00 ET (07:00 GMT)
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