IT distributor Northamber has seen revenue for the year ended 30 June 2007 tumble to £182.2m, down a hefty £22.2m on its 2006 figures.
The Surrey-based firm's chairman D M Phillips blamed the slow adoption of Microsoft's Vista and the weakness of the US dollar for putting a dent in Northamber sales.
Stock turns were down to 14.5 from 21 the previous year. The distie attributed that slide to longer lead times set by vendors pre-occupied with sourcing and shipping to China.
Pre-tax profit was said to be up to £592,000 compared to £434,000 for 2006, a large chunk of which (£0.27m) was due to an increase in investment revenue.
Earnings per share also rose from 0.75p to 3.62p year-on-year. Northamber said these were enhanced by the release of a deferred tax provision of £0.70m.
Phillips, who said trading for the past few months had begun to improve at the firm, said: "With a likely tightening in the availability of credit, it remains to be seen if this improvement can be sustained.
"Subject to the state of the economy as a whole and our own performance within our sector, your board is cautiously confident in the outcome for the new trading year."
Northamber shares are currently trading at 67 pence on the London Stock Exchange, up 0.75 per cent on the previous close. ®