Computer hardware supplier Northamber's share price decline shows no sign of abating following a disappointing trading statement for the first quarter on Wedesday.
The company warned that.turnover in the first quarter was "marginally lower" than for the final quarter of the previous financial year, which was "a reflection of the contraction in our sector, the summer months and the Olympics."
"With contraction in volumes, our ability to earn retrospective volume rebates was significantly affected and reduced overall margins. This resulted in first quarter margins almost one percentage point lower when compared with the prior year as a whole."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Alarmingly, it concluded: "Our economy and our sector are in a state of flux and it is difficult to report any accurate assessment of the short term future. We can but maintain efforts to concentrate on delivering profitable revenue, alongside our well-repeated mantra of controlling costs whilst taking whatever opportunities that emerge."
For those value orientated investors who collect cigar butts, there was some more positive news as it revealed that its net asset value a share at 85p was only slightly lower than at the end of June (85.7p a share).
At 15:50 the shares, down four pence, had hit a low for the year of 32.5p.
CM
