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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 : 5397A
Northamber PLC
27 March 2017
Northamber PLC
("Northamber" or the "Company")
Interim Report for the Six months to 31 December 2016
Chairman's Statement
Results
After the tentative and optimistic comments in my last report to you in October last year, it is a little disappointing to report a timing mismatch in progress, albeit there are some positive factors for the half year to 31 December 2016. There was an intended reduction in turnover from re-aligning activities, particularly away from lower margin business, with turnover at GBP29.0 million against GBP32.5 million for the comparative period in the previous year.
This strategy resulted in an improvement in the gross profit for the period of GBP2.247 million (2015: GBP2.242 million), an 11.5% increase in margin, from 6.9% a year ago to 7.7% this year; in sector terms, this is a considerable improvement. This achievement has been somewhat offset by the longer than anticipated time frame needed to reduce identified overheads.
Commercial trading pressures on values affected too many of the volume product ranges dealt with by the company. To offset this, we have been progressively expanding another better margin product support service offering to our customers. This service has proven to be popular and revenues have nearly doubled over the comparative period last year and continue to grow. This offering complements our other activities, particularly as it is a low cost operation and provides a very useful net income stream, albeit the gross margin opportunities are not as rewarding as with the more technical "software" products.
Our core business of major brand product distribution continued at more or less the same proportion of our business, as in the comparative period last year. Sales in some areas fell below acceptable levels compared to previous periods and we continue to keep this under careful review.
The trend, previously referred to of moving from hardware type products to the "softer" type such as Security and Protection devices, has continued apace. Although slower than hoped, this has underpinned the improvement in our gross margins referred to above and has gone some way to offsetting the reduction in sales volumes.
Interest income with the almost non existent interest rates provided only GBP23,000 compared with GBP27,000 last year. Accordingly, the net result was a loss of GBP539,000 compared with a loss of GBP547,000 for the period to December 2015.
Balance Sheet
Net Cash of GBP4.3 million at the end of December 2016 was GBP0.55 million higher than at the same time in the previous year, although whilst GBP1 million lower than at the year end. Cash regularly fluctuates during the year, whilst critical controls over the stock, debtor and creditor ratios were maintained within acceptable limits during the year.
With the unencumbered property assets the Company remains in its usual very strong financial position. The losses sustained in recent periods have inevitably impacted the net assets per share, which at 31 December 2016 stood at 66 pence per share (2015: 70.7pence per share).
Dividend
As always, your board gives careful consideration to the subject of dividends with regard to the strength of our debt free, tangible asset strong balance sheet and the performance and trends of our continuing and newly introduced business.
Your Board is proposing the interim dividend be 0.1p, at a total cost of only GBP28,159. The dividend will be paid on 12 May 2017 to shareholders on the register as at 18 April 2017.
Staff
The staff continues to deal with the problems of the industry with remarkable resilience and for that we are grateful.
Board
As I am now in my 73(rd) year and blessed with some of those unwanted encumbrances of age, it is clearly time for me to take a non-executive role. Happily, the support of an established and strong operations board makes this viable, in conjunction with the active search for a strong finance director, which we have commenced.
Outlook
We are striving to return the Company to profitability, but the sector obstacles are severe, as evidenced by further recent consolidations at the topmost levels. Progress is being made in certain areas, only for such gains then being dissipated by matters beyond our control. Nevertheless in those areas where we are making significant progress, we have hopes that this can be accelerated and at the same time the problem areas reduced. As previously cautioned, to reach positive returns may take some patience.
D.M. Phillips
Chairman
27 March 2017
For more information please contact:
Hot Features
Premium
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 2016
6 months 6 months Year
Ended ended ended
31.12.16 31.12.15 30.06.16
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Revenue 29,003 32,522 61,844
Cost of sales (26,756) (30,280) (57,025)
---------- ---------- ---------
Gross Profit 2,247 2,242 4,819
Distribution cost (1,575) (1,446) (3,310)
Administrative expenses (1,234) (1,370) (2,801)
---------- ---------- ---------
(Loss) from operations (562) (574) (1,292)
Investment revenue 23 27 59
---------- ---------- ---------
(Loss) before tax (539) (547) (1,233)
Tax credit/(charge) - - -
---------- ---------- ---------
Loss and total comprehensive
income
for the period (539) (547) (1,233)
---------- ---------- ---------
Basic and diluted
(loss) per ordinary
share (1.91)p (1.94)p (4.38)p
Consolidated Statement of
Financial Position
As at 31 December
2016
As at As at As at
31.12.16 31.12.15 30.06.16
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Non current assets
Property, plant
and equipment 7,914 8,012 7,995
---------- ---------- ---------
Current assets
Inventories 5,028 4,588 5,006
Trade and other
receivables 9,488 14,393 8,459
Cash and cash equivalents 4,357 3,805 5,466
18,873 22,786 18,931
---------- ---------- ---------
Total assets 26,787 30,798 26,926
---------- ---------- ---------
Current liabilities
Trade and other
payables (8,205) (10,878) (7,805)
Total liabilities (8,205) (10,878) (7,805)
---------- ---------- ---------
Net assets 18,582 19,920 19,121
---------- ---------- ---------
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 11,062 12,400 11,601
Equity shareholders'
fund 18,582 19,920 19,121
---------- ---------- ---------
Company Statement of Financial
Position
As at 31 December
2016
As at As at As at
31.12.16 31.12.15 30.06.16
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Non current assets
Property, plant
and equipment 1,769 1,823 1,810
Investments 6,588 6,588 6,588
---------- ---------- ---------
8,357 8,411 8,398
Current assets
Inventories 5,028 4,588 5,006
Trade and other
receivables 9,487 14,392 8,458
Cash and cash equivalents 4,316 3,796 5,426
18,831 22,776 18,890
---------- ---------- ---------
Total assets 27,188 31,187 27,288
---------- ---------- ---------
Current liabilities
Trade and other
payables (10,850) (12,957) (10,149)
Total liabilities (10,850) (12,957) (10,149)
---------- ---------- ---------
Net assets 16,338 18,230 17,139
---------- ---------- ---------
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 8,818 10,710 9,619
Equity shareholders'
fund 16,338 18,230 17,139
---------- ---------- ---------
Consolidated Statement of
Changes in Equity
As at 31 December
2016
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
2015
Unaudited
Balance at 1 July
2015 281 5,734 1,505 12,947 20,467
Dividends - - - - -
Loss and total
comprehensive
loss for the period - - - (547) (547)
--------- --------- ------------ -------------
Balance at 31
December 2015 281 5,734 1,505 12,400 19,920
--------- --------- ------------ ------------- --------
Period to 31 December
2016
Unaudited
Balance at 1 July
2016 281 5,734 1,505 11,601 19,121
Dividends - - - - -
Loss and total
comprehensive - - - (539) (539)
loss for the period
--------- --------- ------------ -------------
Balance at 31
December 2016 281 5,734 1,505 11,062 18,582
--------- --------- ------------ ------------- --------
Year to 30 June
2016
Audited
Balance at 1 July
2015 281 5,734 1,505 12,947 20,467
Dividends - - - (113) (113)
Transactions with
owners - - - (113) (113)
Loss and total
comprehensive
loss for the period - - - (1,233) (1,233)
--------- --------- ------------ -------------
Balance at 30
June 2016 281 5,734 1,505 11,601 19,121
--------- --------- ------------ ------------- --------
Company Statement of Changes
in Equity
As at 31 December
2016
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
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
--------- --------- ------------ ---------- --------
Period to 31 December
2016
Unaudited
Balance at 1 July
2016 281 5,734 1,505 9,619 17,139
Dividends - - - - -
Loss and total
comprehensive
loss for the period - - - (801) (801)
--------- --------- ------------ ----------
Balance at 31
December 2016 281 5,734 1,505 8,818 16,338
--------- --------- ------------ ---------- --------
Year to 30 June
2016
Audited
Balance at 1 July
2015 281 5,734 1,505 11,490 19,010
Dividends - - - (113) (113)
Transactions with
owners - - - (113) (113)
Loss and total
comprehensive
loss for the period - - - (1,758) (1,758)
--------- --------- ------------ ----------
Balance at 30
June 2016 281 5,734 1,505 9,619 17,139
--------- --------- ------------ ---------- --------
Consolidated Statement
of Cash Flows
6 months to 31 December
2016
6 months 6 months Year
ended ended Ended
31.12.16 31.12.15 30.06.16
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Cash from operating
activities
Operating (loss) from
continuing operations (562) (574) (1,292)
Depreciation of property,
plant
and equipment 83 114 167
(Profit)/loss on disposal
of property, (4)
plant and equipment -
---------- ---------- ---------
Operating (loss) before
changes in
working capital (483) (460) (1,125)
(Increase)/decrease
in inventories (22) (69) (487)
(Increase)/decrease
in trade and
other receivables (1,029) (4,214) 1,716
Increase/(decrease)
in trade and
other payables 400 3,080 7
---------- ---------- ---------
Cash (used)/generated
from operations (1,134) (1,663) 111
Income taxes received/(paid) -
Net cash from operating
activities (1,134) (1,663) 111
---------- ---------- ---------
Cash flows from investing
activities
Interest received 23 27 59
Proceeds from disposal
of property,
plant and equipment 4 -
Purchase of property,
plant and
Equipment (2) (32)
Net cash from investing
activities 25 27 27
---------- ---------- ---------
Cash flows from financing
activities
Dividends paid to equity
shareholders - - (113)
Net cash used in financing
activities - - (113)
---------- ---------- ---------
Net (decrease)/increase
in cash and
cash equivalents (1,109) (1,636) 25
Cash and cash equivalents
at
beginning of period 5,466 5,441 5,441
---------- ---------- ---------
Cash and cash equivalents
at end of period 4,357 3,805 5,466
---------- ---------- ---------
Company Statement of Cash
Flows
6 months to 31 December
2016
6 months 6 months Year
Ended ended Ended
31.12.16 31.12.15 30.06.16
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Cash from operating activities
Operating (loss) from
continuing operations (824) (808) (1,817)
Depreciation of property,
plant
and equipment 45 51 95
(Profit)/loss on disposal
of property,
plant and equipment (4) -
---------- ---------- --------------
Operating (loss) before
changes in
working capital (783) (757) (1,722)
(Increase)/decrease in
inventories (22) (69) (487)
(Increase)/decrease in
trade and
other receivables (1,029) (4,217) 1,717
Increase/(decrease) in
trade and
other payables 699 3,388 580
---------- ---------- --------------
Cash (used)/generated
from operations (1,135) (1,655) 88
Income taxes received/(paid) -
Net cash from operating
activities (1,135) (1,655) 88
---------- ---------- --------------
Cash flows from investing
activities
Interest received 23 27 59
Proceeds from disposal
of property,
plant and equipment 4 -
Purchase of property,
plant and
Equipment (2) (32)
Net cash from investing
activities 25 27 27
---------- ---------- --------------
Cash flows from financing
activities
Dividends paid to equity
shareholders - - (113)
Net cash used in financing
activities (113)
---------- ---------- --------------
Net (decrease)/increase
in cash and
cash equivalents (1,110) (1,628) 2
Cash and cash equivalents
at
beginning of period 5,426 5,424 5,424
---------- ---------- --------------
Cash and cash equivalents
at end of period 4,316 3,796 5,426
---------- ---------- --------------
Notes to the financial statements
1. Corporate Information
The financial information for the half year ended 31 December 2016 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 2016 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 2016. 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 2016.
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 2016 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
2016
Total Segment revenue 28,818 185 29,003
Year to 30 June 2016
Total Segment revenue 61,615 229 61,844
One customer accounted for more than 10% of the group's revenue for the period, being GBP4.4m.
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 2016 of GBP539,000 (2015: loss GBP547,000) and a weighted average of 28,158,735 (2015: 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 2016. 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 2016 (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 period, the company paid GBP300,500 (2015: GBP300,500) rent to Anitass Limited, a wholly owned subsidiary. At 31December2016 Northamber plc owed Anitass Ltd GBP2,676,000(2015:GBP2,100,000).
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 JFMLTMBJTBBR
(END) Dow Jones Newswires
March 27, 2017 02:01 ET (06:01 GMT)
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