Solid State PLC Board Changes, COVID Update & Notice of TU (9210H)
30 Marzo 2020 - 8:00AM
UK Regulatory
TIDMSOLI
RNS Number : 9210H
Solid State PLC
30 March 2020
Solid State plc
("Solid State", the "Group" or the "Company")
Board Changes
COVID-19 Update
Notice of Trading Update
Solid State plc (AIM: SOLI), the AIM listed manufacturer of
computing, power and communications products, and value added
distributor of electronic components , announces that as detailed
in the Interim Results published on 3 December 2019, Tony Frere,
Chairman, will retire from the Board at the end of March 2020.
The recruitment process for the new Chairman is not yet
concluded and is now being hindered by COVID-19 distancing
protocols. As a result Peter Haining, currently Non-Executive
Director, will assume the role of Interim Chairman until such time
as a permanent appointment has been made.
Commenting on Tony Frere's tenure as Chairman, Gary Marsh, Chief
Executive of Solid State, said: "The Board would like to thank Tony
for his guidance over the last six years as Chairman and nearly 10
years as a Board member. Solid State has achieved a huge amount in
that time, making seven acquisitions, considerably broadening its
product offering, and building a trusted brand. We wish him the
very best for the future."
COVID-19 update:
The Group is following all government guidance on working
practices, ensuring the safety of its staff and customers. The
Group's four UK based manufacturing facilities are open and
operating effectively with all members of staff that can work from
home now doing so.
Stock has historically been held at high levels to limit
exposure to supply chain volatility and enable Solid State to
fulfil customer needs confidently. At this point, the Group holds
approximately 2.5 months' stock. This has proved advantageous in
the recent months, giving the Group additional comfort against
potential supply chain disruption. Encouragingly, the Asian supply
chain is now starting to return to more normal levels.
It is too early to quantify what the impact of COVID-19 will be
on the Group's business. The Board is taking prudent steps to
mitigate and manage its cashflow and cost base and is confident
that the business is well equipped to withstand this near-term
uncertainty. A further update will be given at the time of the
trading update in April.
Notice of trading update:
The Board will be issuing a trading update for the 12 months
ending 31 March 2020 on Wednesday 15 April 2020.
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)
Emily Morris / 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'. To see an introductory video on the Group
- https://youtu.be/bp4WfLCEc5Y
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 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.
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
BOAKZGZFDNDGGZM
(END) Dow Jones Newswires
March 30, 2020 02:00 ET (06:00 GMT)
Grafico Azioni Solid State (LSE:SOLI)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Solid State (LSE:SOLI)
Storico
Da Apr 2023 a Apr 2024