Member Article

Stadium Group see profits dip as restructuring takes shape

Hartlepool-based electronics manufacturers Stadium Group have reported a slight dip in profits following major reorganisation of the business.

In January CEO Charlie Peppiat told Bdaily that closure of the firm’s underperforming Rugby factory and major restructuring had put Stadium Group on a course for growth.

This morning Stadium’s results showed revenues had grown from £40.99 million in 2012, to £42.22 million in 2013.

The firm reported profits of £0.43 million, compared with £1.77 million in 2012.

Reorganisation spending and amortisation on acquired intangibles accounted for the dip, and adjusted reported profit stood at £1.86 million.

Chairman Nick Brayshaw OBE said: “2013 has been a transformational year for the Group. The business has undergone significant organisational change both in its UK and Asian operations and the leadership team has been strengthened with the recruitment of a number of experienced senior managers.

“The Group is now in a much stronger position with a business model and structure to support focused growth and drive further operational improvements.

“We have made a solid start to the new financial year, demonstrating the benefits from our self-help and restructuring activities. A positive book-to-bill ratio underlines the success of our integrated sales approach and commercial initiatives, which are delivering new business from both existing and new customers.

“Consequently we continue to anticipate an improving trading performance as we progress through 2014.”

This was posted in Bdaily's Members' News section by Tom Keighley .