Trading Update & Notice of Results

RNS Number : 9887M

Solid State PLC

20 October 2016

 

Solid State plc

("Solid State", the "Company" or the "Group")

Trading Update & Notice of Interim Results date

Solid State plc (AIM: SOLI), the AIM listed supplier of specialist industrial/ruggedised computers, electronic components, secure communications systems and battery power solutions to the electronics market, announces the following trading update ahead of its Interim Results to be released on 22 November 2016.

The Group expects to announce results for the half year ahead of the equivalent period in 2015 and consistent with market expectations for the year as a whole and a strong debt free balance sheet.  The Group had an order backlog at 30 September 2016 of £14.8m, comprising £12.7m of underlying revenue and £2.1m of Creasefield revenue, acquired in June 2016, (30 September 2015: £14.2m - excluding discontinued SEMS division Ministry of Justice revenue of £3.5m).

As anticipated in our final results in July, in the year to date, the business has focussed on deriving the strategic benefits from its recent acquisitions and promoting cross selling amongst Group divisions.  The Board is pleased to announce that both acquisitions made in the 2015/2016 financial year are substantially integrated, performing well in their own markets and demonstrating synergy benefits with the other divisions in the Group.

Ginsbury, the displays business acquired in April 2015, has relocated a design team to the principal site in Redditch and is providing valuable additional design features for both own brand and client specified products.

Creasefield, the batteries business acquired in June 2016, is benefiting from improved resourcing and cost control measures.  

The antenna and subsystems business formed from the acquisition of Q-Par in May 2013, and which is due to open its purpose built facilities that will include the advanced testing range in Leominster in December 2016, is engaging in both cutting edge new product design and international sales opportunities which give the Board confidence for the prospects for the Division. 

Solid State Supplies, the Group's component distribution division, continues to win new franchise lines.  In the case of a recently won line, with Kemet, a well-known capacitor line suited to applications in remote power solutions, Solid State Supplies was chosen in favour of competitors due to its superior design-in capability.

Notice of Interim Results - Solid State will be announcing its Interim Results for the six months ended 30 September 2016 on Tuesday 22 November 2016.  Those wishing to attend an update on the results from the Directors or requiring further information on the Company should contact Tom Cooper on 0797 122 1972 or [e-mail].

 

For further information, please contact:

Solid State plc	01527 830 630
Gary Marsh - Chief Executive	[e-mail]
WH Ireland (Nominated Adviser)	0117 945 3470
Mike Coe / Ed Allsopp
Walbrook PR (Financial PR)	020 7933 8780
Tom Cooper / Paul Vann	0797 122 1972
	[e-mail]

Notes to Editors:

Solid State plc (SOLI) is a leading value added group of companies providing specialist design-in and manufacturing services to those acquiring industrial/rugged computing products, battery power solutions, secure communications systems and electronic components for use in harsh environments. 

Serving niche markets in oil & gas production, medical, construction, security, military and field maintenance, Solid State acts as both a distributor to OEMs and bespoke manufacturer of specialist units to clients with complex requirements.

Headquartered in Redditch, Solid State employs over 150 staff across five sites.  Solid State operates through two main divisions: Solid State Supplies and Steatite.

Solid State was established in 1971 and admitted to AIM in June 1996.

 

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