TIDMSOLI
RNS Number : 1714P
Solid State PLC
08 June 2020
Solid State plc
("Solid State", the "Group" or the "Company")
Trading and COVID-19 Update &
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 , announces a trading update
and notice of results for the 12 months ended 31 March 2020.
Trading and COVID-19 Update:
The Board is pleased to announce that trading since the update
given on 15 April 2020 in respect of the first two months of the
new financial year has been ahead of management's expectations,
despite the impact of the COVID-19 outbreak.
We are seeing and expecting some slowdown in order intake but
the diversification in our sector and product exposure, and strong
open order book, is providing some resilience to the effects of the
COVID-19 outbreak. Understandably, sectors such as the oil &
gas market and commercial aviation have been significantly impacted
however, others, notably the medical and food retail sectors, have
been far more buoyant and are helping to compensate.
In many instances the Group has found ways to engage with new
and existing customers to maintain service levels, notwithstanding
the inability to travel and attend face to face meetings. This has
included securing new clients through an innovative series of
virtual 'hands-on' design and specification meetings, which would
in the normal way have been conducted in person. Greater resources
have been committed to web site optimisation and digital marketing
to take advantage of this opportunity as all businesses continue to
operate under the current restrictions.
All of the Group's four manufacturing sites remain operational
and compliant with government guidelines. At this point, any
evidence of pressure on the Group's supply chain has largely been
mitigated by the Group's buffer stocking policies. The open order
book at 31 May 2020 was GBP37.9m (31 May 2019: GBP35.9m). Solid
State continues to be cash generative with net cash at 31 May 2020
standing at GBP4.5m (as at 31 March 2020: circa GBP3m). In
addition, the Group has an unutilised RCF with its bank of
GBP7.5m.
The outlook remains difficult to predict however the Board is
confident that given its niches in sectors currently in demand and
those likely to be in receipt of government stimulus packages, for
example transportation and medical, it is well placed to navigate
these exceptional trading conditions. A further update on trading
conditions and the outlook will be given in the announcement of the
full year results at the end of this month.
Dividend:
Given the resilience of the Group's business model and strong
cash position, the Board intends to recommend a final dividend of
7.25p in the announcement of its full year results. This will, if
approved at the AGM, result in a total dividend for the year of
12.5p, equal to the total dividends paid in respect of the prior
year.
Notice of Results:
Solid State expects, subject to satisfactory completion of the
audit, to announce its results for the 12 months ended 31 March
2020 on Tuesday 30 June 2020.
Investor Results Presentation:
Gary Marsh, Chief Executive, and Peter James, Finance Director,
will hold a presentation to cover the results and prospects at
4.30pm on 30 June 2020.
The presentation will be hosted through the digital platform
Investor Meet Company. Investors can sign up to Investor Meet
Company for free and add to meet Solid State plc via the following
link.
https://investormeetcompany.com/solid-state-plc/register-investor?arc=d9e8ece0-bac5-4100-ab1b-fdf0f9178636
. For those investors who have already registered and added to meet
the Company, they will automatically be invited.
Questions can be submitted pre-event to
solidstate@walbrookpr.com , or in real time during the presentation
via the "Ask a Question" function.
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)
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://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 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.
END
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