Profits rocket up at Solid State in Redditch
Redditch-based Solid State PLC, which manufactures and supplies computing, power and communications products, has reported six months revenues up more than 50 per cent to £59.4 million.
Profits are also up. Adjusted profit after tax for the period to 30 September was £4.16m (2021: £2.85m) a 46 per cent year on year increase.
The company has also reported a robust open order book on 30 November 2022 of £117.8 million, up 4.7 per cent on 30 September 2022.
The company has seen a number of important contract wins in the first half of its year, including an innovative pollination contract, power design appointment; Transport for London contract and post period end awards of two significant communications contracts in the defence sector by the NATO Support and Procurement Agency.
It also completed the acquisition of US based Custom Power in early August 2022 funded by an oversubscribed placing raising £28.26 million before expenses and £13.0m of new bank facilities provided by Lloyds Bank
Nigel Rogers, Chairman of Solid State, said: "The Group has delivered excellent first half results and is building strong momentum despite a more challenging macro-economic climate.
"The successful acquisition of Custom Power has added resilience to the Group and accelerated the expansion of our Power business in the key North American market. We continue to see acquisitions as a key pillar of our growth strategy alongside internal investment to fuel organic growth.
"Group-wide we have worked closely with customers and suppliers to mitigate the impact of global component shortages and macro-economic challenges. This is evident in the order flow and the strong open order book, which gives the Board confidence in the outturn1 for the full year."