AN electronics firm remains confident of success despite revealing end of year losses – and are predicting a bright future for Hartlepool.
The Stadium Group, which has a base in Brenda Road, Hartlepool, saw revenue fall in 2012 to £40.9m from £44.9m in 2011.
Profit before tax dropped to £1.7m from £3.9m but the company is hoping for future success on its Hartlepool plant.
The Mail reported last month that Stadium was creating 20 jobs and at least £3m of new business at its Hartlepool headquarters this year.
But Hartlepool’s good fortune comes at the same time as Stadium is closing its plant in Rugby, Warwickshire. Much of the contract work is being transferred to the Hartlepool plant where 131 people currently work.
Company chief executive Stephen Phipson said: “I think the news is pretty good. The numbers are down but we were expecting that. We told everyone that we were getting on with a restructuring exercise.
“All of that is now provided for in our books and there are no surprises. We can now start to see the light at the end of the tunnel.
“We are creating new jobs in Hartlepool and we should have that finished in the late summer.”
He said the Hartlepool business was going from a £7m concern to a £13m business where 150 people.
Mr Phipson said: “I feel like we are seeing some really good options despite the market we are in.”
Company chairman Nick Brayshaw said: “Trading in the first few months of the year has been challenging given a continuation of the difficult market conditions experienced in the latter part of 2012.”
He said leaner business structures and improved operational efficiency would make a difference and should offset the “impact of weak or zero growth”.
Mr Brayshaw said the Board “remains confident in its strategy for the future and the Group’s prospects for the current year”.
As well as work from Rugby, the firm has contracts hopefully coming through to make smart meters and to manufacture electronic boxes for shops.
Stadium provides electronic technologies to the industrial, marine, aviation, transport infrastructure, lighting, medical, automotive, and communication markets.