Feeds

Northamber profit squishes Y2K bug

Increases dividend for what was meant to be the industry's trading black hole

  • alert
  • submit to reddit

Mobile application security vulnerability report

UK broadline distributor Northamber very nearly bucked the trend of the rest of the IT industry by riding the wave of Y2K sluggishness and turning in some healthy figures for the last six months of 1999.

For the six months ending 31 December pre-tax profit was £3.4 million, for the same period in the previous year that figure stood at £4.6 million. So, while everyone from Compaq down got bitten by corporates' reluctance to buy new kit in the run up to the millennium, Northamber managed to keep its head well above water. Indeed the £3.4 million looks all the more impressive against £1.7 million pre-tax profit made in the six months ending 30 June 1999 - the back half of Northamber's last full fiscal year.

Turnover for the six months ending 31 Dec was also down slightly at £133.4 million against £140.8 million for the same period in the previous year. Net cash held rose to £5.9 million, against net borrowings of £36,000 for the six months ended 31 December 1998. Net asset value per share is up to 96.6p from 92.2p and the Northamber board has put forward a 33 per cent increase in interim dividend to 2.0p net, payable on 4 may to shareholders on record at 14 April.

In his chairman's Statement, David Phillips, described the outlook for the second half of the year had "started well and we are seeing an improvement in gross margins". He continued: "Much has already been made of the pre millennium 'lock down' by many corporate users. During that period we focussed on enhancing our involvement and facilitation management expertise providing support for a number of major Internet based initiatives."

The Chessington-based distie is also on the lookout for a new financial director, after the departure of Marilyn Lee, who had been FD since 1997 and left at the end of December. ®

Related stories: Profit falls at Northamber, but at least it made one Profit warning from Northamber

The Power of One Brief: Top reasons to choose HP BladeSystem

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
Twitch rich as Google flicks $1bn hitch switch, claims snitch
Gameplay streaming biz and search king refuse to deny fresh gobble rumors
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.