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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Northamber Plc | LSE:NAR | London | Ordinary Share | GB00B2Q99X01 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-10.50 | -22.83% | 35.50 | 34.00 | 37.00 | 44.00 | 35.50 | 44.00 | 325,210 | 09:39:13 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Computers & Software-whsl | 67.15M | -411k | -0.0151 | -23.51 | 9.67M |
TIDMNAR
RNS Number : 4346V
Northamber PLC
03 November 2017
3 November 2017
Northamber PLC
("Northamber" or the "Company")
Preliminary Results for the year ended 30 June 2017
CHAIRMAN'S STATEMENT
Results
Despite advising positive and worthwhile progress at the time of the interim results in March and an improved second half, it is disappointing to advise overall results hampered by a slower transition than anticipated and a resultant slight 7.4% revenue loss for the year to 30 June 2017 of GBP57.3 million versus GBP61.8 million a year ago.
Overall margins slipped very slightly from 7.8% to 7.7% as we continue our focus on strategic rather than volume brands, resulting in the Gross Profit being reduced from GBP4.8 million to GBP4.4 million. This also reflects the slight reduction in total revenues with a fall in vendor rebates on those minimal margin volume products. More attention to overhead efficiencies on non-strategic, less profitable areas, delivered a further reduction in both distribution and administration costs, resulting in a GBP234,000 improvement in the pre tax loss to GBP999,000 compared with GBP1,233,000 for last year.
The loss on operations for the second half of the current year was some 32% lower than the comparative period last year. This combined with a 13% reduction for the first half year comparison resulted in a total reduction in the loss on operations being 19% lower for the year compared with the previous year.
At the December 2016 half year, I was once again cautious concerning our long standing product offerings and am since encouraged by the lower rate of decline in second half revenues compared with the first half; in the first half revenues fell some 10.8% against the prior year but by only 3.5% in the second half (again compared to the comparable period).
We had also expected that with the newer product elements showing solid improvement gains, the profit vs revenue trend would have been more positive, however we were thwarted by some reversals particularly those affecting the retail IT sector, as noted below.
In my report last October, I mentioned three sections of the business, being Wholesale, Solutions and Retail. I am pleased to report that there were improvements in the year in both revenue and margins for the Solutions element. This has a higher level of added value and thus better margins than the other divisions, plus it is an area where we are confident of the value in continued concentration.
Our volume Wholesale section of the business supported refined focus for Financial year 2017 compared with 2016. However, as you will be aware the end-user Retail sector in computer related products has been hit by a number of factors which have affected the revenues and also vendor volume rebates as a whole and an impact on our overall business this year.
Financial Position
The Financial Position remains strong with unencumbered net assets unchanged at GBP20 million including GBP2 million of fair value over the book value of the property assets. Stock turns for the year have improved by 11% over the previous year, debtor and creditor days remain satisfactory and within the evolving business model and the liquidity ratios remain strong. Cash balances at 30 June 2017 were GBP4.97 million compared with GBP5.47 million at 30 June 2016.
Board
It is with deep gratitude and great regret that after many years, we will lose Reg Heath from the board at the AGM. Reg's highly respected, very acutely succinct and wise input has always been of the utmost value and will be missed greatly. We wish Reg and his family all the very best for his retirement. We are currently meeting with prospective candidates for a non-exec role and will provide further updates in due course.
Dividend
Based on the continuing strength of the group's debt free tangible asset base, the board is proposing to pay an unchanged final dividend of GBP0.1 per share, at a total cost of GBP28,159 which will be paid on 18 January 2018.
Staff
All businesses rely on the quality and dedication of their staff, particularly so when that business is primarily a people to people selling based organisation, as opposed to a manufacturing or on-line business. We are well served by all our staff and especially by the many long serving members thereof, and I am very grateful to them all.
Outlook
Further newer activities launched over recent months, have started to deliver more purposeful results, but what can one say about future prospects when volatile uncertainties now prevail in almost every aspect of all our lives.
Within the evolving business model, the Board can see opportunities to make a constructive difference in the short to medium term. We shall continue to strive to maximise those areas where we can achieve benefits and look after those areas where we already have advantages.
D.M.Phillips
Chairman
3 November 2017
For more information please contact:
Northamber plc 020 8296 7000 David Phillips, Chairman Cantor Fitzgerald Europe (Nominated Adviser & Broker) 020 7894 7000 Phil Davies
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2017
2017 2016 Total Total GBP'000 GBP'000 Revenue 57,288 61,844 Cost of sales (52,896) (57,025) Gross Profit 4,392 4,819 Distribution costs (3,042) (3,310) Administrative costs (2,401) (2,801) Loss from operations (1,051) (1,292) Investment revenue 52 59 Loss before tax (999) (1,233) Tax (charge) - - Loss for the year and total comprehensive loss (999) (1,233) =========== =========== Basic and diluted loss per ordinary share (3.55)p (4.38)p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 June 2017
2017 2016 GBP'000 GBP'000 Non current assets Property, plant and equipment 8,025 7,995 Current assets Inventories 4,176 5,006 Trade and other receivables 9,052 8,459 Cash and cash equivalents 4,972 5,466 18,200 18,931 ----------- ----------- Total assets 26,225 26,926 =========== =========== Current liabilities Trade and other payables (8,160) (7,805) Total liabilities (8,160) (7,805) ----------- ----------- Net assets 18,065 19,121 =========== =========== Equity Share capital 281 281 Share premium account 5,734 5,734 Capital redemption reserve 1,505 1,505 Retained earnings 10,545 11,601 ----------- ----------- Equity shareholders' funds 18,065 19,121 =========== ===========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
At 30 June 2017
Share Share Capital Retained Total Capital Premium Redemption Earnings Equity Account Reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 1 July 2015 281 5,734 1,505 12,946 20,466 Dividends - - - (113) (113) Transactions with owners - - - (113) (113) Loss and total comprehensive loss for the year - - - (1,233) (1,233) Balance at 30 June 2016 281 5,734 1,505 11,600 19,120 Dividends - - - (56) (56) Transactions with owners - - - (56) (56) Loss and total comprehensive loss for the year - - - (999) (999) Balance at 30 June 2017 281 5,734 1,505 10,545 18,065 ========= ========= ============ ========== ========
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 30 June 2017
2017 2016 GBP'000 GBP'000 Cash from operating activities Operating (loss) from continuing operations (1,051) (1,292) Depreciation of property, plant and equipment 166 167 (Profit) on disposal of property, (4) - plant and equipment ----------- ----------- Operating (loss)/ profit before changes in working capital (889) (1,125) Decrease/(increase) in inventories 830 (487) (Increase) /decrease in trade and other receivables (593) 1,716 Increase) in trade and other payables 355 7 Cash generated from operations (297) 111 Income taxes paid - - Net cash from operating activities (297) 111 ----------- ----------- Cash flows from investing activities Interest received 52 59 Purchase of property, plant and equipment (197) (32) Proceeds from disposal 4 - of property, plant and equipment Net cash from investing activities (141) 27 Cash flows from financing activities Dividends paid to equity shareholders (56) (113) Net cash used in financing activities (56) (113) ----------- ----------- Net(decrease)/ increase in cash and cash equivalents (494) 25 Cash and cash equivalents at beginning of year 5,466 5,441 Cash and cash equivalents at end of year 4,972 5,466 ----------- -----------
Notes
1. Financial information
The results of the year ended 30 June 2017 have been prepared using the accounting policies and methods of computation consistent with those used in the Group's annual report for the year ended 30 June 2017, and in accordance with the recognition and measurement requirements of the International Financial Reporting Standards as adopted by the European Union.
The financial information set out above does not constitute the group's statutory accounts for the years ended 30 June 2016 or 30 June 2017, but is derived from those accounts. The statutory accounts for the year ended 30 June 2016 have been delivered to the Registrar of Companies and those for 2017 will be delivered following the group's annual general meeting. The auditors have reported on these accounts, their reports were unmodified and unqualified and did not contain statements under s.498(2) or (3) of the Companies Act 2006. The information contained in this statement does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006.
2. Segmental reporting
Management has determined that there is only one operating segment of the group as the total business of the company is the sourcing and distribution of computer related products and this is how information is reported to the Chief Operating Decision Maker. The board in carrying out its strategic planning and decision making has, necessarily, to take consideration of the inter relatedness of the product range and the customer base and thus treat the operations of the group as a whole. All decisions on the allocation of resources impacts on all aspects of the group. Information presented to the Chief Operating Decision Maker is the same as is reported in these financial statements.
Although the sales of the group are predominantly to the UK there are sales to other countries and the following schedule sets out the split of the sales for the year. Revenue is attributable to individual countries based on the location of the customer. There are no non current assets outside the UK.
UK Other Total GBP'000 GBP'000 GBP'000 Year to 30 June 2016 Total Segment revenue 61,615 229 61,844 Year to 30 June 2017 Total Segment revenue 56,996 292 57,288
One customer accounted for more than 10% (2016: 10%) of the group's revenue for the year, being GBP7.4m (2016:GBP8.6m).
3. Loss per ordinary share
The calculation of the basic and diluted earnings per share is based on the following data:
2017 2016 GBP'000 GBP'000 Loss for the year attributable to equity holders of the parent company (999) (1,233) =========== =========== 2017 2016 Number of shares Number Number Weighted average number of ordinary shares for the purpose of basic earnings per share and diluted earnings per share 28,158,735 28,158,735 ============ ============
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the year. Both basic and diluted earnings per share have been calculated using the loss attributable to shareholders of the parent company as the numerator; therefore no adjustments to loss were necessary in 2016 and 2017.
Net Assets per share, as disclosed within the summary of the last five years of trading, is calculated by dividing the net assets as disclosed in the consolidated statement of financial position by the number of ordinary shares in issue at the year end.
4. Dividends
A final dividend of 0.1p per share will be paid on 18 January 2018 to those members on the register at close of business on 8 December 2017.
5. Notice of meeting
The annual report and accounts for the year ended 30 June 2017 will be posted to shareholders in due course and the Annual General Meeting will be held on 12 December 2017.
The Company's registered office is Namber House, 23 Davis Road, Chessington, Surrey KT9 1HS.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR ZMMGMDZVGNZM
(END) Dow Jones Newswires
November 03, 2017 03:00 ET (07:00 GMT)
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