Stadium Group Plc (AIM: SDM), a leading electronic technologies group, announces unaudited interim results for the six months ended 30 June 2014.
- Revenues of £19.8m (H1 2013: £21.4m), with sales growth in Technology Products of 24%
- Adjusted profit before tax* of £0.9m (H1 2013: £0.4m)
- Reported profit before tax of £0.8m (H1 2013: £0.0m)
- Strong cash conversion from underlying operations of 149%
- Cash of £3.8m, offset by bank loans of £3.0m, results in net cash of £0.8m
- Adjusted earnings per share of 2.6 pence (H1 2013: 1.0 pence)
- Reported earnings per share of 2.2 pence (H1 2013: 0.1 pence loss)
- Interim dividend proposed of 0.7 pence per share, an increase of 55% (H1 2013: 0.45 pence)
* After adjusting for amortisation on acquired intangibles and in the prior year also adjusting for non‐recurring reorganisation spend.
- Return on Sales up 290 basis points to 4.6%
- Upgrades to facilities to support further growth under consideration
- Order book strengthened for Technology Products group, up 50%
- Acquisition of United Wireless in July 2014 in order to enter high growth M2M market
- Integration of United Wireless on plan, with exciting prospects
Commenting on the first half performance, Chairman Nick Brayshaw OBE said:
“I am delighted to report that in the first half of 2014 Stadium has delivered results in line with our expectations, with order books and profits materially up. At the start of 2014, we committed to a number of key strategic initiatives ‐ growing the Technology Products businesses; investing in upgrading the production facilities; developing our senior management capability; driving operational improvements; and continuing the focus on strategically enhancing acquisitions. I am pleased to report that we have made significant progress on all of these key initiatives.
“The outlook for the full year remains in line with our expectations, with the second half of the year predicted to be stronger than the first half. The strengthening order book and the progressive success of our integrated sales strategy continue to drive this improvement in performance. Overall, we remain confident for the prospects for the full year.”
The Company’s half‐year report is available at www.stadium-interim-report.com
The Company will host an investor briefing on Wednesday 10 September. For further information please contact Walbrook PR.