Northamber loss narrows in first half; eyes return to profitability

(Alliance News) - Northamber PLC on Friday announced a narrowed pretax loss and said it is returning to profitability as it announced its first-half results ahead of an expected stronger half of the year.

Northamber shares were up 6.9% to 31.00 pence each on Friday morning in London.

The Surrey-based distributor of audio-visual and information technology equipment announced revenue of GBP39.4 million in the six months ending in December, up 22% from GBP32.2 million a year prior.

It also reported a pretax loss of GBP378,000 in the period, narrowing by 33% year-on-year from GBP598,000.

The company also said it continues to benefit from "significant asset backing and a conservative financial profile", with GBP50.5 million of total assets, up 44% from GBP35.2 million a year prior, despite 19% lower net assets to GBP17.7 million from GBP21.9 million 12 months prior due to increased payables.

The results include the initial contribution by Chessington, England-based distributor of unified communication hardware NUC Distribution, which Northamber acquired in December for GBP7.1 million in cash.

The company said that capital discipline "has remained a central focus in the first half", but it is continuing to move from a predominantly UK-focused distributor to a more diversified European one.

It also said that approximately a third of its sales are now generated outside the UK, reflecting its expansion into Ireland and the Belgium, Netherlands, and Luxembourg region.

Trading at the start of the second half has been in line with expectation, Northamber said, and the third quarter saw a return to operating profitability.

The company continue to expect "a materially stronger second half, supported by the full-period contribution from NUC, the annualised benefit of...cost actions, continued progress in services and recurring revenue, and improved operating leverage across the enlarged group", Chair Alexander Phillips said.

"Looking further ahead, the board continues to see positive long-term prospects...reflecting the strategic actions taken, improved scale, geographic diversification and the attractive markets in which the group now operates," he added.

By Martin Miraglia, Alliance News reporter

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