Stadium Group plc – Unaudited preliminary results for the year ended 31 December 2010

Stadium Group plc – Unaudited preliminary results for the year ended 31 December 2010

Stadium Group plc (or “the Company”), the AIM listed provider of electronic design and build solutions, announces results for the year ended 31 December 2010, a period when the Company disposed of its non-core plastics business to focus on the high growth potential of its electronics markets. (Full results attached).
 
Financial highlights

  • Revenues* up by 27% to £44.81m (2009: £35.30m)
  • Profit before taxation* up by 95% to £2.87m (2009: £1.47m)
  • Underlying earnings per share* up by 60% to 6.7 pence (2009: 4.2 pence)
  • Balance sheet net cash of £1.67m (2009: £0.40m)
  • Sale of surplus freehold property (NBV £2.04m) progressing well
  • Total dividends (paid and proposed) up 11% to 2.50 pence per share (2009: 2.25 pence)

* all figures from continuing activities only
 
Other highlights

  • Disposal of non-core plastics business in June 2010 is the final stage of group reorganisation started in 2001
  • New focus on core provision of electronic design and build solutions
  • Chief Executive, Nigel Rogers, will not stand for re-election at AGM in April
  • Nick Brayshaw to become Executive Chairman and acting CEO until appointment of new Chief Executive
  • New Chief Executive to be appointed to drive growth in the business

 
Commenting on outlook, Chairman Nick Brayshaw OBE said,
“We remain optimistic that continued growth will be achieved from existing products and customers, and will continue to win new business to increase our market share as the key to future success.
 
The company now has a clear focus on core electronics activities, and a strategy has been set out to continue to deliver strong organic growth.  This is driven by the delivery of premium manufacturing and engineering services to a base of long term business partners.
 
The goal is now to become acknowledged as the leading UK owned provider of electronic design and build solutions, by continuing to target new customers across the world in high growth industry sectors.  The company has the financial resources available to invest in the  people, processes and technology required to deliver further progress towards this goal during 2011 and beyond.
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