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Revenues soar at Redditch based Solid State

The Business Magazine article image for: Revenues soar at Redditch based Solid State
27 October 2022
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Revenues at Redditch-based Solid State PLC, which manufactures and supplies computing, power and communications products, have risen to around £59 million in the six months ended 30 September 2022, and profits before tax of around £5 million, a whopping 54 per cent year on year increase. 

The company completed the acquisition of US-based Custom Power in early August, part funded by an oversubscribed placing raising £28.26 million before expenses.

Solid State's order book on 30 September 2022 was £112.5 million (31 March 2022: £85.5m), reflecting an increasingly diversified geographic footprint, broader product range, the ability to engage with clients on larger and more complex solution sales, and better cross-selling across the Group. 

The Group also said it has seen a significant revenue benefit in the First Half from the strength of the US Dollar. 

Compared to last year, component supply lead times have started to shorten across a number of key suppliers, albeit that many lead times remain extended, and some devices remain in short supply. The Group's strong cash generation has enabled it to continue to invest in inventory to secure product to meet organic growth in the open order book. It is expected that the component supply cycle will moderate going into the next financial year, with an according benefit to both availability and supply lead times.


Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.

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