delivering globally competitive
electronic manufacturing solutions
annual report 
2003
group plc contents
y ear in brief 1
group at a glance 2
board of directors 4
chairman’s statement 5
chief executive’s review 6
directors’ report 8
corporate governance 11
remuneration report 13
independent auditors’
report
15
corporate directory 16
consolidated profit and 
loss account
17
balance sheets 18
consolidated cash flow 
statement
19
accounting policy statement 21
notes to the accounts 23
5 year financial summary 35
notice of agm 36
we deliver market leading electronic
manufacturing services to original equipment
manufacturers around the world our plants in
the uk and china provide high quality services 
at globally competitive costs
our products and assemblies are used 
by some of the world’s leading brands 
in consumer automotive telecommunications 
and industrial sectors
registered in england no 236394
front cover stadium asia  dongguan facility
group plc y ear in brief
a year of significant progress and strong financial results


Summary:
 annual report and accounts 2003
group at a glance
electronics – uk operations
stadium electronics offers high quality electronic
manufacturing services from its major site at 
hartlepool in north east england this operation has
facilities for manual and automated pcb assembly 
both conventional and surface mount as well as
transformer winding and cable harnessing
a dedicated engineering team provides comprehensive
design and build toprint support services together 
with production engineering quality and test 
equipment origination
customers benefit from full turnkey project
management support from concept to delivery
daren electronics a stadium operation based at diss 
in norfolk specialises in the design of high specification
custom power supplies for complex commercial 
and industrial applications these high value products
are built to prototype stage on site but may be 
reengineered for volume manufacture at other group
sites where appropriate
2 stadium group plc
3
electronics –asia operations
stadium asia comprises a design and commercial
centre based in hong kong and a high volume
production facility at chang ping city in the
guangdong province of the peoples republic 
of china
the business is delivering high rates of growth in
the provision of electronic manufacturing services
ems to worldwide customers covering consumer
industrial automotive and telecommunications
applications
our factory includes the following capabilities