AN ENGINEERING specialist with a track record of growing global businesses has outlined major growth plans for a Teesside electronics firm.

Stephen Phipson, who joined Stadium Group as CEO earlier this month, wants to double turnover at the firm to £90m in three to five years and create dozens of jobs at its Hartlepool site.

Under his grand plan, the company will seek new markets for its high-value electronics products, which it supplies to the healthcare, automotive and security industries.

Mr Phipson sees potential in the new generation of smart water meters, which use green technology to measure water usage and electricity generation.

He is also exploring ways of adding value to radio frequency identification technology, used in supermarket scanners, and complex antenna systems for the automotive sector.

He said: “We’re looking to double in size in terms of turnover and with that will come more work and more jobs.

“If you have a niche, a speciality, then you can grow in any kind of economic environment.

“If we could get the right type of work in we could double the size of the workforce.

“The Hartlepool plant is operating at about half of its capacity at the moment so there’s plenty of scope to expand.”

Mr Phipson took up his current role on September 1, replacing former Stadium CEO Nigel Rogers and has purchased 15,000 ordinary shares in the company at 70p each.

In his previous role he transformed Smiths Detection, which supplies security systems to more than 100 Governments across the globe, from a £200m business into £500m technology giant.

Last year stadium posted a 95% rise in profits and saw revenues grow 27% to £44.8m.

In the first half of this year, profits were up 9% to £1.58m, while revenues inched up to £23.2m from £23.1m in 2010.

For an in-depth interview with Stephen Phipson, see the Evening Gazette's 12-page Business section next Tuesday.