Northamber doubles interim profit
Chilly January but sunny days ahead
Northamber shrugged off a weak January and expressed confidence in the year ahead after reporting profits more than doubled in its first half.
The UK distie yesterday announced sales were £124.5m for the six months ending 31 December, up 8.3 per cent on the year. Pre-tax profits came in at £1.36m, up 106 per cent on the same period in 2003.
Northamber said the performance was all the more “encouraging”, given price erosion on many of its volume lines. At the same time, it said, the figures reflected its continuing reduction in overheads.
Looking at the first half of 2005, Northamber said January proved weak across the entire sector, but “February appears to be returning to expected levels of activity.” The board remains confident in the outcome for the full year, subject to the performance of the wider economy.
Northamber as set an interim dividend of 2 pence, compared to the 1.1 pence paid last year. ®