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19 Feb 2009
Distributor Northamber has posted its first reported loss for over 15 years.
The broadliner sank to a £304,000 pre-tax loss for its fiscal first-half to 31 December – the first time it has slipped into the red since the last recession.
That is despite the London-listed firm making a further £900,000 in cost savings since the same period a year earlier.
Further reading
Northamber said the loss was an “unavoidable consequence” of turnover for the period dropping from £97m to £68m year-on-year.
It claimed the 30 per cent collapse in its top line reflected UK sector statistics for sales of commercial IT hardware as end users held back on discretionary purchases.
David Philips, chairman at Northamber, said: “The general and continuing uncertainty within the economy, and the market as a whole, remains the dominant feature of our market.
“There seems little doubt that it may take some time before there is any noticeable upturn in the sector. Therefore it would be wrong of me to be optimistic.”
At the end of the period, Northamber had retained cash reserves of £10.5m, compared with £11.8m a year earlier, and Philips claimed the distributor was in a solid financial position.
“The importance of cash ensures Northamber is in a particularly strong position with the strength of our balance sheet and cash reserves,” he said.
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