![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Stadium Grp. | LSE:SDM | London | Ordinary Share | GB0008375098 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 121.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2066P Stadium Group PLC 01 September 2003 Stadium Group plc Interim Results for the six months ended 30 June 2003 Stadium Group plc, the AIM listed provider of Electronic Manufacturing Services, announces its interim results for the six months ended 30 June 2003 ahead of market expectations and an encouraging outlook for the second half. Financial Highlights * Turnover up 1% to #17.5m (2002: 17.3m). * Operating profit up 33% to #736,000 (2002: #554,000). * Pre-tax profits (after goodwill amortisation) of #712,000 (2002: #917,000 loss). * Asia sales up 28%, profits up threefold. * Basic EPS of 2p (2002: Loss per share 1.8p). * Bank borrowings reduced by #1m to #3.5m; gearing reduced from 36% to 27%. * Dividend maintained at 0.95p. Operational Highlights * Positive new business pipeline. * Confident future trading outlook. * China domestic sales channel open in H2. Commenting on the results, Nigel Rogers, Chief Executive, said: "We are very pleased with the growth achieved by Stadium Asia and we will begin to transact domestic sales in China in the second half. With the further development of our capabilities in Asia, including technical, design and development resources, we are well placed to maintain this current growth strategy. Sales and orders in the second half to date, and the new business pipeline indicate a positive outlook." For further information please contact: Stadium Group plc Nigel Rogers, Chief Executive Tel: 01429 852520 Mob: 07767 603362 Binns & Co PR Ltd Tel: 020 7786 9600 Paul McManus Mob: 07980 541 893 Copies of the interim financial statements will be sent to all shareholders shortly Stadium Group Plc Chairman's statement For the six months ended 30 June 2003 Results and overview The Group made pre-tax profits (after goodwill amortisation) of #712,000 for the six months to 30 June 2003, compared with an overall loss of #917,000 in the prior year. Operating profits from continuing activities of #736,000 improved by 33% over the corresponding amount last year, (#554,000), and there were no exceptional costs, discontinued activities, or exceptional losses (2002: #1,278,000). Earnings of 2.0 pence per share compared with 1.5 pence (before exceptional items) in the same period last year, or an overall loss per share last year of 1.8 pence. Strong operational cashflow and the receipt of deferred consideration enabled further reduction in bank borrowings by #1.0 million to #3.5 million, and gearing reduced from 36% to 27%. An unchanged interim dividend of 0.95 pence per ordinary share will be paid on 21 October 2003 to shareholders on the register on 19 September 2003. We have continued to invest in developing the capabilities of Stadium Asia, and are confident of future prospects. Electronics 2003 2002 Turnover Operating Turnover Operating profit profit Continuing businesses 12,217 628 12,266 288 Discontinued businesses - - 1,263 (84) 12,217 628 13,529 204 Turnover at Stadium Asia grew by 28% to #6.9m, mainly due to realising the full benefits of major automotive and telecommunications contracts won in the early part of last year. Significant new business that commenced in the period under review provides the momentum for further growth in the second half. UK sourced turnover fell in line with expectations, with the reduction largely attributable to the relocation of consumer products manufacture by one major customer to Eastern Europe. Actions taken in 2002 on our UK cost base ensured that the profit impact was minimal. Our UK activities also continued to make a valuable contribution as an interface with key customers of Stadium Asia. Overall operating profits more than doubled to #628,000, at an operating margin of 5.1% (2002 continuing businesses: 2.3%). Chairman's statement (continued) Business development Continued investment in skills, facilities and design and development resources in Asia are leading to new business gains. The first half of the year saw the start of contracts for the production of appliance controls and domestic ventilation products for key customers, and development projects for audio accessories, automotive and consumer goods. During the second half of the year, we will begin to transact domestic sales in the People's Republic of China. In August 2003 we invested approximately #160,000, which will cover the fitting out of a new manufacturing facility measuring 35,000 square feet near the main plant at Dongguan. This facility will be operational in September 2003, and there is encouraging interest from local customers including a major OEM user of charger/adaptors. Branded Plastics 2003 2002 Turnover Operating Turnover Operating profit profit Continuing businesses 5,256 400 5,056 430 The business continued to perform well, showing a 4% improvement in turnover, and an annualised return on net assets of over 20%. We have increased investment in new products covering both the babycare and building products markets, and early indications suggest that this should enable the business to maintain momentum despite the increasingly competitive environment. Balance sheet and cash flow Bank borrowings reduced from #4.5m to #3.5m during the first half, with exit gearing of 27%. After allowing for deferred consideration receivable of #1.8m, net borrowings and gearing stood at #1.7m and 13% respectively, compared with #2.2m and 18% at 1 January 2003. Current trading and prospects Our UK businesses have entered a period of relative stability after much radical change, and continue to perform to expectations. Further development of capabilities at Stadium Asia, including technical, design and development resources, provide opportunities to maintain the current growth strategy. Sales and orders in the second half to date, and the new business pipeline indicate a positive outlook. Struan Wiley Chairman 1 September 2003 STADIUM GROUP PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT for the six months ended 30 June 2003 Six months Six months Year ended 30 June 30 June 31 December 2003 2002 2002 Notes #'000 #'000 #'000 Turnover Continuing operations 17,473 17,322 35,375 Discontinued operations - 8,208 8,482 1 17,473 25,530 43,857 Cost of sales (13,370) (21,034) (36,066) Gross profit 4,103 4,496 7,791 Net operating expenses (3,301) (4,128) (6,669) Exceptional items 2 - (425) (1,341) Goodwill amortisation (66) (66) (132) Total net operating expenses (3,367) (4,619) (8,142) Continuing operations 736 554 1,356 Discontinued operations - (677) (1,707) Operating profit/(loss) 1 736 (123) (351) Exceptional losses 3 - (601) (772) Net interest payable (24) (193) (267) Profit/(loss) on ordinary activities before tax 712 (917) (1,390) Taxation (158) 405 551 Profit/(loss) for the period 554 (512) (839) Dividends 4 (268) (268) (790) Retained profit/(loss) for the period 286 (780) (1,629) Earnings per share Basic 2.0p (1.8)p (3.0)p Diluted 1.9p (1.8)p (3.0)p The financial information in this Interim Report is unaudited and does not constitute Financial statements. It has been prepared using accounting policies consistent with those applied in the Audited Financial Statements for the financial year ended 31 December 2002. The report of the auditors on those Financial Statements was unqualified. Copies can be obtained from the Company's registered office at Stephen House, Brenda Road, Hartlepool., TS25 2BQ. STADIUM GROUP PLC CONSOLIDATED BALANCE SHEET At 30 June 2003 30 June 2003 30 June 31 December 2002 2002 #'000 #'000 #'000 Fixed assets Intangible assets 867 1,001 933 Tangible assets 10,668 11,849 11,194 11,535 12,850 12,127 Current assets Stocks 4,101 5,392 4,128 Debtors due after one year 729 1,851 1,278 Debtors due within one year 8,014 7,584 7,755 Cash 347 756 590 13,191 15,583 13,751 Creditors: amounts falling due within one year Bank overdrafts (212) (1,323) (1,035) Creditors (8,560) (8,736) (8,606) (8,772) (10,059) (9,641) Net current assets 4,419 5,524 4,110 Total assets less current liabilities 15,954 18,374 16,237 Creditors: amounts falling due after more than one year (2,880) (4,854) (3,459) Provisions for liabilities and charges (150) (729) (150) 12,924 12,791 12,628 Capital and reserves Called up equity share capital 1,411 1,411 1,411 Share premium account 4,032 4,032 4,032 Capital redemption reserve 88 88 88 Merger reserve 2,751 2,751 2,751 Profit and loss account 4,642 4,509 4,346 Equity shareholders' funds 12,924 12,791 12,628 STADIUM GROUP PLC CONSOLIDATED CASH FLOW STATEMENT for the six months ended 30 June 2003 Six months Six months Year ended 30 June 30 June 31 December 2003 2002 2002 #'000 #'000 #'000 Net cash inflow from operating activities 926 928 815 Net cash outflow from servicing of finance (24) (193) (267) Tax received/(paid) 105 (1) 285 Purchase of tangible fixed assets (228) (382) (732) Sale of tangible fixed assets 189 1,105 1,936 Net cash (outflow)/inflow from capital expenditure (39) 723 1,204 Disposals 549 4,998 5,268 Equity dividends paid (522) (522) (790) Net cash inflow before financing 995 5,933 6,515 Financing Loans repaid (400) (6,120) (6,555) Net cash outflow from financing (400) (6,120) (6,555) Increase/(decrease) in cash 595 (187) (40) STADIUM GROUP PLC NOTES: 1. Segmental analysis Other 2003 Other 2002 Electronics Plastics and group Total Electronics Plastics and group Total #000's #000's #000's #000's #000's #000's #000's #000's Turnover Continuing 12,217 5,256 - 17,473 12,266 5,056 - 17,322 Discontinued - - - - 1,263 5,560 1,385 8,208 Total 12,217 5,256 - 17,473 13,529 10,616 1,385 25,530 Operating profit Continuing 628 400 (226) 802 288 430 (98) 620 Discontinued - - - - (84) (26) (142) (252) Exceptional & - - (66) (66) - - (491) (491) goodwill Total 628 400 (292) 736 204 404 (731) (123) Net assets 6,868 3,961 2,095 12,924 7,675 3,874 1,242 12,791 2. Exceptional items in operating profit Six months Six months Year ended 30 June 30 June 31 December 2002 2003 2002 #'000 #'000 #'000 Reorganisation and redundancy costs - (297) (565) Asset impairments - - (518) Other closure costs - (128) (258) - (425) (1,341) 3. Exceptional losses Six months Six months Year ended 30 June 30 June 31 December 2002 2003 2002 #'000 #'000 #'000 Loss on sale of subsidiaries - (554) (601) SSAP 24 prepayment on disposal - (310) (70) Goodwill previously written off to reserves - (444) (1,183) Profit on sale of properties - 707 1,082 - (601) (772) 4. Dividends Six months Six months Year ended 30 June 30 June 31 December 2002 2003 2002 #'000 #'000 #'000 Ordinary dividends: Interim dividend at 0.95p per share (2002: 0.95p) 268 268 268 Final dividend not yet declared (2002: 1.85p) - - 522 268 268 790 The interim dividend will be paid on 21 October 2003, to shareholders on the register on 19 September 2003. 5. Earnings per share 2003 2003 2002 2002 Earnings EPS Earnings EPS #'000 Pence #'000 Pence Continuing profit before exceptionals 620 2.2 427 1.5 Discontinued - - (48) (0.2) Exceptional items - - (381) (1.4) Goodwill (66) (0.2) (510) (1.7) Earnings per share 554 2.0 (512) (1.8) The calculation of basic earnings per share is based on the profit for the financial period and the weighted average number of ordinary shares in issue (June 2003 : 28,212,198 shares, June 2002 : 28,212,198 shares, December 2002: 28,212,198 shares). 6. Net cash inflow from operating activities Six months Six months Year ended 30 June 30 June 31 December 2002 2003 2002 #'000 #'000 #'000 Operating profit/(loss) 736 (123) (351) Release of grants received (33) (34) (67) Goodwill amortisation 66 66 132 Depreciation 540 832 1,379 (Profit)/loss on sale of tangible fixed assets (25) (179) 25 Decrease/(increase) in stocks 27 (5) 1,269 Increase in debtors (259) (440) (425) (Decrease)/increase in creditors (126) 811 (1,147) Net cash inflow from operating activities 926 928 815 7. Analysis of changes in net debt 31 Dec Cashflow Exchange 30 June 2003 2002 #'000 #'000 #''000 #'000 Cash and overdrafts (445) 595 (15) 135 Loans due within one year (800) - - (800) Loans due after one year (3,280) 400 78 (2,802) Net debt (4,525) 995 63 (3,467) 8. Statement of group total recognised gains and losses Six months Six months Year ended 30 June 30 June 31 December 2002 2003 2002 #'000 #'000 #'000 Profit/(loss) for the period 286 (780) (839) Exchange adjustments offset in reserves 10 (169) (222) Goodwill written back to balance sheet on disposal - 444 1,183 296 (505) 122 This information is provided by RNS The company news service from the London Stock Exchange END IR NKCKBFBKDBFB
1 Year Stadium Group Chart |
1 Month Stadium Group Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions