Trading Update & Notice of Results

RNS Number : 2560A

Solid State PLC

23 March 2017

 

Solid State plc

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

Trading Update &

Notice of Results

Solid State plc (AIM: SOLI), the AIM listed supplier of specialist industrial/ruggedised computers, electronic components, advanced antenna products, communications systems and battery power solutions to the electronics market, announces a trading update for the year ending 31 March 2017.

Underlying profit before tax for the year is expected to be broadly in line with expectations, being in excess of £3.1m with revenue in excess of £39m. The final quarter has seen a number of projects within the higher margin antenna division being delayed, consequently contribution from these projects is expected in future periods. The other areas of the manufacturing business unit have performed broadly in line with management's expectations and the distribution business has performed slightly ahead of management's expectations.

Reported profit before tax for the year will be impacted by one-off costs arising from the re-organisation of the manufacturing division and the Creasefield acquisition costs of approximately £0.2m, and the recent decision to cease development activity in Steatite's SEMS (Steatite Electronic Monitoring Systems) business unit. This unit will be treated as a discontinued activity in the year end accounts and is expected to have attributable losses of approximately £0.5m.  In addition, there are non-cash amortisation charges of acquisition intangibles of £0.2m.

Pleasingly, the Group's order book stood at £18.13m as at 28 February 2017 (29 February 2016: £16.45m).

Notice of Results:

Final results for the year ended 31 March 2017 are expected to be released on 4 July 2017.

For further information please contact:

Solid State plc	01527 830 630
Gary Marsh - Chief Executive Peter James - Group Finance Director	[e-mail]
WH Ireland (Nominated Adviser & Joint Broker)	0117 945 3470
Mike Coe / Ed Allsopp (Corporate Finance) Jasper Berry / David Kilbourn (Corporate Broking / Sales)
finnCap (Joint Broker)                    Ed Frisby / Kate Bannatyne (Corporate Finance) Emily Morris / Rhys Williams (Corporate Broking / Sales)	020 7220 0500
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, communications systems, advanced antenna products 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 200 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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