Northamber posts profit

Good year-end results, despite the slowdown

Distributor Northamber has posted a profit in its preliminary year-end results, despite the slowdown.

The firm recorded a turnover of £250m for the year ended 30 June 2002, compared with £299m the previous year. Pre-tax profit was £456,000, compared with £5.5m in 2001.

Chairman David Phillips said: "The year opened with unusually low demand levels in volume IT hardware. Then the key corporate sector was further interrupted by the aftermath of 11 September."

He added that the drawn-out Hewlett-Packard/Compaq merger caused "significant additional problems".

However, Northamber, which has £8.6m in cash reserves, remains optimistic.

"The board is confident about achieving a satisfactory outcome for the current trading year," Phillips said.

Alan Norton, head of intelligence at credit management firm Graydon, said: "Turnover and profit have dipped but costs have been controlled. Northamber is in good shape until the market recovers."