Interim Results

Northamber PLC 7 February 2001 NORTHAMBER PLC Highlights (Unaudited Interim Results - six months to 31st December 2000) * 12.8% increase in sales revenues to £150.5 million * 5.1% increase in pre-tax Profits to £3.50 Million * Earnings per share increased by 7.5% to 7.2p * Net assets per share increased by 9.3% to 105.6p * Net interim dividend increased by 10% to 2.2p per share Notes : - These results for the six months ended 31st December 2000 also reflect the Company's purchases for cancellation of 950,000 ordinary shares of 5p each over the period at a cost of £1,138,523.33. * (As at 31st December 2000, 33,039,000 shares remain in issue) David Phillips, Chairman Commented; 'There have been reports recently that some companies in the computer sector have encountered stagnant demand. Those difficulties have, however, been principally in the high-volume, consumer product market. As these results show, Northamber's focus on higher level products and their support services to the growing commercial sector, requiring more complex capabilities, is successful when accompanied by the efficiency and dedication to customer needs .' For further information:- David Phillips or Loay Lawrence Northamber plc Telephone: 0208 296 7000 Chairman's Statement Unaudited interim results for six months to 31st December 2000 Results First half sales of £150 million mark a new high for the company, and contrast with the sector in general, which has faced poor trading conditions. This is a 12.8% increase on last year's £133 million, which I believe is a very satisfactory outcome over the equivalent period last year. At £3.5 million, the level of pre-tax profits to 31st December, compare very favourably with the £3.3 million for the equivalent period of 1999. This has been achieved in spite of the price deflation across most of our high volume products. Earnings per share for the period grew from 6.7p to 7.2p. The net assets per share measurement also improved, to a new high of 105.6p. These share-based values were further enhanced by share buy-backs. During the period, 950,000 of our own shares were purchased in the market for cancellation at a cost of £ 1.14 million. Again, these successful results reflect the benefit on our tight focus on the trading and core business ratios. Key indicators such as stock-turns and stock /debtor/creditor days and the careful management of the balance sheet continue to be under daily scrutiny. Dividend The Board has reviewed the company's performance and decided on an improvement in the dividend return to shareholders. The interim dividend will increase by 10% to 2.2p (net) and this amount will be payable on 3rd May 2001 to members on the Register as at 20th April 2001. Trading It is our belief that the variable levels of trading others have been experiencing, have generally been in the high volume and consumer product areas of the PC marketplace. Northamber continues to focus on supplying products and services, which meet the growing demand from the commercial sectors, for both standard and complex I.T. and fully configured systems. Our trading overheads are slightly increased. This was necessary to enable and facilitate further growth opportunities in both the value added areas and especially our newer, organic expansion activities. Outlook The start of the second half-year has met expectations with improved year-on-year sales. Although we can never be totally immune to adverse movements within the UK economy, we are currently not experiencing any impact on the growth of our target market. David Phillips Chairman 7 February 2001 The interim report will be mailed to shareholders and copies will be available at the Company's registered office; CONSOLIDATED UNAUDITED PROFIT AND LOSS ACCOUNT For the six months ended 31st December 2000 6 months ended 6 months ended 12 months ended 31st December 31st December 2000 1999 30th June 2000 (Unaudited) (Unaudited) (Audited) (Restated) £'000 £'000 £'000 Turnover 150,491 133,424 284,270 Cost of sales (139,575) (122,988) (259,059) ------------ ------------ ------------- Gross profit 10,916 10,436 25,211 Net operating expenses (7,309) (7,111) (17,459) ------------ ------------ ------------- Operating profit 3,607 3,325 7,752 Interest receivable 26 94 144 Interest payable (130) (83) (373) ------------ ------------ ------------- Profit on ordinary activities before 3,503 3,336 7,523 taxation Taxation (1,098) (1,067) (2,372) ------------ ------------ ------------- Profit on ordinary activities after 2,405 2,269 5,151 taxation Equity dividends (727) (680) (2,023) ------------ ------------ ------------- Retained profit for period 1,678 1,589 3,128 ====== ====== ====== Earnings per ordinary share 7.2p 6.7p 15.1p ------------ ------------ ------------- All operations are continuing. There is no difference between the profit on ordinary activities before taxation and the retained profit for the period stated above, and the historical cost equivalents. The comparative figures of cost of sales and net operating expenses for the half year ended 31st December 1999 have been reclassified in line with the audited figures for the year ended 30th June 2000. CONSOLIDATED UNAUDITED INTERIM BALANCE SHEET As at 31st December 2000 As at As at As at 31st December 31st December 30th June 2000 1999 2000 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Fixed assets Tangible assets 4,286 2,747 2,850 Investments 2,837 2,833 2,833 ------------ ------------ ----------- 7,123 5,580 5,683 ------------ ------------ ----------- Current assets Stocks 18,225 17,445 11,262 Debtors 42,856 38,774 41,294 Cash at bank and in hand 2,126 5,910 1,032 ------------ ------------ ----------- 63,207 62,129 53,588 Current liabilities Creditors - amounts falling due within (34,493) (33,808) (23,969) one year ------------ ------------ ----------- Net current assets 28,714 28,321 29,619 ------------ ------------ ----------- Total assets less current liabilities 35,837 33,901 35,302 Creditors - amounts falling due after (937) (1,058) (944) more than one year Deferred Taxation (1) - (1) ------------ ------------ ----------- Net assets 34,899 32,843 34,357 ====== ====== ====== Capital and reserves Called up share capital 1,652 1,701 1,699 Share premium account 5,711 5,710 5,711 Capital redemption reserve 120 48 72 Profit and loss account 27,416 25,384 26,875 ------------ ------------ ----------- Equity Shareholders' Funds 34,899 32,843 34,357 ====== ====== ====== Net assets per share 105.6p 96.6p 101.1p CONSOLIDATED CASH FLOW STATEMENT For the six months ended 31st December 2000 6 months 6 months 12 months ended ended ended 31st 31st 30th June December December 2000 2000 1999 (Audited) (Unaudited) (Unaudited) £'000 £'000 £'000 Cash flow from continuing operating 5,774 2,583 552 activities ------------ ------------ --------- Returns on investments and servicing of finance Interest received 26 94 144 Interest paid (130) (159) (363) Income from fixed asset investments 100 89 200 ------------ ------------ --------- Net cash outflow from returns on investments (4) 24 (19) and servicing of finance ------------ ------------ --------- Taxation UK corporation tax paid (342) (26) (2,487) ------------ ------------ --------- (342) (26) (2,487) ------------ ------------ --------- Capital expenditure and financial investment Purchase of tangible fixed assets (1,870) (79) (557) Fixed Asset Investments (4) - - Sale of tangible fixed assets 13 23 33 ------------ ------------ --------- Net cash outflow from capital expenditure (1,861) (56) (524) and financial investment ------------ ------------ --------- Equity dividends paid (1,327) (1,190) (1,870) ------------ ------------ --------- Cash (outflow)/inflow before financing 2,240 1,335 (4,348) ------------ ------------ --------- Financing Purchase of shares (1,139) (409) (435) Issue of ordinary share capital - 5 5 Debt due beyond a year: (Repayment)/increase on secured loan (7) (4) (109) ------------ ------------ --------- Net cash (outflow)/inflow from financing (1,146) (408) (539) ------------ ------------ --------- (Decrease)/increase in cash in the period 1,094 927 (4,887) ====== ====== ====== NORTHAMBER PLC Unaudited Interim Statement for the half year ended 31st December 2000. NOTES 1. The Directors have declared an interim net dividend of 2.2p per ordinary share (1999 - 2.0p) which will be paid on 3rd May 2001 to shareholders on the register on 20th April 2001. The ex-dividend date for the shares will be 18th April 2001. 2. The tax charge for the six months ended 31st December 2000 has been based on the expected tax rate for the year of 31%. 3. The calculation of earnings per share is based on profits of £2,405,000 (1999 - £2,269,000) on the weighted average number of 33,297,959 (1999 - 34,014,000) ordinary shares in issue. 4. The calculation of net assets per ordinary share is based on 33,039,000 (1999 - 34,014,000) ordinary shares being the number of shares in issue at the end of the period. 5. The interim financial statements for the six months ended 31st December 2000 are unaudited. They have been prepared on the basis of accounting policies consistent with those adopted for the year ended 30th June 2000. The results for the year ended 30th June 2000 have been summarised for comparative purposes within the meaning of Section 240 of the Companies Act 1985. The full financial statements for the year ended 30th June 2000 were reported on by the auditors without qualifications or statements under Section 237(2) or (3) of the Companies Act 1985 and have been delivered to the Registrar of Companies. 6. A copy of the Interim Statement is being sent to all shareholders and is available to the public from the Company's trading office at 1 Lion Park Avenue, Chessington, Surrey, KT9 1ST. 7. These interim results were approved by the Board of Directors on 7th February 2001.

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