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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 35.00 | 34.00 | 36.00 | 35.00 | 35.00 | 35.00 | 0.00 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Computers & Software-whsl | 67.15M | -411k | -0.0151 | -23.18 | 9.53M |
From Apr 2019 to Apr 2024
TIDMNAR
RNS Number : 0804T
Northamber PLC
24 March 2016
Northamber PLC
("Northamber" or the "Company")
Interim Results for the Six months to 31 December 2015
Chairman's Statement
Results
In my report on the financial year ended 30 June 2015, I stated that the second half of that year saw a reversal of the encouraging first half of the year and I commented on the various reasons at the time. Although hopeful that we could overcome those negative factors, I did again sound a note of caution, one that proved well founded as the core difficulties within the sector's dynamics continued to prevail over our ongoing corrective actions.
The group has two areas of focus, the long standing high-tech distribution model and the retail sector that utilises our leading edge storage and logistics strengths. Across calendar 2015 the progress in revenue growth was positive with a 9.4% increase in the second calendar half, despite the Windows 10 hiatus shared in my last report and slow commercial sector acceptance. Management actions taken for the longer term resulted in the less satisfying second half 2015 statistic, with year-on-year comparatives some 9.0% lower at GBP32.5 million compared with GBP35.7 million.
Steps taken to increase the skill levels of our staff did serve to spur the achievements of our planned strategy and our actions to concentrate in more profitable areas resulted in consolidating margins with a slight improvement, compared with the first half of last year, rising from 6.8% to 6.9%; whilst minor not insignificant given the prevailing market conditions of uncertainty and lost revenue.
Those improved margins were not sufficient, however, to compensate for the higher staff costs and comparative loss of turnover, such that the gross profit line was some GBP198,000 less than the GBP2.4 million achieved in the first half of the comparative period.
As a result primarily of one off staff recruitment costs overheads were some GBP190,000 higher than for the same period in the previous year, with the net result that the pre-tax loss for the period was GBP547,000 compared with GBP292,000 in the first half of the previous year. A most disappointing short term result; albeit there should be further benefits accruing from this strategy over the medium term.
Balance Sheet
The balance sheet remains strong with 31 December 2015 cash balances of GBP3.8 million as against GBP2.6 million a year earlier, despite the loss for the period. Any comparison with the end June 2015 cash balance of GBP5.4 million is confused by the usual seasonal delay in debtor receipts
Our continuous tight cash and working capital control is the reason we remain so financially strong and liquid, irrespective of the turmoil within the sector.
Net Assets per share of 71 pence (31 December 2014: 75 pence) reflected that and though impacted by the loss for the period, it is still more than twice the average share price in the 2015 calendar year.
Dividend
As always, the subject of dividend is complicated by the message it also sends. Your board has taken particular consideration of the underlying improvement in continuing business, plus that newly introduced, and the strength of our debt free, tangible asset base.
At a total cost of only GBP28,159 your Board is proposing the interim dividend be 0.1p. The dividend will be paid on 12 May 2016 to shareholders on the register as at 15 April 2016.
Board
As announced on 19 February 2016, I am pleased to welcome Geoff Walters to the board as a non-executive director of Northamber.
Geoff is a Chartered Accountant and has a wealth of experience having held Finance Director and Company Secretary roles. His financial skills and experience have already, and will, provide a valuable contribution to the Board.
Staff
We appreciate the strain put on our staff during these very difficult trading conditions and together we are working to overcome them as well as possible.
Outlook
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 .
With the current marketplace uncertainties it is difficult to indicate a near term return to profit. We are confident in the medium and long term of delivering profitability due to already evidenced underlying growth, supported by our strong financial position and infrastructure
D.M. Phillips
Chairman
For more information please contact:
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Northamber plc 020 8296 7000
David Phillips, Chairman
Cantor Fitzgerald Europe (Nominated
Adviser & Broker) 020 7894 7000
Phil Davies / Michael Reynolds
Consolidated Statement of Comprehensive
Income
6 months to 31 December
2015
6 months 6 months Year
Ended ended ended
31.12.15 31.12.14 30.06.15
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Revenue 32,522 35,727 65,452
Cost of sales (30,280) (33,287) (60,851)
---------- ---------- ---------
Gross Profit 2,242 2,440 4,601
Distribution cost (1,446) (1,454) (2,950)
Administrative expenses (1,370) (1,303) (2,583)
---------- ---------- ---------
(Loss) from operations (574) (317) (932)
Investment revenue 27 25 46
---------- ---------- ---------
(Loss) before tax (547) (292) (886)
Tax credit/(charge) - - (2)
---------- ---------- ---------
Loss and total comprehensive
income
for the period (547) (292) (888)
---------- ---------- ---------
Basic and diluted
(loss) per ordinary
share (1.94)p (1.04)p (3.15)p
Consolidated Statement of
Financial Position
As at 31 December
2015
As at As at As at
31.12.15 31.12.14 30.06.15
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Non current assets
Property, plant
and equipment 8,012 8,205 8,129
---------- ---------- ---------
Current assets
Inventories 4,588 5,977 4,519
Trade and other
receivables 14,393 13,456 10,179
Cash and cash equivalents 3,805 2,646 5,441
22,786 22,079 20,136
---------- ---------- ---------
Total assets 30,798 30,284 28,265
---------- ---------- ---------
Current liabilities
Trade and other
payables (10,878) (9,053) (7,798)
(10,878) (9,053) (7,798)
---------- ---------- ---------
Total liabilities (10,878) (9,053) (7,798)
---------- ---------- ---------
Net assets 19,920 21,231 20,467
---------- ---------- ---------
Equity
Share capital 281 281 281
Share premium account 5,734 5,734 5,734
Capital redemption
reserve fund 1,505 1,505 1,505
Retained earnings 12,400 13,711 12,947
Equity shareholders'
fund 19,920 21,231 20,467
---------- ---------- ---------
Company Statement of Financial
Position
As at 31 December
2015
As at As at As at
31.12.15 31.12.14 30.06.15
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Non current assets
Property, plant
and equipment 1,823 1,882 1,873
Investments 6,588 6,588 6,588
---------- ---------- ---------
8,411 8,470 8,461
Current assets
Inventories 4,588 5,977 4,519
Trade and other
receivables 14,392 13,453 10,175
Cash and cash equivalents 3,796 2,599 5,424
Tax assets - -
22,776 22,029 20,118
---------- ---------- ---------
Total assets 31,187 30,499 28,759
---------- ---------- ---------
Current liabilities
Trade and other
payables (12,957) (10,495) (9,569)
(12,957) (10,495) (9,569)
---------- ---------- ---------
Total liabilities (12,957) (10,495) (9,569)
---------- ---------- ---------
Net assets 18,230 20,004 19,010
---------- ---------- ---------
Equity
(MORE TO FOLLOW) Dow Jones Newswires
March 24, 2016 03:00 ET (07:00 GMT)
Share capital 281 281 281
Share premium account 5,734 5,734 5,734
Capital redemption
reserve fund 1,505 1,505 1,505
Retained earnings 10,710 12,484 11,490
Equity shareholders'
fund 18,230 20,004 19,010
---------- ---------- ---------
Consolidated Statement of
Changes in Equity
As at 31 December
2015
Share Capital
Share premium redemption Retained Total
capital account reserve earnings Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Period to 31 December
2014
Unaudited
Balance at 1 July
2014 281 5,734 1,505 14,003 21,523
Dividends - - - - -
Loss and total
comprehensive
loss for the period - - - (292) (292)
--------- --------- ------------ -----------
Balance at 31
December 2014 281 5,734 1,505 13,711 21,231
--------- --------- ------------ ----------- --------
Period to 31 December
2015
Unaudited
Balance at 1 July
2015 281 5,734 1,505 12,947 20,467
Dividends - - - - -
Loss and total
comprehensive - - - (547) (547)
loss for the period
--------- --------- ------------ -----------
Balance at 31
December 2015 281 5,734 1,505 12,400 19,920
--------- --------- ------------ ----------- --------
Year to 30 June
2015
Audited
Balance at 1 July
2014 281 5,734 1,505 14,003 21,523
Dividends - - - (168) (168)
Transactions with
owners - - - (168) (168)
Loss and total
comprehensive
loss for the period - - - (888) (888)
--------- --------- ------------ -----------
Balance at 30
June 2015 281 5,734 1,505 12,947 20,467
--------- --------- ------------ ----------- --------
Company Statement of Changes
in Equity
As at 31 December
2015
Share Capital
Share premium redemption Retained Total
capital account reserve earnings Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Period to 31 December
2014
Unaudited
Balance at 1 July
2014 281 5,734 1,505 13,012 20,532
Dividends - - - - -
Loss and total
comprehensive
loss for the period - - - (528) (528)
--------- --------- ------------ ----------
Balance at 31
December 2014 281 5,734 1,505 12,484 20,004
--------- --------- ------------ ---------- --------
Period to 31 December
2015
Unaudited
Balance at 1 July
2015 281 5,734 1,505 11,490 19,010
Dividends - - - - -
Loss and total
comprehensive
loss for the period - - - (780) (780)
--------- --------- ------------ ----------
Balance at 31
December 2015 281 5,734 1,505 10,710 18,230
--------- --------- ------------ ---------- --------
Year to 30 June
2015
Audited
Balance at 1 July
2014 281 5,734 1,505 13,012 20,532
Dividends - - - (168) (168)
Transactions with
owners - - - (168) (168)
Loss and total
comprehensive
loss for the period - - - (1,354) (1,354)
--------- --------- ------------ ----------
Balance at 30
June 2015 281 5,734 1,505 11,490 19,010
--------- --------- ------------ ---------- --------
Consolidated Statement
of Cash Flows
6 months to 31 December
2015
6 months 6 months Year
ended ended ended
31.12.15 31.12.14 30.06.15
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Cash from operating
activities
Operating (loss) from
continuing operations (574) (317) (932)
Depreciation of property,
plant
and equipment 114 128 247
(Profit)/loss on disposal
of property,
plant and equipment - -
---------- ---------- ---------
Operating (loss) before
changes in
working capital (460) (189) (685)
(Increase)/decrease
in inventories (69) (924) 534
(Increase)/decrease
in trade and
other receivables (4,214) (1,767) 1513
Increase/(decrease)
in trade and
other payables 3,080 425 (829)
---------- ---------- ---------
Cash (used)/generated
from operations (1,663) (2,455) 533
Income taxes received/(paid) - (2)
Net cash from operating
activities (1,663) (2,455) 531
---------- ---------- ---------
Cash flows from investing
activities
Interest received 27 25 46
Proceeds from disposal
of property,
plant and equipment - -
Purchase of property,
plant and
Equipment - (44)
Net cash from investing
activities 27 25 2
---------- ---------- ---------
Cash flows from financing
activities
Dividends paid to equity
shareholders - - (168)
Net cash used in financing
activities - - (168)
---------- ---------- ---------
Net (decrease)/increase
in cash and
cash equivalents (1,636) (2,430) 365
Cash and cash equivalents
at
beginning of period 5,441 5,076 5,076
---------- ---------- ---------
Cash and cash equivalents
at end of period 3,805 2,646 5,441
---------- ---------- ---------
Company Statement of Cash
Flows
6 months to 31 December
2015
6 months 6 months Year
ended ended ended
31.12.15 31.12.14 30.06.15
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Cash from operating activities
Operating (loss) from
continuing operations (808) (553) (1,395)
Depreciation of property,
plant
and equipment 51 61 114
(Profit)/loss on disposal
of property,
plant and equipment - -
---------- ---------- ------------
Operating (loss) before
changes in
working capital (757) (492) (1,281)
(Increase)/decrease in
inventories (69) (924) 534
(Increase)/decrease in
trade and
other receivables (4,217) (1,761) 1,514
Increase/(decrease) in
trade and
other payables 3,388 666 (248)
---------- ---------- ------------
Cash (used)/generated
from operations (1,655) (2,511) 519
Income taxes received/(paid) 14 -
Net cash from operating
activities (1,655) (2,497) 519
---------- ---------- ------------
Cash flows from investing
activities
Interest received 27 25 46
Proceeds from disposal
of property,
plant and equipment - -
Purchase of property,
plant and
Equipment - (44)
(MORE TO FOLLOW) Dow Jones Newswires
March 24, 2016 03:00 ET (07:00 GMT)
Net cash from investing
activities 27 25 2
---------- ---------- ------------
Cash flows from financing
activities
Dividends paid to equity
shareholders - (168)
Net cash used in financing
activities - (168)
---------- ---------- ------------
Net (decrease)/increase
in cash and
cash equivalents (1,628) (2,472) 353
Cash and cash equivalents
at
beginning of period 5,424 5,071 5,071
---------- ---------- ------------
Cash and cash equivalents
at end of period 3,796 2,599 5,424
---------- ---------- ------------
Notes to the financial statements
1. Corporate Information
The financial information for the half year ended 31 December 2015 set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The group's statutory financial statements for the year ended 30 June 2015 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain statements under Sections 498(2) and 498(3) of the Companies Act 2006. The interim results are unaudited. Northamber Plc is a public limited company incorporated and domiciled in England and Wales. The company's shares are publicly traded on the London Stock Exchange's AIM market.
2. Basis of preparation
These interim consolidated financial statements are for the six months ended 31 December 2015. They have been prepared in accordance with IAS34 Interim Financial Reporting. They do not include all the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the group for the year ended 30 June 2015.
These interim consolidated financial statements have been prepared under the historical cost convention.
These interim consolidated financial statements (the interim financial statements) have been prepared in accordance with accounting policies adopted in the last annual financial statements for the year to 30 June 2015 except for the adoption of IAS1 Presentation of Financial Statements (Revised 2007).
The adoption of IAS1 (Revised 2007) does not affect the financial position or profits of the group, but gives rise to additional disclosures. The measurement and recognition of the group's assets, liabilities, income and expenses is unchanged. A separate 'Statement of changes in equity' is now presented.
The accounting policies have been applied consistently throughout the group for the purposes of preparation of these interim consolidated financial statements.
3. Basis of Consolidation
For the periods covered in these interim consolidated financial statements all trading has been carried out by the parent company alone. The group includes some non-trading dormant subsidiaries. All the assets and liabilities of all subsidiaries have been included in the statements of financial position.
4. Segmental Reporting
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
6 months to December
2015
Total Segment revenue 32,483 39 32,522
Year to 30 June 2015
Total Segment revenue 65,226 226 65,452
One customer accounted for more than 10% of the group's revenue for the period, being GBP5.8m.
5. Taxation
No tax charge has been provided in the interim consolidated financial statements due to the losses accumulated both in prior years and in the current period.
6. Earnings per Share
The calculation of earnings per share is based on the loss after tax for the six months to 31 December 2015 of GBP547,000 (2014: loss GBP292,000) and a weighted average of 28,158,735 (2014: 28,158,735) ordinary shares in issue.
7. Property, Plant and Equipment
There were no significant additions to or disposals of property, plant or equipment in the period to 31 December 2015. The reduction in the total value of property, plant and equipment was primarily due to the depreciation charge for the year.
8. Risks and Uncertainties
The principal risks and uncertainties affecting the business activities of the group are detailed in the strategic report which can be found on pages 7 to 11 of the Annual Report and Accounts for the year ended 30 June 2015 (the Annual Report). A copy of the Annual Report is available on the company's web site at www.northamber.com
The risks affecting the business remain the same as in the Annual Report. In summary these include:-
Market risk particularly those relating to the suppliers of products to the group
Financial risks including exchange rate risk, liquidity risk, interest rate risk and credit risk
In the opinion of the directors, these will remain the principal risks for the remainder of the year, however, the directors have reviewed the company's risk analysis and are of the opinion that steps have been taken to minimise the potential impact of such risks.
9. Related Party Transactions
Mr D M Phillips is the ultimate controlling party of the Company.
During the six months ended 31 December 2015, the company paid GBP36,000 (2014: GBP36,000) as salary and GBP2,572 (2014: GBP493) as benefit to the company Director of Strategy, Mr A Phillips, who is the son of the Chairman, Mr D M Phillips.
10. Directors' Confirmation
The Directors confirm that to the best of their knowledge these condensed consolidated half year financial statements have been prepared in accordance with IAS 34 and that the interim management report herein includes a fair review of the information required by DTR 4.2.7R, an indication of important events during the first 6 months and descriptions of principal risks and uncertainties for the remaining six months of the year, and DTR 4.2.8R the disclosure of related party transactions and changes therein.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR AKNDKQBKDFNB
(END) Dow Jones Newswires
March 24, 2016 03:00 ET (07:00 GMT)
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