ELECTRONICS group Stadium today announced a dip in sales and revenues in a tough economic environment but revealed the first in what is likely to be a number of acquisitions.

The Hartlepool company, which provides assembly and manufacturing services for a range of devices such as LED lighting, smart water meters and controls for stair lifts, reported revenues of £20.93m, down from £23.20m, in the six months to the end of June. Profits fell by £1m to £0.58m in the same period.

Chairman Nick Brayshaw said: “Whilst the group has retained its key customers and engaged with new ones, the first half of the year has been marked by a continued slowdown of up to 25% in the core Electronic Manufacturing Services (EMS) marketplace.

“It is important to note that we have not lost any customers to competitors during this slowdown and that it instead reflects reduced volumes from a number of key customers. Anecdotal evidence indicates that competitors are seeing activity levels at similarly reduced levels.”

Stadium, which secured £11.5m of finance for growth last month, also announced the £4.2m acquisition of IGT Industries Ltd, a which designs and manufactures of intelligent displays for the professional electronics market.