Ingram Micro UK has finally submitted its overdue year-end results to Companies House, revealing an overdraft of #531,000 and an increase in bank borrowings.
According to its figures for the year ended 31 December 1996, the distributor held no overdraft in 1995 and the value of its loans had nearly doubled from #73,000 in the previous year to #130,000.
Ingram's balance sheet showed the distributor's cash reserves had decreased from #3.7 million in 1995 to #20,000 in 1996.
However, year-end profits for the distributor, whose US parent company floated on the stock market in November 1996, had increased to #3.4 million, compared with #3 million in 1995.
According to the company report, the profit will be transferred to Ingram's reserves, meaning shareholders will not receive a dividend.
Ingram's results had originally been due at Companies House on 31 October 1997 (PC Dealer, 21 January), but were finally submitted three months overdue, causing the firm to incur a fine of #100.
Nigel Judd, marketing services director at Ingram, refused to comment on the results but said: 'It is inaccurate to say information has not been filed.' He declined to comment why the figures were late.
According to Companies House, the figures had been submitted on 26 January, but Ingram would still be liable for the charge.
Turnover for the year ended 31 December 1996 had increased to over #400 million from #268 million the previous year.
The results also included a loss of #885,000 related to Ingram's subsidiary company, Document Technology, which was voluntarily liquidated on 1 December 1995.
Meanwhile, Ingram Micro US was looking to increase its logistic business to support a worldwide network of resellers and service providers to reach more users.
Ingram will attempt to break into other areas, including Latin America, but will bide its time on moving into South Korean market.
Infrastructure provider says international sales now make up 51 per cent of its revenue
Suzanne Chappell of TMS plans sailing venture after selling Oxfordshire-based TMS to acquisitive Chess
Withdrawal of credit insurance by some providers a 'reflection' of current challenge facing IT sector, according to MD Steve Soper
SMART's UK managing director joins Lenovo to boost SMB business