Northamber
Website:
Northamber
Index:
AIM
EPIC: NAR
Supersector:
Technology
Sector:
Technology Hardware and Equipment
Subsector:
Computer Hardware
Market Cap:
£8.41M
Payout Frequency: Semi-Annual
Northamber Dividend Analysis and Summary
Dividend Terms
- Type: Final dividend
- Amount: 0.3p per share (GBP)
- Total cash cost: £82,240
- Record date: 09/01/2026
- Ex-dividend date: 08/01/2026 (derived as one business day before the record date)
- Payment date: 17/02/2026
- Status: Proposed, subject to AGM approval (AGM on 10/02/2026)
Context and Recent Payouts
- Cash dividends paid during FY25 totaled £164k (prior year £163k), indicating a continued modest cash distribution profile.
- The proposed final of 0.3p is consistent with Northamber’s historically token dividend approach.
Dividend Sustainability and Coverage
- Earnings coverage: Not covered by earnings. FY25 reported a £4.0m loss and adjusted EBITDA of -£0.64m.
- Cash coverage: More comfortable. FY25 operating cash flow was £0.79m, helped by working capital discipline (inventory down >£2m). The proposed dividend (£82k) is small versus cash generation and cash on hand (£4.6m).
- Balance sheet support: Net assets of £18.0m, property-backed, and financing headroom of £1.4m. Leverage remains modest.
- Capital allocation stance: The dividend remains symbolic while management prioritises integration, cost actions and targeted M&A. Given the loss-making position, continuation of only a small dividend appears prudent.
- Growth trajectory: Near-term cautious; management guides to H2 FY26 benefits from cost reductions and the NUC integration. A sustainable step-up in dividends likely requires restoration of positive underlying profitability and consistent cash generation.
Structural Changes and Potential Impact on Dividends
- M&A and integration: Acquisitions of Renaissance (Ireland), Epatra (Benelux), Sahara Benelux; post year-end acquisition of NUC Distribution (c. £29m revenue, 11% gross margin) with deferred consideration over 25 months. Tempura Benelux and Sahara Benelux integrated into Epatra Benelux.
- Operational consolidation: Closure of facilities, consolidation of UK offices/warehouses and Benelux platforms to reduce ongoing overheads; full run-rate benefits expected in H2 FY26.
- Treasury shares: £96k purchase into treasury (small buyback activity), but no share consolidation. Signals flexible but conservative capital allocation.
- These moves support longer-term margin and cash generation but carry integration execution risk that could influence future dividend capacity.
Risks and Flags to Dividend Stability
- Underlying losses: Adjusted EBITDA negative; dividend not covered by earnings.
- Exceptional costs/legal matters: £2.2m net exceptional charge in FY25; although labelled non-recurring, some may spill over.
- Integration risk: Multiple acquisitions with deferred consideration; delivery of cost synergies and purchasing leverage is critical.
- Macro headwinds: UK tech/AV distribution remains subdued; higher finance costs (£312k) reduce flexibility.
- Liquidity headroom: Facility headroom of £1.4m is adequate but not expansive during integration.
Read more
Northamber Annual Dividend Yield - 1.94%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 12/12/2024 |
17/01/2025 |
Final |
0.30p |
GBX |
| 10/04/2025 |
25/04/2025 |
Interim |
0.30p |
GBX |
Total (Annual Dividends Per Share):
0.60p
Dividend Yield =
Annual Dividends Per Share (0.60p)
÷ Share Price (31p)
= 1.94%
Northamber Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 08/01/2026 |
17/02/2026 |
Final |
0.3000p |
GBX |
| 10/04/2025 |
25/04/2025 |
Interim |
0.30p |
GBX |
| 12/12/2024 |
17/01/2025 |
Final |
0.30p |
GBX |
| 11/04/2024 |
26/04/2024 |
Interim |
0.30p |
GBX |
| 14/12/2023 |
19/01/2024 |
Final |
0.30p |
GBX |
| 06/04/2023 |
25/04/2023 |
Interim |
0.30p |
GBX |
| 15/12/2022 |
18/01/2023 |
Final |
0.30p |
GBX |
| 07/04/2022 |
28/04/2022 |
Interim |
0.30p |
GBX |
| 16/12/2021 |
19/01/2022 |
Final |
0.40p |
GBX |
| 29/04/2021 |
27/05/2021 |
Interim |
0.30p |
GBX |
| 11/02/2021 |
18/03/2021 |
Final |
0.30p |
GBX |
| 16/04/2020 |
15/05/2020 |
Interim |
0.30p |
GBX |
| 12/12/2019 |
17/01/2020 |
Final |
0.30p |
GBX |
| 11/04/2019 |
13/05/2019 |
Interim |
0.10p |
GBX |
| 06/12/2018 |
18/01/2019 |
Final |
0.10p |
GBX |
| 19/04/2018 |
11/05/2018 |
Interim |
0.10p |
GBX |
| 07/12/2017 |
18/01/2018 |
Final |
0.10p |
GBX |
| 13/04/2017 |
12/05/2017 |
Interim |
0.10p |
GBX |
| 08/12/2016 |
18/01/2017 |
Final |
0.10p |
GBX |
| 14/04/2016 |
12/05/2016 |
Interim |
0.10p |
GBX |
| 03/12/2015 |
15/01/2016 |
Final |
0.30p |
GBX |
| 16/04/2015 |
12/05/2015 |
Interim |
0.30p |
GBX |
| 04/12/2014 |
15/01/2015 |
Final |
0.30p |
GBX |
| 09/04/2014 |
12/05/2014 |
Interim |
0.30p |
GBX |
| Year |
Interim |
Final |
Currency |
Total |
Change |
| 2024 |
0.300 |
0.300 |
GBX |
0.600 |
0.000 |
| 2023 |
0.300 |
0.300 |
GBX |
0.600 |
0.000 |
| 2022 |
0.300 |
0.300 |
GBX |
0.600 |
-14.280 |
| 2021 |
0.300 |
0.400 |
GBX |
0.700 |
16.660 |
| 2020 |
0.300 |
0.300 |
GBX |
0.600 |
50.000 |
| 2019 |
0.100 |
0.300 |
GBX |
0.400 |
100.000 |
| 2018 |
0.100 |
0.100 |
GBX |
0.200 |
0.000 |
| 2017 |
0.100 |
0.100 |
GBX |
0.200 |
0.000 |
| 2016 |
0.100 |
0.100 |
GBX |
0.200 |
-66.660 |
| 2015 |
0.300 |
0.300 |
GBX |
0.600 |
0.000 |
| 2014 |
0.300 |
0.300 |
GBX |
0.600 |
|
Northamber Dividend Calculator
Northamber Dividend Growth
| Dividend Growth (1Y) |
–
|
| Dividend CAGR (5Y) |
14.87%
|
| Years of Growth |
–
|
| Payout Ratio |
–
|
| Buyback Yield |
-0.41%
|
| Shareholder Yield |
1.52%
|
| P/E Ratio (TTM) | – |
|---|
| Forward P/E | – |
|---|
| P/FCF | 15.28 |
|---|
| Earnings Yield | -47.92% |
|---|
| FCF Yield | 6.54% |
|---|
| ROE | -19.97% |
|---|
| ROCE | -8.44% |
|---|
| Profit Margin | -6.36% |
|---|
| Operating Margin | -2.48% |
|---|
| Gross Margin | 14.22% |
|---|