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Solid State expects flat annual performance as first-half sales edge lower

By BFN News | 07:49 AM | Tuesday 20 October, 2020


Computer, power and communications products marker Solid State said it would report modest falls in first-half profit and revenue and expected to acheive a flat performance for the full year. Adjusted pre-tax profit for the six months through September was seen falling to around £2.50 million, down from £2.67 million year-on-year. Revenue, meanwhile, was seen slipping to £33.0 million, down from £33.6 million. The company's open order book at the end of September was £34.3 million, down from £36.5 million year-on-year, of which around £23.7 million was expected to be shipped in the current financial year. 'The order book reflects some delays in order intake and a shortening of client order scheduling in response to Covid-19 uncertainties,' it said. 'Pleasingly, the demand from sectors such as medical and security & defence have been robust during the first half.' 'Our cross-sector client exposure and market diversity provides a natural balance giving the group some resilience.' 'While the outlook remains opaque, the board currently anticipates an outcome to the 2020/21 financial year similar to the prior year.' 'Having paused our investment and acquisition activities at the outset of the pandemic, the group has restarted its capex programme and is re-engaging with potential acquisition targets across both divisions.' 'Following a strong first half the board remains confident in group's future prospects.' Story provided by StockMarketWire.com

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