Solid State Plc, the Redditch computing and communications component manufacturer has reported a rise in pre-tax profits for the year ended March 31st.
While revenues were down 1.6 per cent on the previous year to £66.3 million, pre-tax profits rose to 8.3 per cent from 7.2 per cent the previous year. The year also saw the Acquistion by Solid State of Willow Technologies and Active Silicon.
Solid State bought Buckinghamshire-based Active Silicon Limited and its subsidiaries for £6.3 million, and quickly followed that with the Acquistion of West Sussex-based Willow Technologies Limited for £10 million.
Gary Marsh, Chief Executive said: “I am pleased to report that Solid State has delivered another year of record profits and a further step in achieving its medium term target of doubling adjusted earnings per share, despite a challenging market environment and the pandemic.
“The completion of two bolt-on acquisitions late in the year significantly enhance the Group’s capabilities and add to the Group’s resilience and strategic targets of achieving greater diversity in geographical and industry sector coverage.
“The Board is confident that the achievements of the last year and the post period end growth in open orders are a very good foundation going into the current financial year. The experience of our team, focus on structural growth markets and the balance sheet strength set Solid State aside from many in our sector, giving the Directors confidence in the mid-term prospects.”