Business
Interim Statement
Interim Statement.
About this update from Northamber Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 5994B Northamber PLC 22 February 2011 \n \n\nNorthamber Plc (\"the Company\")\n \nInterim Statement for the six months to 31 December 2010\n \nChairman's Statement\n \nTrading\n \nA trading slowdown plus December's weather, supported the cautious optimism expressed in November's Interim Management Statement. \n \nPre-tax profit for the half year to 31 December was a much improved £151,000 compared with last year's loss of £41,000. Whilst the value of our net cash was protected, interest income was once again minimal. Earnings per share of 0.39p reversed last year's loss of 0.19p, although depreciation charges reduced the NAV to 88.9p per share from 89.2p per share in December 2009.\n \nSales for the half year increased from last year's £63.8 million to £67.7million, an increase of just over 6%. However, competitive pressures resulted in a 0.6% reduction in the comparative gross margins and there are a few specific product areas, we will of necessity now be keeping under very close scrutiny. \n \nThrough our ongoing strict cost controls we further reduced overheads compared with the corresponding period last year. \n \nBalance Sheet\n \nThe company continues to remain debt free. We are constantly focussed on the management of our working capital in the most effective manner possible. During the half year we achieved an improvement in stock turns, debtors days and even to our advantage, shortened our creditor days but with the associated slight reduction in net cash to £12.1 million against the £13.5 million at 31 December 2010.\n \nThe £12.1 million in net cash represents just over 47% of our Net Assets as at 31 December. \n \nDuring the period the Company repurchased 50,000 ordinary shares of 1p at a cost of £28,200 for cancellation.\n \nDividend \n \nIn view of all the circumstances, your board has decided to pay an unchanged dividend of 0.6p per share (2009: 0.6p per share). The interim dividend will be paid on 10 May 2011 to those shareholders on the register at 15 April 2011.\n \nBoard\n \nNorthamber is pleased to be able to announce the appointment of Gordon Hamilton as senior non executive director of the company with effect from 17 Decemb...