Broadliner Northamber has posted a 1.4 per cent drop in annual revenues after being hammered by the downturn in its final quarter.
The distributor saw revenues fall from £182.2m to £179.7m for the 12 months to 30 June. Northamber blamed the drop on the “general economic climate” during the fourth quarter.
Despite the lower top line, Northamber saw pre-tax profits rise 5.9 per cent to £627,000, which it said reflected a decrease in overheads, including an 8 per cent reduction in logistics costs.
Stock turns rose from an average of 14.5 to 16.5 times, debtor days fell from 44 to 39 days and additional cash discounts drove creditor days from 41 to 37 days.
David Phillips, chairman of Northamber, said it was impossible to give guidance for the year ahead.
“The expressions of quiet confidence in my statements of prior years, within the present economic uncertainty, are not easily given,” he said.
“Within an area of largely discretionary expenditure and a lack lustre start to the year, it is simply not possible to provide any guidance, beyond our determination to continue to manage the balance sheet tightly.”
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