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(Sharecast News) - Computing and power products manufacturer Solid State said on Monday that trading since the half-year had continued to be "robust", with revenues expected to be broadly in line with forecasts and profits anticipated to be ahead of consensus estimates.
Solid State said its revenue mix had remained "strong", with demand for higher value-added products, services and solutions maintaining margins.
While the AIM-listed group added that the strengthening pound had resulted in currency headwinds at a revenue level, Solid State noted that its natural hedge mitigated the impact on profits.
Solid State also cautioned that although it had taken steps to manage the effects of extending delivery times on semiconductor components, when combined with shortened customer order schedules resulting from their own lack of visibility, there was still potential for programme delays in the 2022 financial year.
Chief executive Gary Marsh said: "We are very happy with the performance of the business this year.
"To be upgrading profit expectations ahead of last year, which was itself a record performance, given the challenges all businesses have faced, is testament to the hard work and commitment of the whole team and demonstrates the resilience of the business."
As of 1115 GMT, Solid State shares were up 1.30% at 780.0p.
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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