Unaudited interim results for the six months ended 30 June 2010
Stadium Group plc, the AIM listed provider of electronic manufacturing services (EMS), announces interim results for the six months ended 30 June 2010. Revenues increased by more than one third compared with the same period last year, operating margin improved, and profit before taxation more than doubled to £1.45m.
The principal activity of Stadium Group plc is the design and manufacture of electronic and power supply products for original equipment manufacturers from its manufacturing facilities in the UK and China. Stadium Group delivers high quality solutions to a diverse range of customers worldwide, primarily operating in the industrial, transport infrastructure, security, consumer, medical and personal care, automotive and green technology sectors.
Financial Highlights
- Revenues (continuing operations) up 37% to £23.13m (2009 H1: £16.83m)
- Profit before tax (continuing operations) up 120% to £1.45m (2009 H1: £0.66m)
- Strong net cash flow from operations at £1.68m (2009 H1: £1.45m)
- Earnings per share 3.9 pence (2009 H1: 2.4 pence)
- Interim dividend 0.95 pence per share (2009 H1: 0.80 pence per share)
Nick Brayshaw OBE, Chairman of Stadium Group plc, said, “The Group benefited from broad recovery in customer demand across most industrial and geographical segments, and increased market share through further new business wins in key target markets.
The strength and speed of recovery since early 2009 demonstrates that Stadium continues to be a robust and reliable business partner. The positive outlook for revenues from the core business in the second half is expected to continue, such that even without the contribution of Branded Plastics for the remainder of the year, we are confident of achieving market expectations for the full year ending 31 December 2010.
The divestment of the non-core branded plastics business enables the business to focus entirely on growth in the core areas of EMS and Power, and releases financial and management resources to seek new opportunities to leverage these areas of core capability. We anticipate further exciting opportunities for the future, both organically and through targeted acquisitions.
The board’s satisfaction with the strong performance of the business and positive outlook was sadly put into perspective by the tragic death of Ken Leung on 23 August 2010.”