- Northamber says the rate of decline in sales in the first quarter were significantly lower than the 22% fall in the year to the end of June.

Sales for the first quarter of our fiscal year were consistent with the reported slower pick-up in the UK IT market and some 9% lower in value than for the comparative period of last year.

The gross margin in the first quarter held up reasonably well with only a quarter of a point reduction as against the first quarter of last year.

It said the continuing tight control of costs was maintained with approximately £0.5m saved in overheads, compared with the first quarter of the previous year.

But it said the impact of very low interest rates on its very strong net cash position was considerable.

The net result was a small loss but less than the corresponding period last year and for what is traditionally its weakest quarter.

The sector as a whole continues to experience challenging and difficult times, and we are similarly affected by those prevailing conditions and the outlook continues to be difficult to assess.

Story provided by Business Financial Newswire