Solid State PLC Trading Statement & Notice of Results (9014Q)
24 Ottobre 2019 - 8:00AM
UK Regulatory
TIDMSOLI
RNS Number : 9014Q
Solid State PLC
24 October 2019
Solid State plc
("Solid State", the "Company" or the "Group")
Trading Statement &
Notice of Results
Solid State plc (AIM: SOLI), the AIM listed manufacturer of
computing, power and communications products, and value added
distributor of electronic components, is pleased to announce a
trading update for the six months ended 30 September 2019.
The record trading performance achieved last financial year has
continued in the first half of this year. The Group is on track to
deliver the recently upgraded full year earnings in line with the
Board's expectations.
Group sales for the first half are expected to show organic
growth of circa 7.5% on a proforma basis*, giving revenue in excess
of GBP33m, despite the heightened macroeconomic and political
uncertainties of recent months.
Gross margins have benefitted from circa GBP0.3m of FX tailwinds
in H1 with underlying Group margins having seen a slight
improvement over the prior period. This margin improvement has been
achieved notwithstanding the expected dilutive effect on Group
margins of the enlarged Value Added Distribution division post the
Pacer acquisition.
As a consequence of favourable operational gearing, revenue
growth and gross margin improvement, adjusted PBT for the period is
expected to be approximately GBP2.5m.
The Board is particularly pleased with the cash generation in
the first half. This has enabled the continued early repayment of
the Pacer acquisition loans and resulted in a return to a net cash
position of circa GBP0.25m at 30 September 2019.
The open order book at 30 September 2019 stood at GBP36.5m, at
the comparative point of 30 September 2018, the open order book
stood at GBP36.2m on a proforma basis*.
* "on a proforma basis" reflects the restatement of the
comparative to include Pacer as if it had been part of the Value
Added Distribution division in the prior year.
Notice of Results:
Interim Results for the six months ended 30 September 2019 are
expected to be released on Tuesday 3 December 2019.
Investor Site Visits:
Solid State conducts site visits for investors at its Redditch
head office where operations for both the Value Added Distribution
and Manufacturing divisions can be seen. Those interested in
attending should contact Tom Cooper on tom.cooper@walbrookpr.com or
0797 122 1972.
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 (Corporate Finance)
Rhys Williams (Corporate Broking /
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 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'.
Operating through two main divisions: Manufacturing (Steatite)
and Value Added Distribution (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 niche
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.
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.
END
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