LONDON (Alliance News) - Solid State PLC on Tuesday said it expects its annual results to be ahead of market expectations in its most recently ended financial year.
The manufacturer of computing products said it expects adjusted pretax profit for the year that ended on March 31 to come in slightly ahead of recently upgraded market consensus forecasts which are for GBP3.5 million. Solid State highlighted that this results is particularly "pleasing" for the company, as market forecasts were upgraded twice in the second half of its financial 2019.
In the year prior, the company reported adjusted pretax profit of GBP3.0 million.
Meanwhile, revenue growth is also expected to beat expectations, with the figure advancing by 20% to GBP56 million from GBP46.3 million the year before.
The open order book at end of March stood at GBP35.9 million on a like-for-like basis, up from GBP25.6 million a year prior.
"The board is confident that its long-term strategy will continue to deliver organic growth and that this can be complemented by further targeted acquisitions. The success of the organic growth strategy is now in evidence and the board also continues to actively engage with potential acquisition targets that offer a complementary fit to the group's product offering, client base and structure," Solid State said in the statement Tuesday.
The company intends to publish its annual results on July 2.
Solid State shares were trading 5.1% higher on Tuesday at 488.50 pence each.
Solid State (SOLI)