Stadium Group first half profit declines

10th Sep 2013 15:00

Stadium Group's first half pre-tax profit dropped following the closure of the electronic technology company's Rugby site.Adjusted profit before taxation fell to £0.37m from last year's £0.74m due to costs of the consolidation of its Rugby facility in the UK. Revenue, nevertheless, rose to £21.44m from £20.93m the prior year. The group expects annual cost savings of approximately £1m as a result of the closure."The closure of the Rugby site was completed in August 2013, the other re-organisation activities in Head Office and Asia are substantially complete, and the expected benefits will be realised in the second half of this year," said Chairman Nick Brayshaw."We expect a strong second half performance built on a solid order book within the interface and displays business and the book-to-bill ratio within the power products business supports a much improved second half performance, which will be further enhanced by our e-commerce platform and a broader commercial offering of power products." RD