ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

NAR Northamber Plc

35.50
-10.50 (-22.83%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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

Northamber PLC Final Results (4346V)

03/11/2017 7:00am

UK Regulatory


Northamber (LSE:NAR)
Historical Stock Chart


From Mar 2019 to Mar 2024

Click Here for more Northamber Charts.

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)

1 Year Northamber Chart

1 Year Northamber Chart

1 Month Northamber Chart

1 Month Northamber Chart

Your Recent History

Delayed Upgrade Clock