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Electronics Production | March 04, 2009

Stadium Group reports another year of progress

UK based EMS provider Stadium Group reports another year of progress, further acquisitions and revenue growth.
Revenues up 17% to £47.61m in 2008 (2007: £40.76m). Profit before taxation up 5% to £2.78m (2007: £2.66m before property disposal). Net cash flow from trading activities £4.12m (2007: £4.85m). Net bank borrowings £2.05m (2007: £0.50m) following £2.50m net consideration on acquisitions

Commenting upon the results and current trading, Nigel Rogers Chief Executive said,

“We are very pleased to report solid revenue growth across each of our key markets with an overall increase in revenues of 17%, increases in profits and earnings and a continued strong cash flow.

“We have experienced weakening of customer demand in the opening few weeks of 2009, and these conditions are expected to prevail in the short term. The full extent of the global downturn and its impact on manufacturers worldwide is as yet unclear.

“However, there will be many opportunities to win new customer business as a result of supply chain rationalisation programmes and industry wide consolidation. We believe that we have the operational and financial strength to use this more challenging period to build market share, and to provide increased momentum for growth in the medium to longer term.”

Nick Brayshaw, Chairman also commented: “Operating profits from Stadium Electronics and Stadium Power showed growth well in excess of 25%.

“The acquisition of Zirkon Limited on 31 October 2008 marked a significant event in the implementation of our acquisition strategy, and the integration of its operations at Rugby into our Electronic Manufacturing Services (“EMS”) business is progressing very well.

“Group operations are in robust condition, and have the strength and resilience to take advantage of the opportunities that are anticipated in a much more challenging trading environment in 2009.”

He continued: “Our customers are broadly distributed across many geographical markets and industry sectors and this provides greater stability in a time of unprecedented uncertainty. Our people are dedicated to the provision of high quality products and services, and we enjoy a favourable degree of customer loyalty.

“The strength of our balance sheet, and the pre-emptive actions taken on operating costs, cash generation and financial structure, will enable the Group to be well placed to take advantage opportunities going forward.”

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