- Northamber narrowed its full-year loss to £0.3 million, from a loss of £0.4 million, in what it described as an ongoing and extremely challenging period in the UK.

Revenue for the period was £41.5 million, from £53.8 million.

"At 22% lower than the comparable sales for the six months to end December 2011 (£53.8 million), they were reflective of an ongoing extremely challenging period in the U.K. and the recent very high profile domestic business failures," the company said.

"More positive were our ongoing efforts to evolve towards newer and more rewarding technologies and products, moving away from some of the tired and historic brand vendor product offerings with their associated aged inventory and high support cost features," it said.

Looking ahead, chairman David Phillips said he was very disappointed by the difficulty Northamber was experiencing in covering its costs.

"We are focused on correcting this. I did caution in my quarterly report for last September, that the movements in the channel to economise and rationalise may well impact on the market generally," he said in a statement.

"In view of the high level of uncertainty in the economy and most especially in the ultimate commercial user customer base, until there is more positive confidence in the economy, regretfully it is not possible to be positive about the immediate future" he said.

"We are fortunate to have deep strengths in our balance sheet and capable of withstanding pressures. Coupled with the ability and willingness to detect and act quickly and decisively to changing circumstances, we are best placed to benefit from any commercially viable opportunity that becomes available that do not overly risk our custodianship of our shareholders asset base."

At 8:27am: [LON:NAR] Northamber share price was -2p at 30.5p

Story provided by