Stadium Group plc (AIM: SDM), a leading supplier of design-led technologies including connectivity solutions, power supplies, human machine interface products and electronic assemblies, announces its unaudited interim results for the six months ended 30 June 2017, which are in-line with management expectations.
- Group revenues increased by 12.7% to £27.4m (H1 2016: £24.3m)
- Technology Products revenues up 20.9% to £16.8m (H1 2016: £13.9m)
- Normalised* gross margins of 21.1% (H1 2016: 24.1%)
- Increased material costs due to weaker sterling against US dollar
- Benefit in 2016 from income from previously written-down electronic assembly inventory
- Normalised* operating profit up 9.1% to £2.1m (H1 2016: £1.9m)
- Technology Products operating profit up 65%
- Normalised* profit before tax up 13.6% to £1.8m (H1 2016: £1.6m)
- Reported profit before tax up 185% to £2.0m (H1 2016: £0.7m)
- Normalised* earnings per share of 4.3p (H1 2016: 3.7p)
- Reported earnings per share of 4.6p (H1 2016: 1.7p)
- Net debt of £6.5m (2016: £3.3m), with cash in the bank of £3.3m
- Interim dividend of 1.00p per share, an increase of 5.2% (H1 2016: 0.95p)
* Adjusted for non-recurring costs, amortisation of acquired intangibles and interest charged on the fair value of deferred consideration.
- Technology Products division accounted for 61% of total revenues (H1 2016: 57%)
- Record current order book of £30.8m, up 19% from £25.8m at 31 December 2016
- New Design Centre for Connectivity division fully operational in Kista, Sweden
- Cable Power acquisition successfully integrated
- Established Stadium Group Inc. to access US market opportunities
- New Group Finance Director appointed
Post-period end highlights
- Acquired the business and assets of PowerPax UK Ltd.