Member Article

Stadium Group profits more than halved

Electronics firm Stadium Group has announced pre-tax profit drops of over 55% to £1.77m.

Chairman Nick Brayshaw put this down to ongoing difficulties in market conditions in the last half of 2012.

The firm is a specialist supplier of electronics and manufacturing services and has bases across the UK and China.

Revenues were also down from £44.94m to £40.99m, despite a one-off sale of the business’ property in Hong Kong, which brought in a stand alone profit of £2.4m.

Mr Brayshaw said the Hartlepool-headquartered company had achieved the objectives it set out in 2011, with the acquisition of IGT Industries in September last year and the consolidation of its operations in Asia to mainland China.

Mr Brayshaw commented: “Trading in the first few months of the year has been challenging given a continuation of the difficult market conditions experienced in the latter part of 2012.

“Going forward our self-help programmes will deliver leaner business structures and improve operational efficiency, which will offset the impact of weak or zero growth.

“The Board remains committed to the growth strategy of investing in technology led businesses where we can leverage our manufacturing know how and exploit cross selling opportunities, and will continue to explore suitable opportunities to drive this strategy forward.

“Consequently, the Board remains confident in its strategy for the future and the Group’s prospects for the current year.”

This was posted in Bdaily's Members' News section by Miranda Dobson .