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:
 introduction
i am pleased to report a year 
of significant progress and strong
financial results
stadium electronics has developed
to become a single cohesive
business unit offering flexible product
engineering and manufacturing
solutions to a growing base of key
customers enhanced capabilities
have enabled us to attract higher
value added projects with associated
benefits of improved margins and
greater forward visibility
during the second half of the year
our new operation offering domestic
sales into the rapidly growing
market in the people’s republic 
of china opened for business  
whilst this operation made no
contribution to earnings this year 
it represents a strategic opportunity
which we expect to bring benefits in
future
results
profit before tax was £19m 
2002 loss of £13m
profits before tax exceptional items
and goodwill amortisation increased
by 49 to £19m 2002 £13m and
borrowings were reduced further to
£16m giving year end gearing of
12
these results have been delivered
despite further weakening of the 
us dollar which had an adverse
impact on the translation of 
earnings of stadium asia limited 
at average rates of approximately 
8 year on year
shareholders
stadium has continued to attract 
greater interest as a growth
investment and there has been
significant activity in the share
register this has provided scope for
the welcome addition of a number
of major new institutional holders  
in view of these good results and 
a favourable outlook i am pleased 
to report our intention to return 
to a progressive dividend policy
with this in mind a final dividend 
of 195 pence per share will be paid
on 4 may 2004 bringing the total
for the year to 29 pence per share
2002 28 pence per share
outlook
it is becoming increasingly
important for many manufacturing
companies to access the rapidly
developing opportunities in china
stadium asia is delivering these
benefits to a growing list of key
customers and is well placed to
fulfil its growth potential through
repeat orders and further new 
business wins  
struan wiley
chairman
23 february 2004
chairman’s statement
covering the financial year 2003
stadium group plc
5