StockMarketWire.com - Northamber widened its H1 pretax loss to £0.7m, from a loss of £0.3m a year earlier. Revenue was £30.2m, from £41.6m. It proposed an interim dividend of 0.3p a share, unchanged on the year.

"Our necessarily accelerated actions to re-focus our business model into new and growth areas are progressing well," said chairman David Phillips in a statement.

The fall in sales revenues reflected the demand erosion in Northamber's core sector. Gross Margins took the brunt of the ongoing demand downturn and was 6.7%, from 7.7% a year ago.

"Following restructures, we achieved ongoing overhead savings of £770,000 pa, nearly half of which are related to savings in personnel costs and after redundancy payments etc," he said.

Looking ahead, Phillips noted the improvements in the business and said that significant changes would drop to the bottom line over coming months.




Story provided by StockMarketWire.com