Northamber PLC Half-year Report

Fecha : 08/03/2019 @ 01:00
Fuente : UK Regulatory (RNS & others)
Emisora : Northamber Plc (NAR)
Cotización : 45.5  0.5 (1.11%) @ 06:57
Northamber Cotización de acciones Gráfica

Northamber PLC Half-year Report

Northamber (LSE:NAR)
Gráfica de Acción Histórica

1 año : De Nov 2018 a Nov 2019

Haga Click aquí para más Gráficas Northamber.

TIDMNAR

RNS Number : 2357S

Northamber PLC

08 March 2019

Northamber PLC

("Northamber" or the "Company")

Interim Report for the Six months to 31 December 2018

Chairman's Statement

Results

Having reported a strong and encouraging performance for the full year to June 2018, it is disappointing to report that the commercial sector upon which our B2B offering is focussed has been negatively impacted by the widespread Brexit malaise hanging over us all. Back in September 2018, I did highlight the difficulties of forecasting future performance but as ever we have worked hard to maximise our opportunities and exert influence over those factors we do have in our control.

In the first half we have seen revenues fall from GBP31.7 million to GBP24.2 million for the comparative period last year, although this has reflected our planned refocusing of our core business case and it is worth noting that revenues in the second half of the year ended 30 June 2018 were GBP26.5 million. What I am pleased to report is that the trend of improvement in the Gross Profit margin has continued, increasing from 7.6% to 8.4% in the first half, alongside lower overheads including distribution costs.

Frustratingly, a supplier for a significant new product area breached our contract during the first half which results in lost sales and contribution. We took swift legal action against this supplier, and a related party, which could result in a settlement in our favour. The matter has yet to be concluded, but has so far resulted in an interim award judgement in our favour of GBP431,000 plus costs. More importantly, we have secured replacement vendors and those results will start coming on stream during the second half of our financial year.

Partly as a result of the event reported immediately above, at the pre-tax level we made a loss of GBP353,000 compared with a GBP201,000 loss in the comparative period a year ago. As stated, we nonetheless gained improvement in our gross margins, whilst continued proactive cost monitoring resulted in overhead economies in both Distribution and Administration compared with the comparative period last year, with a comparative saving of GBP113,000 for the period.

Financial position

Maintaining our prudence in financial matters, our working capital management is reflected in the Net Current Assets ratio which at 2.6 times (2018: 2.0 times) is a healthy improvement.

Free Cash was GBP2.9 million at 31 December 2018 compared with GBP2.2 million at 31 December 2017. With Fixed Assets at book value at GBP7.8 million, including two unencumbered freehold properties whose value is, in the Board's strong view, in excess of book, the Company's overall financial position is sound.

Net Assets at 61.9p per share are considerably in excess of the average price of the ordinary shares throughout the period.

Board

I am very pleased to highlight that Colin Thompson has recently joined the board as a non-executive director and who will support my own role. Colin originally joined the Company in 1982 and was a board director from September 1991 until January 1999. He was instrumental in the design, construction and effective efficiencies of all our IT and logistics systems.

Dividend

As in previous years, your board has had regard to the strength of our debt free, tangible asset strong balance sheet and is proposing the interim dividend be 0.1p, at a total cost of only GBP27,357. The dividend will be paid on 13th May 2019 to shareholders on the register as at 12th April 2019.

Staff

We continue to invest in our evolving business model with added skills based services and which are heavily reliant on our staff to achieve our business case evolution and I am very grateful to all of our staff for their continued support and flexibility.

Outlook

My comments in previous statements, especially those made in recent years, have tended to be cautionary, which by and large has been borne out in actual outcomes.

As regards the current underlying trading position, the state of the economy at large, the extremely and damaging fluid Brexit scenario, and the associated effects on our own sector offers, offer no greater incentive for optimism now than they have in the past. Our continued focus on the new higher margin value categories continues to be an area we are confident and excited about, and where we see our future opportunities.

D.M. Phillips

Chairman

8th March 2019

For more information please contact:

 
Northamber plc                                020 8296 7000 
David Phillips, Chairman 
Cantor Fitzgerald Europe (Nominated Adviser 
 & Broker)                                    020 7894 7000 
Phil Davies / Michael Boot 
 
 
 Consolidated Statement of Comprehensive Income 
 6 months to 31 December 2018 
 
                                          6 months      6 months       Year 
                                             Ended         Ended      Ended 
                                          31.12.18      31.12.17   30.06.18 
                                           GBP'000       GBP'000    GBP'000 
                                         Unaudited     Unaudited    Audited 
 
  Revenue                                   24,234        31,659     58,136 
  Cost of sales                           (22,197)      (29,239)   (53,589) 
                                        ----------  ------------  --------- 
  Gross Profit                               2,037         2,420      4,547 
  Distribution cost                        (1,392)       (1,471)    (2,850) 
  Administrative expenses                  (1,142)       (1,176)    (2,276) 
                                        ----------  ------------  --------- 
  (Loss) from operations                     (497)         (227)      (579) 
  Investment revenue                           144            26         90 
                                        ----------  ------------  --------- 
  (Loss) before tax                          (353)         (201)      (489) 
  Tax credit/(charge)                            -             -          - 
                                        ----------  ------------  --------- 
  Loss and total comprehensive 
   income 
  for the period                             (353)         (201)      (489) 
                                        ----------  ------------  --------- 
 
 
 
    Basic and diluted (loss) 
     per ordinary share                    (1.28)p       (0.71)p    (1.74)p 
 
 
 
 Consolidated Statement of Financial 
  Position 
 As at 31 December 2018 
                                             As at       As at      As at 
                                          31.12.18    31.12.17   30.06.18 
                                           GBP'000     GBP'000    GBP'000 
                                         Unaudited   Unaudited    Audited 
  Non current assets 
  Property, plant and equipment              7,799       7,953      7,894 
                                        ----------  ----------  --------- 
 
    Current assets 
  Inventories                                4,193       5,953      3,378 
  Trade and other receivables                7,662      12,005      8,145 
  Cash and cash equivalents                  2,931       2,247      5,067 
                                            14,786      20,205     16,590 
                                        ----------  ----------  --------- 
 
  Total assets                              22,585      28,158     24,484 
                                        ----------  ----------  --------- 
 
  Current liabilities 
  Trade and other payables                 (5,643)    (10,294)    (6,964) 
                                        ----------  ----------  --------- 
 
 
  Total liabilities                        (5,643)    (10,294)    (6,964) 
                                        ----------  ----------  --------- 
 
  Net assets                                16,942      17,864     17,520 
                                        ----------  ----------  --------- 
 
  Equity 
  Share capital                                273         281        281 
  Share premium account                      5,734       5,734      5,734 
  Capital redemption reserve 
   fund                                      1,513       1,505      1,505 
  Retained earnings                          9,422      10,344     10,000 
 
  Equity shareholders' funds                16,942      17,864     17,520 
                                        ----------  ----------  --------- 
 
 
 
 Company Statement of Financial Position 
 As at 31 December 2018 
                                        As at       As at      As at 
                                     31.12.18    31.12.17   30.06.18 
                                      GBP'000     GBP'000    GBP'000 
                                    Unaudited   Unaudited    Audited 
  Non current assets 
  Property, plant and equipment         1,783       1,864      1,841 
  Investments                           6,588       6,588      6,588 
                                   ----------  ----------  --------- 
                                        8,371       8,452      8,429 
  Current assets 
  Inventories                           4,193       5,953      3,378 
  Trade and other receivables           7,665      12,005      8,145 
  Cash and cash equivalents             2,871       2,210      5,034 
 
                                       14,729      20,168     16,557 
                                   ----------  ----------  --------- 
 
  Total assets                         23,100      28,620     24,986 
                                   ----------  ----------  --------- 
 
  Current liabilities 
  Trade and other payables            (9,442)    (13,515)   (10,486) 
                                   ----------  ----------  --------- 
 
 
  Total liabilities                   (9,442)    (13,515)   (10,486) 
                                   ----------  ----------  --------- 
 
  Net assets                           13,658      15,105     14,500 
                                   ----------  ----------  --------- 
 
  Equity 
  Share capital                           273         281        281 
  Share premium account                 5,734       5,734      5,734 
  Capital redemption reserve 
   fund                                 1,513       1,505      1,505 
  Retained earnings                     6,138       7,585      6,980 
 
  Equity shareholders' funds           13,658      15,105     14,500 
                                   ----------  ----------  --------- 
 
 
 
 Consolidated Statement of Changes 
  in Equity 
 As at 31 December 2018 
 
                                                 Share                Capital 
                                      Share    premium             redemption     Retained     Total 
                                    capital    account                reserve     earnings    Equity 
                                    GBP'000    GBP'000                GBP'000      GBP'000   GBP'000 
 
  Period to 31 December 
   2017 
  Unaudited 
  Balance at 1 July 2017                281      5,734                  1,505       10,545    18,065 
  Dividends                               -          -                      -            -         - 
  Loss and total comprehensive 
  loss for the period                     -          -                      -        (201)     (201) 
                                 ----------  ---------  ---------------------  ----------- 
  Balance at 31 December 
   2017                                 281      5,734                  1,505       10,344    17,864 
                                 ----------  ---------  ---------------------  -----------  -------- 
 
  Period to 31 December 
   2018 
  Unaudited 
  Balance at 1 July 2018                281      5,734                  1,505       10,000    17,520 
  Dividends                               -          -                      -            -         - 
  Purchase of own Shares 
   for cancellation                     (8)          -                      8        (225)     (225) 
  Loss and total comprehensive            -          -                      -        (353)     (353) 
  loss for the period 
                                 ----------  ---------  ---------------------  ----------- 
  Balance at 31 December 
   2018                                 273      5,734                  1,513        9,422    16,942 
                                 ----------  ---------  ---------------------  -----------  -------- 
 
  Year to 30 June 2018 
  Audited 
  Balance at 1 July 2017                281      5,734                  1,505       10,545    18,065 
  Dividends                               -          -                      -         (56)      (56) 
  Transactions with owners                -          -                      -         (56)      (56) 
  Loss and total comprehensive 
  loss for the period                     -          -                      -        (489)     (489) 
                                 ----------  ---------  ---------------------  ----------- 
  Balance at 30 June 
   2018                                 281      5,734                  1,505       10,000    17,520 
                                 ----------  ---------  ---------------------  -----------  -------- 
 
 
 Company Statement of Changes in Equity 
 As at 31 December 2018 
 
                                                 Share              Capital 
                                      Share    premium           redemption    Retained      Total 
                                    capital    account              reserve    earnings     Equity 
                                    GBP'000    GBP'000              GBP'000     GBP'000    GBP'000 
 
  Period to 31 December 
   2017 
  Unaudited 
  Balance at 1 July 2017                281      5,734                1,505       8,050     15,570 
  Dividends                               -          -                    -           -          - 
  Loss and total comprehensive 
  loss for the period                     -          -                    -       (465)      (465) 
                                 ----------  ---------  -------------------  ---------- 
  Balance at 31 December 
   2017                                 281      5,734                1,505       7,585     15,105 
                                 ----------  ---------  -------------------  ----------  --------- 
 
  Period to 31 December 
   2018 
  Unaudited 
  Balance at 1 July 2018                281      5,734                1,505       6,980     14,500 
  Dividends                               -          -                    -           -          - 
  Purchase of own shares 
   for cancellation                     (8)          -                    8       (225)      (225) 
  Loss and total comprehensive 
  loss for the period                     -          -                    -       (617)      (617) 
                                 ----------  ---------  -------------------  ---------- 
  Balance at 31 December 
   2018                                 273      5,734                1,513       6,138     13,658 
                                 ----------  ---------  -------------------  ----------  --------- 
 
  Year to 30 June 2018 
  Audited 
  Balance at 1 July 2017                281      5,734                1,505       8,050     15,570 
  Dividends                               -          -                    -        (56)       (56) 
  Transactions with owners                -          -                    -        (56)       (56) 
  Loss and total comprehensive 
  loss for the period                     -          -                    -     (1,014)    (1,014) 
                                 ----------  ---------  -------------------  ---------- 
  Balance at 30 June 
   2018                                 281      5,734                1,505       6,980     14,500 
                                 ----------  ---------  -------------------  ----------  --------- 
 
 
 Consolidated Statement of Cash 
  Flows 
 6 months to 31 December 2018 
                                                      6 months    6 months         Year 
                                                         Ended       ended        Ended 
 
                                                      31.12.18    31.12.17     30.06.18 
                                                       GBP'000     GBP'000      GBP'000 
                                                     Unaudited   Unaudited      Audited 
  Cash from operating activities 
  Operating (loss) from 
  continuing operations                                  (497)       (227)        (579) 
  Depreciation of property, 
   plant 
  and equipment                                             95          91          188 
  (Profit)/loss on disposal 
   of property,                                              -           -            - 
  plant and equipment 
                                                --------------  ----------  ----------- 
  Operating (loss) before changes 
   in 
  working capital                                        (402)       (136)        (391) 
 
  (Increase)/decrease in inventories                     (815)     (1,777)          798 
  (Increase)/decrease in trade 
   and 
  other receivables                                        483     (2,953)          907 
  Increase/(decrease) in trade 
   and 
  other payables                                       (1,321)       2,134      (1,196) 
                                                --------------  ----------  ----------- 
  Cash (used)/generated from 
   operations                                          (2,055)     (2,732)          118 
 
  Income taxes received/(paid)                               -           -            - 
  Net cash from operating activities                   (2,055)     (2,732)          118 
                                                --------------  ----------  ----------- 
 
  Cash flows from investing 
   activities 
  Interest received                                        144          26           90 
  Proceeds from disposal of 
   property, 
  plant and equipment                                        -           -            - 
  Purchase of property, plant 
   and 
  Equipment                                                  -        (19)         (57) 
  Net cash from investing activities                       144           7           33 
                                                --------------  ----------  ----------- 
 
  Cash flows from financing 
   activities 
  Purchase of own shares for 
   cancellation                                          (225)           -            - 
  Dividends paid to equity shareholders                      -           -         (56) 
  Net cash used in financing 
   activities                                            (225)           -         (56) 
                                                --------------  ----------  ----------- 
 
  Net (decrease)/increase in 
   cash and 
  cash equivalents                                     (2,136)     (2,725)           95 
  Cash and cash equivalents 
   at 
  beginning of period                                    5,067       4,972        4,972 
                                                --------------  ----------  ----------- 
 
  Cash and cash equivalents at end 
   of period                                             2,931       2,247        5,067 
                                                --------------  ----------  ----------- 
 
 
 
 Company Statement of Cash Flows 
 6 months to 31 December 2018 
                                               6 months    6 months            Year 
                                                  Ended       Ended           Ended 
                                               31.12.18    31.12.17        30.06.18 
                                                GBP'000     GBP'000         GBP'000 
                                              Unaudited   Unaudited         Audited 
  Cash from operating activities 
  Operating (loss) from 
  continuing operations                           (696)       (491)         (1,103) 
  Depreciation of property, plant 
  and equipment                                      58          55             115 
  (Profit)/loss on disposal of 
   property, 
  plant and equipment                                 -           -              - 
                                             ----------  ----------  -------------- 
  Operating (loss) before changes 
   in 
  working capital                                 (638)       (436)           (988) 
 
  (Increase)/decrease in inventories              (815)     (1,777)             798 
  (Increase)/decrease in trade 
   and 
  other receivables                                 480     (2,953)             907 
  Increase/(decrease) in trade 
   and 
  other payables                                (1,044)       2,435          (594) 
                                             ----------  ----------  -------------- 
  Cash (used)/generated from operations         (2,017)     (2,731)             123 
 
  Income taxes received/(paid)                        -           -               - 
  Net cash from operating activities            (2,017)     (2,731)            123 
                                             ----------  ----------  -------------- 
 
  Cash flows from investing activities 
  Interest received                                  79          26              90 
  Proceeds from disposal of property, 
  plant and equipment                                 -           -               - 
  Purchase of property, plant 
   and 
  Equipment                                           -        (19)            (57) 
 
  Net cash from investing activities                 79           7              33 
                                             ----------  ----------  -------------- 
 
  Cash flows from financing activities 
  Purchase of own shares for cancellation         (225)           -               - 
  Dividends paid to equity shareholders               -           -            (56) 
                                             ----------  ----------  -------------- 
  Net cash used in financing activities           (225)           -            (56) 
                                             ----------  ----------  -------------- 
 
  Net (decrease)/increase in cash 
   and 
  cash equivalents                              (2,163)     (2,724)             100 
  Cash and cash equivalents at 
  beginning of period                             5,034       4,934           4,934 
                                             ----------  ----------  -------------- 
 
  Cash and cash equivalents at end 
   of period                                      2,871       2,210           5,034 
                                             ----------  ----------  -------------- 
 

Notes to the financial statements

   1.            Corporate Information 

The financial information for the half year ended 31 December 2018 set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The group's statutory financial statements for the year ended 30 June 2018 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain statements under Sections 498(2) and 498(3) of the Companies Act 2006. The interim results are unaudited. Northamber Plc is a public limited company incorporated and domiciled in England and Wales. The company's shares are publicly traded on the London Stock Exchange's AIM market.

   2.            Basis of preparation 

These interim consolidated financial statements are for the six months ended 31 December 2018. They have been prepared in accordance with IAS34 Interim Financial Reporting. They do not include all the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the group for the year ended 30 June 2018.

These interim consolidated financial statements have been prepared under the historical cost convention.

These interim consolidated financial statements (the interim financial statements) have been prepared in accordance with accounting policies adopted in the last annual financial statements for the year to 30 June 2018 except for the adoption of IAS1 Presentation of Financial Statements (Revised 2007).

The adoption of IAS1 (Revised 2007) does not affect the financial position or profits of the group, but gives rise to additional disclosures. The measurement and recognition of the group's assets, liabilities, income and expenses is unchanged. A separate 'Statement of changes in equity' is now presented.

The accounting policies have been applied consistently throughout the group for the purposes of preparation of these interim consolidated financial statements.

   3.            Basis of Consolidation 

For the periods covered in these interim consolidated financial statements all trading has been carried out by the parent company alone. The group includes some non-trading dormant subsidiaries. All the assets and liabilities of all subsidiaries have been included in the statements of financial position.

   4.            Segmental Reporting 

Although the sales of the group are predominantly to the UK there are sales to other countries and the following schedule sets out the split of the sales for the period. Revenue is attributable to individual countries based on the location of the customer. There are no non current assets outside the UK.

 
                                UK       Other      Total 
 
                              GBP'000   GBP'000    GBP'000 
 6 months to December 2018 
 Total Segment revenue         23,967       267       24,234 
 
 Year to 30 June 2018 
 Total Segment revenue         57,661       475       58,136 
 

One customer accounted for more than 10% of the group's revenue for the period, being GBP3.6m.

   5.            Taxation 

No tax charge has been provided in the interim consolidated financial statements due to the losses accumulated both in prior years and in the current period.

   6.            Earnings per Share 

The calculation of earnings per share is based on the loss after tax for the six months to 31 December 2018 of GBP353,000 (2017: loss GBP201,000) and a weighted average of 27,639,779 (2017: 28,158,735) ordinary shares in issue.

   7.            Property, Plant and Equipment 

There were no significant additions to or disposals of property, plant or equipment in the period to 31 December 2018. The reduction in the total value of property, plant and equipment was primarily due to the depreciation charge for the year.

   8.            Risks and Uncertainties 

The principal risks and uncertainties affecting the business activities of the group are detailed in the strategic report which can be found on pages 7 to 11 of the Annual Report and Accounts for the year ended 30 June 2018 (the Annual Report). A copy of the Annual Report is available on the company's web site at www.northamber.com.

The risks affecting the business remain the same as in the Annual Report. In summary these include:-

Market risk particularly those relating to the suppliers of products to the group

Financial risks including exchange rate risk, liquidity risk, interest rate risk and credit risk

In the opinion of the directors, these will remain the principal risks for the remainder of the year, however, the directors have reviewed the company's risk analysis and are of the opinion that steps have been taken to minimise the potential impact of such risks.

   9.            Related Party Transactions 

Mr D M Phillips is the ultimate controlling party of the Company.

During the six months period, the company paid GBP235,500 (2017: GBP300,500) rent to Anitass Limited, a wholly owned subsidiary. At 31 December 2018 Northamber plc owed Anitass Ltd GBP3,793,000 (2017:GBP3,259,000).

   10.          Directors' Confirmation 

The Directors confirm that to the best of their knowledge these condensed consolidated half year financial statements have been prepared in accordance with IAS 34 and that the interim management report herein includes a fair review of the information required by DTR 4.2.7R, an indication of important events during the first 6 months and descriptions of principal risks and uncertainties for the remaining six months of the year, and DTR 4.2.8R the disclosure of related party transactions and changes therein.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

IR JRMRTMBJMBJL

(END) Dow Jones Newswires

March 08, 2019 02:00 ET (07:00 GMT)

Su Consulta Reciente
BMV
FIBRAPL14
Fibra Prol..
BMV
AMXL
América Mó..
BMV
ME
IPC México
BMV
ALSEA*
Alsea
FX
USDMXN
United Sta..
Las acciones que ha visto aparecerán en este recuadro, lo que le permite volver fácilmente a las cotizaciones que ha consultado previamente
Registrarse ahora para crear su lista personalizada de acciones en streaming.

Cotizaciones PLUS están en tiempo real. Cotizaciones NYSE y AMEX están con retraso de por lo menos 20 minutos.
El resto de las cotizaciones están con retraso de por lo menos 15 minutos al menos que se indique lo contrario.

Al acceder a los servicios disponibles de ADVFN usted acepta quedar sujerto a los Términos y Condiciones

P: V:mx D:20191114 22:45:06