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Positive outlook for Hartlepool's Stadium Group
A NORTH-EAST electronics manufacturer said it was in a much stronger position following a "transformational" year which saw revenue rise but pre tax profits dented by the cost of restructuring.
Stadium Group, based in Hartlepool, reported pre tax profit down to £0.43m, from £1.8m a year ago in its full year accounts, but adjusted profit before tax was at £1.86m from £1.44m a year ago.
Revenue rose to £42.2m, from £40.9m.
As part of changes within the group Stadium's factory in Rugby, Warwickshire was closed, with bosses moving its integrated electronic manufacturing services division to Hartlepool, where it now employs about 150 people.
Charlie Peppiatt took over as chief executive from Stephen Phipson in June.
Chairman Nick Brayshaw said: “2013 has been a transformational year for the group.
"The business has undergone significant organisational change both in its UK and Asian operations and the leadership team has been strengthened with the recruitment of a number of experienced senior managers.
"The group is now in a much stronger position with a business model and structure to support focused growth and drive further operational improvements.
"We have made a solid start to the new financial year, demonstrating the benefits from our self-help and restructuring activities. A positive book-to-bill ratio underlines the success of our integrated sales approach and commercial initiatives, which are delivering new business from both existing and new customers.
"Consequently we continue to anticipate an improving trading performance as we progress through 2014.”