Northamber

Website: Northamber
Index: AIM
EPIC: NAR
Supersector: Technology
Sector: Technology Hardware and Equipment
Subsector: Computer Hardware
Market Cap: £8.81M
Payout Frequency: Semi-Annual

Next Northamber Dividend

Northamber next goes ex-dividend on 08/01/2026. This will be the Final dividend for 2026.

The dividend per share amount is 0.3000p (GBP) and the payment date is 17/02/2026.

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.

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 (33p) = 1.82%

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

Number of Shares:

Payment	Paid	Amount
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