Redditch manufacturer delivers strong set of interim results

Solid State buys Pacer Technologies

Sold State plc, the Redditch-based, AIM listed manufacturer of computing, power and communications products, and value added distributor of electronic components, has reported strong interim results for the six months ended 30 Setember 2019.

Reported revenues have risen 43 per cent from £23.5 million to £33.6 million, and reported operation profit margins also rising from 5.7 per cent to 7.1 per cent.

Financial highlights include organic revenue growth of 22 per cent in the Manufacturing division with slightly improved margins and strong operating cash generation results in a return to net cash of £0.3m (31 March 2019 net debt £1.9m).

Significant contract wins previously announced have resulted in a solid Group open order book as at 31 October 2019 of £37.8 million  up 5.3 per cent

Tony Frere, Chairman of Solid State said: “I am very pleased to present a strong set of results which will be my last as Chairman of Solid State.  In the five years of leading the Board we have worked very hard to build a resilient business with key points of difference in its industry.  These record results vindicate our strategy and ensure a strong platform for future growth.”

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 over 200 staff across the UK with a branch office in the USA, serving specialist 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.