Stadium Group said trading for the year ended 31 December 2016 was broadly in line with market expectations.
The contribution from the Company's higher margin Technology Products businesses continued to grow in line with its expectations and this division contributed approximately 60% of total revenues for the year.
The Company's forward order book has also continued to improve, with significant year-on-year growth, reflecting the effectiveness of the Company's strategy of transitioning to a design-led technology solutions business. Net debt at the year end was £3.5m.
In addition, the Company announces that on 11 January 2017 it acquired the assets of Cable Power Ltd ("Cable Power"), a specialist manufacturer and distributor of bespoke cable and power products and accessories to Single Board Computing providers, for £0.75 million in cash.
For the year ended 31 December 2016, Cable Power recorded sales of circa £0.7 million and profit before interest and tax of circa £0.1 million.
Colchester-based Cable Power's customers include RS Components, Rapid Electronics, Farnell, CPC and Raspberry Pi, with whom it has exclusivity for several accessories, including HDMI cables, power connectors and other accessory bundles.
Cable Power will join Stadium's Power division, Stadium Stontronics, which announced in March 2016 that it had become the only approved external power supply manufacturer for the Raspberry Pi 3. Cable Power is an excellent fit which complements the Company's strategy to grow its design-led range of technology products.