UK distie Northamber updated the markets on its first quarter performance to 30 September and sales are down nine per cent on the same period last year.
It said the fall in sales was similar to levels of price erosion over the period but "significantly lower than the 22 per cent decline in sales for the year to 30 June 2009". Last year sales fell to £139m from £179.7m the year before.
There is some good news - margins are holding up better that last year - down 0.25 per cent. And cost-cutting is starting to work - the company cut £500,000 from overheads compared to the same quarter last year.
But low interest rates are not helping - Northamber has decent cash reserves. This helped push the firm to a small loss.
Looking forward the company said: "The sector as a whole continues to experience challenging and difficult times, and we are similarly affected by those prevailing conditions and the outlook continues to be difficult to assess."
The full statement is here. ®