Solid State PLC Trading Update & Notice of Results (9887M)
October 20 2016 - 2:00AM
UK Regulatory
TIDMSOLI
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
GBP14.8m, comprising GBP12.7m of underlying revenue and GBP2.1m of
Creasefield revenue, acquired in June 2016, (30 September 2015:
GBP14.2m - excluding discontinued SEMS division Ministry of Justice
revenue of GBP3.5m).
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
tom.cooper@walbrookpr.com.
For further information, please contact:
Solid State plc 01527 830 630
Gary Marsh - Chief Executive investor.information@solidstateplc.com
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
tom.cooper@walbrookpr.com
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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