Sales were a bit softer during the six months ending on September 30, 2023, than they were for the same period in 2022 for the parent of Shapero Rare Books and Shapero Modern, which markets modern and contemporary prints. Their parent, Scholium Group, is a public company listed on the London Stock Exchange, meaning they are the rare, rare book dealer that needs to provide public financial statements. The company attributed the decline in sales to challenging times in the market today. However, the company did again turn a profit, after a period of losses during the more intense disruptions of the Covid pandemic.
Revenue for the six months was £3,835,000 (roughly $4,815,000 in U. S. dollars). That was down from £4,454,000 (US $5,590,000), a decline of 14%. £2,900,000 (US $3,640,000) came from the sale of books, most of the remainder from prints along with a few smaller items. Gross profit slipped by 13%, while gross margin tipped up slightly by half a percent, but when expenses were removed, pretax profits dropped 76%, from £179,000 (US $225,000) to £43,000 (US $54,000).
Earnings per share were £0.32 (US $0.40) versus £1.32 (US $1.65) during the six-month period of the previous year.
Speaking of the results, David Harland, Chairman of Scholium, said, “We are pleased with the performance of the Group in recording its fourth consecutive profitable half-year period, given the deteriorating economic environment. Action was taken on costs from December 2022 and whilst the profit was reduced for the period this was expected as was noted in the annual report for the period ended March 2023. The on-going difficult geo-political situation naturally presents a difficult environment in which to plan but we remain cautiously positive about the coming six-month period.”
Scholium noted that distribution costs have decreased significantly as they decided to “rationalise” trade fairs and exhibitions. They continued, “The Group continues to focus 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 twenty-four 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.”
Shapero Rare Books is located on New Bond Street with a separate gallery for prints on Maddox Street. However, their lease on the New Bond premises was only renewed for less than a year so they are in the process of seeking a new location.
