Solid State PLC Trading Update (4662O)
30 Gennaio 2019 - 8:00AM
UK Regulatory
TIDMSOLI
RNS Number : 4662O
Solid State PLC
30 January 2019
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
distributor of electronic & optoelectronic components, is
pleased to announce a trading update.
The Directors expect that the Company's trading results for the
year ending 31 March 2019 will now comfortably exceed current
market consensus guidance. Revenues are expected to be above
current guidance and adjusted profits significantly ahead.
The strong demand seen in H1 within our Value Added Distribution
division has continued into the second half. With increased
revenues and the impact of operational gearing, the Division is now
expected to deliver results well ahead of management's previous
expectations.
As previously reported, sales in the Manufacturing division are
second half weighted. Some of the first half shortfall over the
prior year is expected to be mitigated in the second half,
delivering revenues broadly in line with management's expectations,
albeit as expected, slightly lower than last year.
The focus in the Manufacturing division has been on improving
the quality and mix of sales. The second half has benefitted from
the initial shipments of the new power packs for the industrial
smart warehousing contract announced in June 2018, and the
resolution of a technically challenging specification on a high
value-added contract enabling product shipment. The improvement in
gross margins seen in the first half has been maintained in to the
second half of the year, as a result a significant improvement
ahead of management's expectations in the full year gross margin is
now expected.
Commenting on trading, Gary Marsh, Chief Executive of Solid
State said:
"We are delighted with the Group's strategic progress,
delivering significant organic revenue growth within the Value
Added Distribution division and increasing the proportion of higher
value added projects within the Manufacturing division, which
together are driving the improvement in profitability.
"The integration of the Pacer acquisition is progressing well.
In addition to current year trading, the order book now gives us
confidence in an improved outlook for our financial year ending 31
March 2020."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information please contact:
Solid State plc 01527 830 630
Gary Marsh - Chief Executive investor.information@solidstateplc.com
Peter James - Group Finance Director
WH Ireland (Nominated Adviser & Joint
Broker) 0117 945 3470
Mike Coe / Chris Savidge (Corporate
Finance)
Jasper Berry / David Kilbourn (Corporate
Broking / Sales)
finnCap (Joint Broker)
Ed Frisby / Kate Bannatyne (Corporate
Finance)
Tim Redfern / Rhys Williams (ECM /
Sales) 020 7220 0500
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 distribution, design-in and
manufacturing services to those acquiring computing, power and
communications products; and electronic and optoelectronic
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 component supplier to OEMs and bespoke manufacturer
of specialist units to clients with complex requirements.
Headquartered in Redditch, Solid State employs over 200 staff
across the UK with a sales office in the USA. Solid State operates
through two main divisions: Manufacturing and Value Added
Distribution.
Solid State was established in 1971 and admitted to AIM in June
1996.
www.solidstateplc.com
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END
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