Redditch manufacturer Solid State reports strong trading

Solid State

Solid State plc the manufacturer of computing, power, and communications products, revealed that following a continuation of the strong trading performance for the year ending 31 March 2022  it now expects to report revenues for the period slightly ahead of current consensus expectations of at least £80.0 million, up from £66.3 million last year, with adjusted profit before tax well ahead of current consensus expectations.

The company also has a record open order book at 31 January 2022 standing at £74.1 million.

This trading momentum is reflected across both its systems and components divisions, and very strong trading at its recently acquired Active Silicon business.  

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However, the company warned that the global supply chain continues to present challenges for both Solid State and its customers. In many instances the risks are being mitigated through collaboration with the client and supplier, and through order management; complemented by continued strong Group cash generation to support investment in working capital to manage the potential shortages.

Gary Marsh, Chief Executive at Solid State, said: “The year continues to be busy and challenging, with widely reported supply chain disruption, however the team is working very hard to collaborate with both customers and suppliers to ensure timely supply of both components and systems.  The depth of our relationships and our balance sheet strength is helping greatly in being able to ensure consistent supply.

“The record open order book gives the Board confidence in the prospects for Solid State.”