Northamber reports static Q1 revenue
Weak at the knees cos of weak dollar
IT equipment distie Northamber PLC said its first quarter sales had failed to grow on the same period a year ago.
Speaking at Northamber's annual general meeting today, chairman David Phillips attributed the firm's revenue standstill to the weakness of the US dollar.
He said that tough economic conditions would continue to "exert a significant downward pressure on unit pricing", which in turn would impact Northamber sales.
Phillips also pointed the finger at big name vendors that he claimed have failed in the current credit crunch climate "to grasp the high levels of inherent core values distribution brings in enabling the finance and logistics of their market penetration, reach and success".
Northamber said its Q1 gross profit and sales were largely in line with 2006's figures. It added that unaudited first quarter consolidated results were marginally better than last year.
Last month the Surrey-based firm saw revenue for the year ended 30 June 2007 tumble to £182.2m, down a hefty £22.2m on its 2006 figures. ®