2002
group plc
world class products
at globally competitive prices
annual report group plc
contents
year in brief 1
group at a glance 2
board of directors 4
chairman’s statement 5
chief executive’s review 6
directors’ report 9
corporate governance 12
remuneration report 14
independent auditors’
report
16
corporate directory 17
profit and loss account 18
balance sheet 19
cash flow statement 20
account policy statement 22
notes to the accounts 24
5 year financial summary 37
notice of agm 38
proxy form 39
stadium group plc is a leading
supplier of quality electronic
manufacturing services to
original equipment
manufacturers our plants in
the uk and china allow us to
compete in global markets at
globally competitive costs
we make products and
assemblies which are used 
by companies that are
household names including
some of the world’s leading
brands
we are passionate about our business providing
quality products and reliable consistent and
superior service to our customers
we believe that our business strategy offers
stakeholders significant prospects for growth 1
stadium group plc
year in brief
we are now in a phase of strong organic growth at stadium asia
and our uk operations have been stabilised


Summary:
 overview
profit from continuing activities
before interest exceptional costs
goodwill amortisation and tax was
£149 million which was ahead of
market expectations and well above
last years’ comparable profit of
£093 million
the group reduced net bank
borrowings by £66 million to 
£45 million with year end gearing
improving to 36
uk electronics turnover was down
by 15 and operating profits were
at about breakeven this reflected
the continuing difficult conditions 
for uk based manufacturers as well
as the closure of a number of our
uk sites
in sharp contrast stadium asia
increased turnover by 45 and
operating profits increased eightfold
this robust performance results
from strong organic growth in a
number of different sectors
including automotive and consumer
products
a number of sites were closed in
the year and as a result the uk
electronics head count was reduced
by almost half to 275 our uk
operations are well run and we are
fortunate to have a group of highly
skilled managers with considerable
experience who ensure that their
operations complement those of
stadium asia
disposals
during the year we completed the
disposals of stadium plastics and
stadium consumer products
bringing the total number of
disposals since the strategic review
to six and aggregate proceeds
including deferred consideration to
over £137 million the programme
has been completed ahead of our
schedule in terms of both time and
value achieved
we also closed operations at torvale
building products realising a gain of
£903000 on the sale of the freehold
site at pembridge
two further surplus freehold sites
remain available for disposal during
2003 and we anticipate that the
gain arising on these sales will
outweigh any residual exceptional
costs resulting from the
reorganisation
board changes
i welcome ken leung who is
managing director of stadium asia
to the main board of directors ken
has a very strong team of senior
managers in both hong kong and in
the peoples republic of china who
are well placed to achieve strong
growth in future
tim sale group finance director
until recently has left the company
to join a venture capital backed
company i thank him for his
contribution and wish him well 
in his new career
finally i welcome david collins
who has been in the company for
eighteen years to the position of
company secretary
dividends
the board recommends payment 
of a final dividend of 185 pence per
share bringing the total for the year
to 28 pence 2001 28 pence the
final dividend will be paid on 5 may
2003 to shareholders on the register
on 4 april 2003
outlook
the benefits of real focus on our
electronics activity are now quite
apparent and while we do not
anticipate any improvement in our
uk operations we do expect
continued growth in stadium asia
our planned expansion by way of 
a new subsidiary to supply the fast
growing market in the peoples
republic of china will open a new
market for us
struan wiley
chairman
25 february 2003
chairman’s statement
covering the financial year 2002
stadium group plc
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