Northamber PLC, a UK-based distributor of IT products, released its financial results for the fiscal year ended June 30, 2024. The company reported a disappointing financial performance with a revenue decline of 16% year-on-year, from £67 million to £56 million. This was attributed to challenging market conditions and the exit from non-strategic commodity business. However, the companys focus on sustainable and healthy gross margin business led to a record gross profit percentage of 14.4%, up from 13.3% in the previous year. Exceptional costs and reduction in gross profit resulted in an adjusted <mark style="background-color:yellow">EBIT</mark>DA loss of £396K compared to a profit of £3K in the prior year. Cash reserves decreased to £4.7 million due to acquisitions, and the group has drawn £2.8 million from its invoice discounting facility. The company remains diligent in managing its balance sheet and its overall financial position is considered sound. The board proposed a final dividend of 0.3p per share, and the company expects to benefit from recent changes and strategic acquisitions in the current financial year.
| Year | Revenue | Cost of Sales | Gross Profit | Distribution Costs | Administrative Costs | Operating Loss | Finance Income | Finance Cost | Loss Before Tax | Tax Expense | Loss for the Year | Basic and Diluted Loss per Ordinary Share |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | £56,008 | £47,969 | £8,039 | £5,308 | £4,147 | £1,416 | £87 | £0 | £1,329 | £0 | £1,329 | £4.85 p |
| 2023 | £67,149 | £58,243 | £8,906 | £5,907 | £3,491 | £492 | £81 | £0 | £411 | £0 | £411 | £1.51 p |
The table presents a year-on-year comparison of Northamber PLC's financial performance for the years ended June 30, 2024, and June 30, 2023, based on the provided text.