Northamber still in the red

Distributor claims its interim results were "commendable" as losses narrowed to £41,000

Northamber claims the corporate market remains unsettled as it tumbled to a small first-half loss.

Chairman David Phillips said the distributor’s performance for the six months to 31 December was “commendable” given the tough climate, as losses for the period narrowed from £304,000 to £41,000 year on year.

Revenues dropped six per cent to £63.8m.

Philips also said that the corporate market remained challenging.

“The notes of caution expressed in my previous reports not being unfounded; these results for the six months to the end of December 2009 are, I believe, commendable,” he said.

He stressed that Northamber’s balance sheet remains void of any intangibles and that the distributor is debt free. Its cash balance stood at £13.48m at the end of the period.

However, Phillips issued a gloomy outlook for the months ahead.

“While not wishing to be pessimistic, we see little evidence to the contrary,” he said.

“We will continue to carefully monitor our performance on a daily basis. We believe our continued strategy of managing cost best matches the current uncertainties.”