Last checked at 16 Mar 2011 07:00
16 March 2011
Solid State plc (the "Group")
Trading update & announcement of significant order
The Board of Solid State plc (AIM:SSP), the AIM listed supplier of battery products, specialist electronic components and industrial/rugged computers to the electronics market, is pleased to provide a trading update for the year ended 31st March 2011.
The strong trading experienced by all of the Group's divisions during the first half of the year, reported in the Interim Results on 23 December 2010, has continued into the second half. Steatite, our battery products and industrial computer division, completed its move into an excellent new building at the start of January, with limited interruption to business, and is already benefitting from the state of the art manufacturing and assembly facility.
As a consequence, the Board expects that the performance for the second half of the year will be comparable to that of the first half, ignoring approximately GBP150,000 of exceptional costs incurred during that period in relation to relocation expenses at Steatite, final acquisition costs at Rugged Systems and non-recurring restructuring costs at Solid State Supplies.
The Group's open order book continues to be strong and the Board is pleased to report that Steatite has just been awarded a GBP1.2 million order from a leading global defence, security and aerospace company for command and control systems for the defence market. This new order is the first to be received under a new two year agreement and will be shipped during the first half of the financial year to 31 March 2012.
We continue to pursue our stated strategy of seeking complementary UK acquisitions within the electronics industry and believe that we are well placed to enhance shareholder value in this manner.
For further information please contact:
Solid State plc 01892 836 836
Gary Marsh - Chief Executive
FoxDavies 020 3463 5010
(Nominated Adviser)
Philip Davies
Winningtons 020 3176 4722
Tom Cooper/Paul Vann 0797 122 1972
tom.cooper@winningtons.co.uk
Notes to Editors:
Solid State plc (SSP) is a leading value added group of companies providing specialist distribution, design-in and manufacturing services to those acquiring batteries, electronic components and industrial/rugged computing products for use in harsh environments.
Serving niche markets in oil & gas production, medical, construction, security, military and field maintenance, Solid State acts as both a distributor to OEMs and bespoke manufacturer of specialist units to clients with complex requirements.
Headquartered in Paddock Wood in Kent, Solid State employs 75 staff across 3 sites. Solid State operates through three main divisions: Solid State Supplies, Steatite and Rugged Systems.
Solid State was established in 1971 and admitted to AIM in June 1996.