group plc
annual report 
2004 year in brief 1
group at a glance 2
directors 4
chairman’s statement 5
chief executive’s review 6
directors’ report 10
corporate governance 13
remuneration report 15
independent auditors’ report 17
corporate directory 18
consolidated profit and loss account 19
balance sheets 20
consolidated cash flow statement 21
statement of accounting policies 23
notes to the financial statements 25
five year financial summary 37
notice of agm 38
proxy form 39
globally competitive
manufacturing solutions
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            
contents stadium group plc
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global experience
expertise and opportunity
year in brief
summarised results
2004 2003
£m £m
group turnover
asia 1645 1445 14
uk 1735 2043 15
–––––– ––––––
total 3380 3488 3
–––––– ––––––
–––––– ––––––
adjusted pbt 234 188 24
goodwill amortisation 013 013
exceptional items 020 011
–––––– ––––––
reported pbt 201 186 8
–––––– ––––––
pence pence
adjusted eps 73 53 38
goodwill amortisation 05 05
exceptional items 05 04
–––––– ––––––
reported eps 63 52 21
–––––– ––––––
dividend per share 325 290 12
–––––– ––––––
denotes before goodwill amortisation and exceptional items
stadium electronics turnover
by origin by destination
1 uk 59
2 europe 15
3 asia 11
4 americas 8
5 other 7
by sector
1 consumer 40
2 industrial 25
3 automotive 22
4 telecom 13
1 2
3
4
1
uk
33
2
asia
67
3
4
5 annual report and accounts 2004
2
group at a glance electronics – uk operations
stadium electronics offers high quality electronic
manufacturing services from its site at hartlepool
in north east england
a dedicated engineering team provides comprehensive
design and buildtoprint support services together 
with production engineering quality and test 
equipment origination
customers benefit from full turnkey project
management support from concept to delivery
electronics – stadium power
stadium power design and manufactures custom and
standard switch mode power supplies and associated
power products
as one of the uk’s leading power solution 
providers we have a fully comprehensive range 
of products available including acdc converters 
dcdc converters dcac inverters ups’s
programmable switch mode power supplies smps
euro cassettes battery chargers transformers 
plugtop and desktop power supplies
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


Summary:
 introduction
i am very pleased to report another
year of solid growth and progress 
in financial results
the sterling translation of stadium
asia sales show growth year over
year of 14 which equates to 23
expressed in local currency this
excellent performance results from
a very strong team effort with a
high conversion rate of enquiries
into sales the plant at dongguan 
has benefited from further
investment and is of a very high
standard
our uk electronics factories 
at hartlepool and diss continue to
provide an important development
and engineering platform for our
customers together with production
capabilities for those products
better suited to uk manufacture
our branded plastics business 
did well in competitive market
conditions and a number of new
products have been introduced
successfully
results
profit before taxation was £201m
2003 £186m an increase of 8
profit before taxation goodwill
amortisation and exceptional items
increased by 24 to £234m 
2003 £188m
borrowings at the year end were
broadly unchanged at £158m 
2003 £159m with an 
improvement in gearing to 114
2003 120
these results have been achieved 
in spite of further weakening of the
us dollar which had an adverse
impact on the translation of earnings
from stadium asia of 11 at
average exchange rates
shareholders
we continue to attract greater
interest as a growth investment 
and this has been reflected in the
positive share price movement
during the year
last year we indicated our intention
to return to a progressive dividend
policy following the increase last
year and in view of the strong
increase in earnings i am pleased
to announce a final dividend to be
paid on 3 may 2005 of 225 pence
per ordinary share bringing the total
for the year to 325 pence an
increase of 12 2003 29p
employees
i would like to thank the directors
and staff in the uk and overseas
their tremendous effort in meeting
the demands of our customers and
their great commitment to the
company is reflected in our
performance
board changes
professor kevin morley announced
last year his intention to resign from
the board at the agm in 2005
kevin joined the board at flotation 
in 1996 and during his nine years
on the board his commercial
experience and judgement have
contributed greatly to the
development of strategy including
the increasing international flavour
of our manufacturing base i wish to
thank kevin for all he has done for
the company and for his support
we will all miss his fellowship and
wonderful sense of humour
on 17 february 2005 we
announced that nick brayshaw 
is joining the board as senior
independent director on 27 april
2005 nick joins the board with an
excellent background in engineering
and with considerable experience in
manufacturing and sales we are
delighted to have a director of his
calibre join the board and believe
that he will make a significant
contribution to future development
struan wiley
chairman
28 february 2005
chairman’s statement
covering the year ended 31 december 2004
stadium group plc
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