Solid State plc, the Redditch-based manufacturer of computing, power and communications products, and distributor of electronic components, has reported a rise in revenues of nearly 20 per cent, to £67.4 million in 2020, up from £56.3 million the previous year, and rise in operating profits.
The Group has delivered a four per cent organic sales growth in proforma Group revenue, driven by 8.8 per cent organic growth in Manufacturing and one per cent growth in VAD against an electronic component distribution market that experienced a seven per cent decline.
The company has seen a 5.6 per cent growth in its open order book at the 31 May 2020
The company has invested in technology across the Group including its battery pack designs, own brand computing products and enhanced production capabilities in its Weymouth facility.
Investment has also been made in business development resource to target new customers and markets.
Gary Marsh, Chief Executive of Solid State, said: “I am very pleased to be presenting a set of results that demonstrates a resilient performance, enhanced by the Group’s structural characteristics. Our diversity in technology, markets and territory has offered some protection against the global headwinds in the period and enabled Solid State to deliver record results.
“The Board is confident that the achievements of the last year and the growth in the open order book demonstrate that Solid State is making good progress towards achieving its goals and that the prospects for the Group remain very positive in spite of the disruption that COVID-19 is causing.”