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17 Nov 2009 15:49
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Northamber Plc
Interim Management Statement - 1stΒ Quarter to 30 September 2009
The trends as referred to inΒ theΒ results statement for theΒ year ended 30thΒ June 2009Β continuedΒ to challenge commercial intentions. Sales for the first quarter ofΒ our fiscalΒ yearΒ were consistentΒ with the reported slower pick-up in the UK IT marketΒ andΒ some 9% lowerΒ in valueΒ than for the comparative period of last year.Β
The rate ofΒ declineΒ in salesΒ wasΒ similar to the levels of price erosionΒ during the period,Β butΒ significantly lower than the 22Β per centΒ decline in salesΒ for the year to 30 June 2009 compared with theΒ priorΒ year. The latent impact of the new franchisesΒ asΒ referred toΒ in theΒ year-end statement,Β are anticipated toΒ showΒ an impact later in the year.
The gross margin inΒ theΒ first quarterΒ held up reasonably well with only a quarter of a pointΒ reductionΒ as againstΒ the first quarter of last year. Pleasingly, slightlyΒ better than forΒ theΒ last year as a whole (by 0.11 points).
The continuing tight control of costs was maintained withΒ approximately Β£0.5 millionΒ savedΒ in overheads,Β compared with the first quarter of the previous year.
TheΒ continuingΒ impact of very low interest rates onΒ our very strongΒ netΒ cashΒ positionΒ is considerable.Β The net result was a small lossΒ butΒ less than theΒ correspondingΒ period last yearΒ andΒ for what isΒ traditionallyΒ our weakest quarter.
TheΒ changes in productΒ offerings and the new franchises, increasedΒ ourΒ stockΒ levels during the first quarter.Β NeverthelessΒ withΒ considerableΒ cash balancesΒ in excess of Β£9 millionΒ andΒ ourΒ Net Assets per shareΒ standingΒ atΒ 89.1 penceΒ we continue toΒ manageΒ a strong balance sheetΒ which is a significant benefit.
TheΒ sectorΒ as a wholeΒ continues to experienceΒ challenging andΒ difficult times, and weΒ areΒ similarly affected by those prevailing conditions and theΒ outlook continues to be difficult to assess.
Β
For further information, contact:
Β Northamber Plc
Β David Phillips Tel: 020 8296 7000
Charles Stanley SecuritiesΒ
Philip Davies Tel: 0207 149 6000
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