ELECTRONICS firm Stadium Group says it is looking to grow sales and target acquisitions as it announced its half-year results.

The electronics and power supply products company announced slightly increased revenues for the six months to June 30, inching up to £23.2m from £23.1m in the same period last year. Pre-tax profit was £1.58m, 9% more than 2010’s figure of £1.45m.

The company recently brought in Stephen Phipson to replace Nigel Rogers as chief executive.

Nick Brayshaw, chairman of Stadium Group, said: “The appointment of Stephen Phipson as chief executive is ideally timed to capitalise on the wealth of exciting opportunities which exist to grow the business.

“The company’s strong balance sheet sees it ideally placed to grow both organically and through targeted acquisitions. The exposure to high growth, innovative sectors offers the chance to increase market share in our target sectors, and there are plans to invest in the middle management capability and to enhance the equipment base to underpin this growth.”

Mr Phipson arrived from Smiths Group this month to replace Mr Rogers, who announced in April he was leaving after 18 years.

The company raised cash proceeds of £2.51m by selling property previously occupied by its branded plastics division, and plans to invest in additional capability at its site in Rugby during the last quarter of the year. It also has a manufacturing presence in China, and employs around 100 people at its factory in Hartlepool.

Colin Wilson, finance director, said the company had added new staff to its sales team to bring in new orders. A new multi-million contract has already come on stream at the Hartlepool site.

“Demand has softened a little because of the general economic climate,” he added. “So we looking at organic growth.”

He also said there were new order opportunities for the Hartlepool site - particularly north of the border.

“We have customers right across the UK but don’t currently have a lot of customers in Scotland - which is another opportunity for us.”