Solid State PLC Trading Update (8082P)
February 22 2021 - 2:00AM
UK Regulatory
TIDMSOLI
RNS Number : 8082P
Solid State PLC
22 February 2021
Solid State plc
("Solid State", the "Group" or the "Company")
Trading update
Solid State plc (AIM: SOLI), the AIM listed manufacturer of
computing, power and communications products, and value added
supplier of electronic and opto-electronic components, announces a
trading update for the year ending 31 March 2021.
The Board is pleased to announce that trading since the half
year has continued to be robust, with revenues expected to be
broadly in line with, and profits expected to be ahead of,
consensus forecasts. The revenue mix has remained strong with
demand for higher value-added products, services and solutions
maintaining margins. The strengthening pound has resulted in
currency headwinds at a revenue level, albeit the Group's natural
hedge mitigates the impact on profits.
The business has taken steps to manage the effects of extending
delivery times on semiconductor components on both Solid State and
its customers through proactively increasing stock levels. However,
when combined with shortened customer order schedules resulting
from their own lack of visibility there is potential for programme
delays in the financial year 2022, albeit the Board currently
expects trading activity to be comparable with this financial
year.
This year's performance, notwithstanding the challenges of
COVID-19 and Brexit, exceeds the prior year profitability.
Commenting on trading, Gary Marsh, Chief Executive of Solid
State, said:
"We are very happy with the performance of the business this
year. To be upgrading profit expectations ahead of last year, which
was itself a record performance, given the challenges all
businesses have faced, is testament to the hard work and commitment
of the whole team and demonstrates the resilience of the
business."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information please contact:
Solid State plc Via Walbrook
Gary Marsh - Chief Executive
Peter James - Group Finance Director
WH Ireland (Nominated Adviser & Joint
Broker) 020 7220 1666
Mike Coe / Chris Savidge (Corporate
Finance)
Jasper Berry / David Kilbourn (Corporate
Broking / Sales)
finnCap (Joint Broker)
Ed Frisby (Corporate Finance)
Rhys Williams / Tim Redfern (Sales
/ ECM) 020 7220 0500
Walbrook PR (Financial PR) 020 7933 8780
Tom Cooper / Paul Vann 0797 122 1972
solidstate@walbrookpr.com
Analyst Research Reports: For further analyst information and
research see the Solid State plc website:
https://solidstateplc.com/research/
Notes to Editors:
Solid State plc (SOLI) is a value added electronics group
supplying industrial and military markets with ruggedised/durable
components, assemblies and manufactured units for use in harsh
environments. The Group's mantra is - 'Trusted technology for
demanding applications'. To see an introductory video on the Group
- https://bit.ly/3kzddx7
Operating through two main divisions: Manufacturing (Steatite)
and Value Added Supplies (Solid State Supplies & Pacer); the
Group specialises in complex engineering challenges often requiring
design-in support and component sourcing for computing, power,
communications, electronic and optoelectronic products.
Headquartered in Redditch, Solid State employs over 200 staff
across the UK with a branch office in the USA, serving specialist
markets in oil & gas production, transportation, medical,
construction, security, military and field maintenance.
Solid State was established in 1971 and admitted to AIM in June
1996. The Group has grown organically and by acquisition - having
made 10 acquisitions since 2002.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTEALAEASKFEFA
(END) Dow Jones Newswires
February 22, 2021 02:00 ET (07:00 GMT)
Solid State (LSE:SOLI)
Historical Stock Chart
From Apr 2024 to May 2024
Solid State (LSE:SOLI)
Historical Stock Chart
From May 2023 to May 2024