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Ingram cost cuts lead to loss

Ingram Micro’s recent run of disappointing results has continued after the world’s largest distributor reported post-charge fourth-quarter losses of $10.3m (£6.8m) as sales dropped 4.1 per cent to $5.8bn.

Ingram Micro European president Greg Spierkel attributed the losses - which were in contrast to profits of $5.6bn for the same period last year - to $39.5m of charges related to an ongoing cost-cutting programme.

Spierkel was “pleased” with progress made by Ingram Micro UK, saying the division had significantly improved margins over the last six months.

Meanwhile, UK independent  distributor Northamber saw shares dip last week after reporting interim losses of £260,000, compared with profits of £80,000 last year.

Turnover remained flat for the six-month period to 31 December 2002 at £119.3m, compared with £118.4m for the same period last year.

Chairman David Philips attributed the losses to falls in “both price and profit margin”, but pointed to “reasonable improvement” in the group’s specialised units.

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