First thoughts on Northamber's results

Are they throwing money at the phoenix-like attempt? Some food for thought (quick calculations – forgive mistakes):

Sales up 4.1% – good.
Gross profit up 7.7% – good
Distribution and administration costs, same as last year – good, given the sales rise
Loss for the year £888,000. Bad because it is not yet in profit, good because it is less than last year.
Inventory down by 8.6% – good (not evidence of throwing money around)
Receivables down 12.9% – good (not evidence of throwing money around)
Cash up 7.2% to around one-half of MCap – good (not evidence of throwing money around)
NCAV down to £12,338. Good, because MCap is less than this and the property (not in NCAV calc) is worth more than MCap. But worrying because the rate of annual decline is 6.5% or £852,000.
I’ll write a proper report for my subscribers next week sometime – linking the latest results to my previous analyses, .
Glen
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