Interim Results

Solid State PLC 19 December 2006 Solid State plc Unaudited Interim Results for the six months ended 30 September 2006 Chairman's Statement Results The unaudited pre-tax profit for the Group for the six months ended 30 September 2006 was Â£188,000 (2005: Â£127,000) on a turnover of Â£6,337,000 (2005: Â£5,010,000). The basic earnings per share amounted to 2.4p (2005: 1.6p). The pre-tax profit is stated after goodwill amortisation of Â£45,000 (2005: Â£22,000). Trading Review Solid State Supplies Our component distribution business has continued to take advantage of the improvement in market conditions that began in March. Our sales order intake has increased by 4% over the same period last year and this is despite the loss of franchises reported previously. Our book to bill ratio remains strong at 1.15:1.00 and this will feed through to sales during the second half of this year. As outlined in my previous statement I am pleased to confirm that new franchises have been signed in this period. We are in advanced discussions with further lines which together will broaden our product offering and bring significant benefits next fiscal year. Steatite and Wordsworth Technology Sales for both companies have continued to improve, whilst the full advantages of the re-organisation continue to have a positive effect on costs and margins. The focus on demand creation for value added product has led to own brand designs and new product developments. This has increased the long term opportunities for both companies in some of the large blue chip OEMs within the UK. We will continue to develop new products and franchises offering the best in Batteries and Industrial Computing platforms to our expanding customer base. Summary The results represent a significant improvement with turnover and profit in excess of expectation at both sites. Turnover for the first half of this year has increased by 15% on a like for like basis over the second half of last year. Having consolidated Wordsworth Technology into the Redditch site we are now looking for suitable further acquisitions within the electronics industry. The board is confident that the Group will continue to develop from its strong position and that this will be reflected in the results of the current and future periods. Dividends No final dividend was paid in respect of the year ended 31 March 2006 meaning that the total dividend in respect of the year was 0.5p per share. The directors are pleased to announce that in the light of the sound result for the first half year, an interim dividend of 1p per share will be paid. The payment date will be 30 January 2007 to shareholders on the register at the close of business on 26 January 2007. Conclusion I would like to thank my fellow directors and all the staff of the Group for their support over the past six months. Peter Haining Chairman 19 December 2006 INTERIM CONSOLIDATED PROFIT AND LOSS ACCOUNT for the six months ended 30 September 2006 Unaudited Unaudited Audited Six months to Six months to Year to 30 Sept 2006 30 Sept 2005 31 Mar 2006 Â£'000 Â£'000 Â£'000 (as restated) (as restated) Turnover 6,337 5,010 10,452 Cost of sales (4,669) (3,525) (7,543) -------------- -------------- -------------- Gross profit 1,668 1,485 2,909 -------------- -------------- -------------- Selling expenses and distribution costs (794) (619) (1,216) Administrative expenses (636) (712) (1,684) -------------- -------------- -------------- (1,430) (1,331) (2,900) -------------- -------------- -------------- Operating profit 238 154 9 Other income 1 1 4 Interest payable (51) (28) (81) -------------- -------------- -------------- Profit/(loss) on ordinary activities before taxation 188 127 (68) Tax on profit on ordinary activities (41) (33) 35 -------------- -------------- -------------- PROFIT/(LOSS) FOR THE FINANCIAL PERIOD 147 94 (33) -------------- -------------- -------------- RECONCILIATION OF MOVEMENT IN SHARHOLDERS' FUNDS Opening shareholders funds 2,019 2,198 2,198 Profit/(loss) for the financial period as previously reported - 98 (25) Adjustment re share based payments - (4) (8) -------------- -------------- -------------- Profit/(loss) for the financial period as restated 147 94 (33) -------------- -------------- -------------- Dividends paid - (122) (154) Share based payment expense 4 4 8 -------------- -------------- -------------- Closing shareholders' funds 2,170 2,174 2,019 -------------- -------------- -------------- Earnings per share Basic 2.4p 1.6p (0.4p) Diluted 2.4p 1.6p (0.4p) All amounts relate to continuing operations. CONSOLIDATED BALANCE SHEET as at 30 September 2006 Unaudited Unaudited Audited As at As at As at 30 Sept 2006 30 Sept 2005 31 Mar 2006 Â£'000 Â£'000 Â£'000 (as restated) (as restated) FIXED ASSETS Intangible assets 1,616 1,623 1,661 Tangible assets 368 471 374 -------------- -------------- -------------- 1,984 2,094 2,035 -------------- -------------- -------------- CURRENT ASSETS Stock 1,188 1,483 1,081 Debtors 2,341 1,982 1,864 Cash at bank and in hand 117 117 154 -------------- -------------- -------------- 3,646 3,582 3,099 -------------- -------------- -------------- CREDITORS Amounts falling due within one year (3,048) (2,780) (2,561) -------------- -------------- -------------- NET CURRENT ASSETS 598 802 538 -------------- -------------- -------------- TOTAL ASSETS LESS CURRENT LIABILITIES 2,582 2,896 2,573 -------------- -------------- -------------- CREDITORS Amounts falling due after more than one year (412) (722) (554) -------------- -------------- -------------- 2,170 2,174 2,198 -------------- -------------- -------------- CAPITAL AND RESERVES Share capital 308 308 308 Capital redemption reserve 5 5 5 Share premium account 757 757 757 Profit and loss account 1,100 1,104 949 -------------- -------------- -------------- SHAREHOLDERS' FUNDS 2,170 2,174 2,019 -------------- -------------- -------------- CONSOLIDATED CASH FLOW STATEMENT for the six months ended 30 September 2006 Unaudited Unaudited Audited Six months to Six months to Year to 30 Sept 2006 30 Sept 2005 31 Mar 2006 Â£'000 Â£'000 Â£'000 Net cash inflow/(outflow) from operating activities (112) 907 1,216 Return on investments and servicing of finance: Interest received 1 1 4 Interest paid (51) (28) (81) -------------- -------------- -------------- Net cash (outflow) (50) (27) (77) -------------- -------------- -------------- Taxation: Corporation tax paid - - (185) -------------- -------------- -------------- Net cash (outflow) - - (185) -------------- -------------- -------------- Capital expenditure and financial investment: Payments to acquire tangible fixed assets (114) (54) (145) Receipts from sales of tangible fixed assets 43 7 44 -------------- -------------- -------------- Net cash (outflow) (71) (47) (101) -------------- -------------- -------------- Acquisitions and disposals Purchase of business operation - (1,833) (1,833) Net cash acquired with subsidiary - 235 235 -------------- -------------- -------------- Net cash (outflow) - (1,598) (1,598) -------------- -------------- -------------- Equity dividend paid - (123) (154) -------------- -------------- -------------- Net cash (outflow) before financing (233) (888) (899) -------------- -------------- -------------- Financing: Medium term loan received - 500 500 Repayments of medium term loan (82) (56) (138) Invoice discounting finance received (net movement) 36 308 501 -------------- -------------- -------------- Net cash inflow/(outflow) (46) 752 863 -------------- -------------- -------------- (Decrease) in cash (279) (136) (36) -------------- -------------- -------------- NOTES TO THE INTERIM REPORT 1. Basis of preparation of interim financial information The interim financial statements have been prepared on the basis of accounting policies expected to be adopted in the Financial Statements for the year ending 31 March 2007. The Group has changed its accounting policy for share options granted after 7th November 2002 in accordance with Financial Reporting Standard 20 'Share based payments'. The results for the comparable periods have been restated accordingly (6 months to 30th September 2005: Â£4,000; year ended 31st March 2006: Â£8,000).The effects of this change are set out in the Reconciliation of Movement in Shareholders' Funds on page 3. The unaudited financial statements do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. Statutory accounts for year ended 31 March 2006 have been filed with the Registrar of Companies. The Auditors' Report on these accounts was unqualified. 2. Earnings per share The earnings per share figures are based on the profit on ordinary activities after taxation as stated in the unaudited profit and loss account and the weighted average number of shares in issue during each period. The weighted average number of shares in issue during the period was 6,156,511 for the six months ended 30 September 2006, 6,156,511 for the year ended 31 March 2006 and 6,156,511 for the six months ended 30 September 2005. The calculation of diluted earnings per share was based on 6,156,511 for the six months ended 30 September 2006, 6,156,511 for the year ended 31 March 2006 and 6,156,511 for the six months ended 30 September 2005. 3. Reconciliation of operating profits to net cash inflow from operating activities Unaudited Unaudited Audited Six months to Six months to Year to 30 Sept 2006 30 Sept 2005 31 Mar 2006 Â£'000 Â£'000 Â£'000 Operating profit 238 154 9 Share based payment expense 4 4 8 Amortisation of intangible fixed assets 45 22 71 Depreciation charges 72 68 151 Loss on disposal of fixed assets 6 5 17 Decrease/(Increase) in stocks (107) (142) 223 Decrease/(increase) in debtors (477) 648 801 Increase/(decrease) in creditors 107 148 (64) ---------------- ---------------- ---------------- Net cash inflow/(outflow) from operating activities (112) 907 1,216 ---------------- ---------------- ---------------- 4. Analysis and reconciliation of net cash Audited Unaudited 31 Mar 2006 Cash flow 30 Sept 2006 Â£'000 Â£'000 Â£'000 Cash at bank and in hand 154 (37) 117 Bank overdrafts (88) (242) (330) ---------------- ---------------- ---------------- 66 (279) (213) ---------------- ---------------- ---------------- 5. Further copies of this document are available both at the registered office of the Company and from the offices of Charles Stanley Securities, 25 Luke Street, London, EC2A 4AR. This information is provided by RNS The company news service from the London Stock Exchange

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