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Stadium restructure results in 30 NE jobs
AN electronics design and manufacturing firm making key components for the UK high speed rail network has created 30 North-East jobs.
Stadium Group, based in Hartlepool, is working with Siemens to make digital radio displays for train cabs and printed circuit boards, which will be made in the region.
The firm yesterday revealed revenues had fallen by £4m last year to £40m, with pre-tax profits down by more than half to £1.7m.
Stephen Phipson, Stadium chief executive, said the company was undergoing a small restructure and was closing its plant in Rugby, Warwickshire, which will result in 30 jobs for Hartlepool, where it will employ about 150 people.
Last year, the firm sold its Hong Kong office, which had been used to manage its 1,000-strong workforce at its Chinese manufacturing plant, for a £2.3m profit.
The factory is now managed in China, but Stadium has retained a small office in Hong Kong.
Mr Phipson said the company had prevailed during extremely difficult market conditions, and remained fully committed to the UK despite its Asian connections.
He said: “We are cautiously optimistic. The market is not going to improve dramatically, but we are doing all the right things and have a plan to keep the company in good shape.
“The broader picture in the market place was difficult, but we have come through that well, helped by our work for Siemens.”
Mr Phipson revealed the Hartlepool jobs could bring more than £7m of work to the region, and was confident of the company’s future success, both in the UK and abroad.
He said it was looking to continue its expansion into an electronic technologies group after buying Southampton-based IGT Industries Ltd, which makes power supplies and LED displays for medical equipment and the marine, food processing and security industries.
He said: “The UK will remain our domicile. Hong Kong offered us the opportunity to have an Asian base, which was very good, but we sold the office because we have those people managing a Chinese factory.
“That model was good 15 years ago, but now we can get really good Chinese management and have attracted a manager from Motorola who believes in the business and wants to help develop it further.”