Interim Results

Solid State Supplies PLC
14 November 2001


SOLID STATE SUPPLIES PLC

Unaudited Interim Results for the 6 months ended 30 September 2001.

Chairman's Statement

Results

The unaudited pre tax profit for the Company for the 6 months ended 30
September 2001 was £118,000 (2000: £440,000) on a turnover of £3,621,000
(2000: £3,981,000).  The pre tax profit is stated after charging costs of 
£46,000 relating to the re-organisation of the Company in the light of the
present trading climate.



Trading Review

The past six months have seen a significant downturn in the industry which has
inevitably had a major impact on the trading of the Company, with a negative
book to bill ration being recorded for the period, and pressure on gross
profit margins which reduced to 26.2% compared with 31.4% for the same period
last year.



The Company has taken appropriate action to reduce overheads in order to
improve medium term profitability and, as noted above, has incurred costs of 
£46,000 in this connection.  The Company has also significantly reduced stock
levels, a process which is continuing.



Dividends

In the meantime, the Company remains liquid with exceptionally strong cash
flows.  The Directors are declaring a special interim dividend, payable in
January 2002, of 5p per share.  This compares with an interim dividend of 1.5p
per share paid last year.  The special interim dividend will be paid on 10
January 2002 to shareholders on the register on 21 December 2001.  The
Directors believe that the special interim dividend will be a more efficient
use of the Company's resources on behalf of the shareholders in the current
trading environment.  The Directors also believe that, due in part to improved
stock control, the Company's resources will be sufficient to fund a recovery
in trading activity.



Conclusion

Our industry is a cyclical one, and the current recession is characterised by
low confidence and reductions in stock levels.  Although there is no evidence
of any forthcoming recovery in the short term, I am confident that the Company
is well placed to benefit from an upturn in our market sector when it arises.
I would like to thank everyone in the Company for their continuing hard work
on the Company's behalf



Gordon L Comben

Chairman

14th November 2001




Unaudited Interim Profit and Loss Account
For the six months ended 30 September 2001

                                               Unaudited  Unaudited     Audited
                                              six months six months        Year
                                                      to         to          to
                                                      30         30          31 
                                               September  September       March 
                                                      01         00          01
                                                   £'000      £'000       £'000

Turnover                                           3,621      3,981       9,166
Cost of Sales                                    (2,674)    (2,732)     (6,483)
                                               _________ __________   _________
Gross Profit                                         947      1,249       2,683

Selling expenses and distribution costs            (532)      (524)     (1,164)
Administrative expenses                            (300)      (298)       (569)
                                               _________ __________    ________
                                                   (832)      (822)     (1,733)
                                               _________ __________    ________

Operating Profit                                     115        427         950

Other income                                           3         13          36

Interest Payable                                       -          -        (15)

                                               _________ __________ ___________
Profit on ordinary activities before taxation        118        440         971
Tax on profit on ordinary activities                (31)      (132)       (282)

                                               _________ __________  __________
Profit on ordinary activities after taxation          87        308         689
Dividends                                          (312)       (94)       (281)
                                               _________ __________  __________

RETAINED PROFIT FOR THE PERIOD                     (225)        214         408
                                               _________ __________  __________

Earnings per share
Basic                                               1.4p       4.9p       11.0p
Diluted                                             1.3p       4.9p       10.7p

All amounts relate to continuing activities



Unaudited Balance Sheet
as at 30 September 2001

                                            Unaudited        Unaudited  Audited
                                                As at            As at    As at
                                         30 September     30 September 31 March
                                                   01               00       01
                                                £'000            £'000    £'000

FIXED ASSETS
Tangible assets                                   330              336      314

Investments property                                -               77        -
                                             ________          _______  _______
                                                  330              413      314
                                             ________          _______  _______

CURRENT ASSETS
Stock                                           1,201            1,604    1,906
Debtors                                         1,305            1,817    2,669
Cash at bank and in hand                          884              119        1
                                             ________          _______  _______
                                                3,390            3,540    4,576
                                             ________          _______  _______

CREDITORS

Amounts falling due within one year           (1,424)          (1,525)  (2,400)

                                             ________        _________  _______
                                                1,966            2,015    2,176
                                             ________        _________  _______

TOTAL ASSETS LESS CURRENT LIABILITIES           2,296            2,428    2,490

CREDITORS
Amounts falling due after more than one          (31)            (132)        -
year
                                             ________         ________  _______
                                                2,265            2,296    2,490
                                             ________         ________  _______

CAPITAL AND RESERVES
Share Capital                                     312              313      313
Capital redemption reserve                          1                -        -
Share premium account                             757              757      757

Profit and loss account                         1,195            1,226    1,420

                                             ________        _________ ________
SHAREHOLDERS' FUNDS-EQUITY                      2,265            2,296    2,490
                                             ________        _________ ________


Notes:

 1. The unaudited profit and loss account and balance sheet do not constitute
    statutory accounts within the meaning of Section 240 of the Companies Act
    1985.  Statutory accounts for the year ended 31 March 2001 have been filed
    with the Registrar of Companies.  The Auditors' Report on these accounts
    was unqualified.


 2. 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 on the weighted average number of shares in issue during each
    period.  The weighted average number of shares in issue during the period
    was 6,246,311 for the six months ended 30 September 2001, 6,250,000 for
    the year ended 31 March 2001 and 6,250,000 for the six months ended 30
    September 2000.  The calculation of the diluted earnings per shares was
    based on 6,484,311 for the six months ended 30 September 2001, 6,425,403
    for the year ended 31 March 2001 and 6,250,000 for the six months ended 30
    September 2000.


 3. Further copies of this document are available from the offices of Insinger
    English Trust, 44 Worship Street LondonEC2A 2JT


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