12th Jan 2017 08:43
LONDON (Alliance News) - Stadium Group PLC on Thursday said its trading for 2016 was broadly in line with market expectations, and said it has bought the assets of Cable Power Ltd.
Electronic technologies supplier Stadium said revenue from its higher-margin Technology Products was continuing to grow in line with its expectations, with 60% of its total revenue coming now from the division.
Stadium said its forward order book also has continued to improve, with "significant" year-on-year growth, which the group said was reflective of its transition towards a design-led technology business.
Net debt at the year-end on December 31 was GBP3.5 million.
Stadium also said it bought the assets of specialist manufacturer and distributor of cable and power products Cable Power for GBP750,000 in cash.
In 2016, Cable Power generated sales of around GBP700,000 and pretax profit of GBP100,000. The business will join Stadium's Power division, which was approved as a power supply manufacturer for the Raspberry Pi 3 last year.
"The group made further significant progress in 2016 with continuing growth in the Technology Products division," said CEO Charlie Peppiatt.
"With the order book at new record levels and strategically located design centres, manufacturing centres of excellence and regional fulfilment centres in place to support its delivery, as well as the recent acquisition, we are confident about the outlook for 2017 and beyond," Peppiatt added.
The group will report its 2016 results on March 14.
Shares in Stadium were up 2.4% at 84.00 pence on Thursday.
By Hannah Boland; [email protected]; @Hannaheboland
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