Solid State adjusted pre-tax profits and revenues grow in H1
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.