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Hats off to the management of Stadium Group.
Posted 10/09/09
The main board of Stadium Group, the AIM listed provider of electronic manufacturing services, has set the example for others to follow by agreeing to a 20% per cent cut in pay, twice the level of cut borne by other staff. Bankers, please read on….
The principal activity of Stadium is the design and manufacture of electronic and power supply products for original equipment manufacturers from its manufacturing facilities in the UK and China.
The group delivered profits before taxation and reorganisation costs in excess of £1 million, significantly reduced its underlying cost base, generated strong operating cash flows, and closed the period in robust financial condition with bank gearing of just 6.5%.
Top line revenues were £22.34m (2008: £23.06m) and profit before tax £0.88m after reorganisation costs of £0.16m (2008: £1.40m). Operating cash flow was strong at £1.45m (2008: 1.39m) or c135% of operating profit. Net bank borrowings reduced to £0.69m from £2.09m at 31st December 2008. Basic and diluted earnings per share were 2.4p (3.8p June 2008).
The interim dividend was also maintained though at a reduced level of 0.80p (2% yield) compared with 1.25p previously.
A terrific performance in the circumstances!
This entry was posted 10 months, 3 weeks ago and was filed under Stadium Group.
