HARTLEPOOL technology company Stadium Group has reported soaring profits in its annual results driven by strong growth in the higher margin technology products and operational efficiencies.  

The global group, which designs and makes specialist equipment including vehicle control panels, wireless devices and electronic displays, said pre-tax profit was £1.78m compared with £430,000 in the previous year, grew normalised profit before tax by 45 per cent, from £1.9m in 2013 to £2.7m, while revenues dipped slightly to £41.7m, compared to £42.2m the year before.

A final divided of 1.4p per share is proposed, compared to 0.75p in 2013. Bosses said the acquisition in August of United Wireless, now known as Stadium United Wireless, for £8m would help the company to capitalise on the growing demand for wireless connectivity services.

Chairman Nick Brayshaw said: “With the Group’s new divisional operating structure of Technology Products and Integrated EMS, we are now well placed to take advantage of the growth markets in which we operate, in addition to driving further operational efficiencies.

"Furthermore, the recent acquisition of Stadium United Wireless positions us extremely well to capitalise on the growing demand for wireless connectivity solutions.

"As the business moves forward during the coming year, we anticipate the growing Technology Products division will generate approximately 50 per cent of group revenues, supported by the modernised global manufacturing facilities within the iEMS division.

“This is an exciting period for Stadium, and we have made positive progress against our strategic targets.

"We have continued to deliver improving results on the back of profitable and sustainable organic growth, with the addition of value accretive acquisitions.

"The initial months of 2015 have seen an encouraging start to the year, with the order book and revenues ahead of the comparable period of last year. We expect this improvement to continue going forward and therefore remain confident about the prospects for the current year and beyond.”