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(Sharecast News) - Electronic components manufacturer Solid State said on Thursday that both interim revenues and adjusted pre-tax profits were expected to show year-on-year growth.
Solid State said first-half revenues were expected to be approximately £39.0m, up from £33.1m at the same time in 2020, while adjusted pre-tax profits were pegged to be roughly £3.25m, up from £2.55m a year earlier, reflecting strong underlying trading and contributions from the acquisition of Willow and Active Silicon in March 2021.
Reported revenue growth was "slightly reduced" as a result of a weakened US dollar.
The AIM-listed group, which said it had a record order book of £61.5m, stated it was now confident that the it would meet adjusted pre-tax profit consensus expectations for the full year and noted that there was also potential upside in the second half, delivery of which was dependent upon "careful management" of constraints imposed by global supply chain challenges.
Net cash at 30 September stood at £3.3m, with the group also retaining banking facilities of £7.5m to support capital investment and future growth.
As of 1325 BST, Solid State shares were down 1.78% at 1,163.90p.
17 May 2022 11:33
IN BRIEF: Solid State wins rechargeable battery design contract
Solid State PLC - Worcestershire-based computing products manufacturer - Wins a contract with an existing unnamed customer to design a rechargeable battery. The initial commitment reflects a mobilisation fee of GBP500,000 to Steatite Ltd for the design and manufacture of prototypes and pre-production packs of a bespoke power system for the client. Solid State is Steatite's parent company.
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