Solid State plc, the Redditch-based AIM listed manufacturer of computing, power and communications products, and value added distributor of electronic components, has revealed a major international contract win.
The contract, valued at $3m, has been won by the Group’s Pacer Optoelectronics business unit, acquired by Solid State in November 2018. The display project, a rail infrastructure programme in the United States, will use Pacer’s value added capabilities and is expected to be delivered over the next nine months.
Gary Marsh, Chief Executive of Solid State, said: “This contract is a good example of the success of our acquisition strategy in broadening our international and sector reach. We have focussed on niche sectors where we can apply our value added engineering capability and where we can sell into increasingly international markets. The transportation sector has been a specific target and therefore this success is particularly pleasing.”
Earlier this month the company reported in a trading update that as a result of a strong start to the year, profits for the year ending 31 March 2020 are likely to be significantly ahead of expectations.
Trading in the first four months of the year was very strong and well ahead of budget. Generally, revenues across the Group have been in line with management’s expectations however there has been an acceleration of certain project work into H1 that had been expected in H2 which will benefit reported revenue and profits in H1.
Operating through two main divisions: Manufacturing (Steatite) and Value Added Distribution (Solid State Supplies & Pacer); the Group specialises in complex engineering challenges often requiring design-in support and component sourcing for computing, power, communications, electronic and optoelectronic products.
Headquartered in Redditch, Solid State employs more than 200 staff across the UK with a branch office in the USA, serving niche markets in oil & gas production, transportation, medical, construction, security, military and field maintenance.
Solid State was established in 1971 and admitted to AIM in June 1996. The Group has grown organically and by acquisition – having made 10 acquisitions.