Posts in LSE:NAR

Northamber widens H1 pretax loss

Northamber has widened its H1 pretax loss to GBP0.55m, from a loss of GBP0.29m. Revenue was at GBP32.5m, from GBP35.7m. It proposed an interim dividend of 0.1p a share.

"These last six months amply demonstrate the complexities of the market place we serve, one in which we have 35 years' experience, where we aim to make credible judgements about the future whilst subject to volatile market forces," the company said.

"With the current marketplace uncertainties it is difficult to indicate a near term return to profit.

Geoff Walters joins board of Northamber

Northamber has announced the appointment of Geoff Walters as a non-executive director of the Company with immediate effect and he will also chair the Company's audit committee.

Commenting on the appointment, Chairman David Phillips said:

"Geoff brings to the post a vast experience in a wide range of industries and an extensive knowledge of financial matters and experience of the City.

"After qualifying as a Chartered Accountant with Binder Hamlyn London, he held positions as Finance Director or Company Secretary in companies mainly in the property and construction sector such as Priest Mari

Northamber non-exec steps down

Northamber non-executive director Gordon Hamilton has retired from the board today with immediate effect. The company announced on 23 October that Hamilton had indicated he wanted to reduce the level of his non-executive commitments.

It is the board's intention to appoint a new non-executive director as soon as practicable.

Chairman David Phillips said: "We are unreserved in our gratitude for Gordon's cool and worthy contributions during the more than 5 years he spent as a member of the board."

At 3:07pm: (LON:NAR) Northamber PLC share price was 0p at 35.5p

Northamber appoints Nomad and broker

Northamber has appointed Cantor Fitzgerald Europe as the company's nominated adviser and broker with immediate effect.

At 2:48pm: (LON:NAR) Northamber PLC share price was +1p at 43p

Northamber narrows H1 pretax loss

Northamber has narrowed its H1 pretax loss to £0.3m, from a loss of £0.7m. Revenue was £35.7m, from £30.2m. It proposed an interim dividend of 0.3p a share.

Looking ahead, chairman David Phillips said Northamber was confident the company was well placed to benefit from further improvements in revenue growth whilst also continuing to operate a tightly controlled cost structure, thus hopefully insulating it from any untoward surprises.

Northamber widens FY pretax loss

Northamber has widened its FY pretax loss to £1.16m, from a year-earlier loss of £1.05m. Revenue totalled £62.9m, from £77.5m.

After consideration of the company's debt-free balance sheet and cash position the board proposed a final dividend of 0.3p a share, unchanged on the year. Together with the 0.3p interim dividend, the total dividend was 0.6p a share.

The company's chairman, DM Phillips, commented:

"There has been a marked change between the first and second halves of this past year.

Northamber widens H1 pretax loss to £0.7m

Northamber widened its H1 pretax loss to £0.7m, from a loss of £0.3m a year earlier. Revenue was £30.2m, from £41.6m. It proposed an interim dividend of 0.3p a share, unchanged on the year.

"Our necessarily accelerated actions to re-focus our business model into new and growth areas are progressing well," said chairman David Phillips in a statement.

The fall in sales revenues reflected the demand erosion in Northamber's core sector. Gross Margins took the brunt of the ongoing demand downturn and was 6.7%, from 7.7% a year ago.

Northamber: This is capitulation

The loss-making IT distributor can’t seem to sell computers and accessories profitably. It’s shrinking and though it might be valuable even in a liquidation scenario, risks abound.

Revenues at Northamber drop by 23%

Northamber, the trade-only UK distributor of IT equipment, has seen an unexpected acceleration in the downturn of demand, on stock turns, prices and margins for P.C.'s on the Group's sales, which resulted in revenues for the year ended 30 June 2013 falling by 23% from £100.6m in the previous year to £77.5m.

The reduction in turnover necessitated reduction in both staffing and overheads. It made redundancies during the year, which will result in ongoing savings of some £800,000 and are the major element in achieving more immediate reductions in its total overhead of approximately £850,000.

Share Sleuth's Notepad: Adapt or die

Economist John Kay warns that reinventing a company that no longer has a purpose is often impossible. Investors in companies that must reinvent themselves are taking long odds.