Antiques and rare books trader Scholium Group plc (LON:SCHO) said it expects to breakeven in the second half on the back on an improvement in trading.
Sales have risen more than 80% in the second half compared to the first half, albeit at a lower margin. The recovery was driven by strong sales at the Scholium Trading business, which trades rare and collectable items such as art and antique goods.
The company said sales of antiquarian books and works on paper stabilised in the second half and are on an improving trend.
Cost savings of £320,000 have been implemented, which will Scholium said will benefit the full year to 31 March 2017.
The group has also announced finance director, Simon Southwood, will stand down. Peter Floyd, formally a partner in the London office of Price Waterhouse and chief financial officer of the Fine Art Auction Group, will join as part-time finance director following Southwood's departure.
Shares rose 2.70% to 38.0p in morning trading.