Northamber watches profit and revs fall
Distie Northamber has had to cut its dividend after falling sales and margins hit profits.
The company complained that tough trading combined with pressure on prices pushed profits down to £430,000 from £2.61m last year. Revenue was down too, despite higher volume. Northamber sold £204.4m worth of kit compared to £236.3m in 2005. Margins fell half a per cent in the period.
Chairman D M Phillips said: "It is widely understood and reported, that July, August and September trading was generally poor across our sector."
Stock turns increased to 21 times from 16 times last year.
Northamber shares fell over seven per cent on the news. The company will pay a final dividend of 2.1p per share, down from 6 pence last year.
The company said trading had been harder than expected. It blamed a general downturn in the distribution business.
More details on Northamber's website .
Comparative results from last year have been restated because Northamber has now adoped International Financial Reporting Standards.®