Solid State wins £7.3m Nato defence contract
Redditch-based Solid State PLC, which manufactures and supplies computing, power and communications products, has been awarded a £7.3m contract by the NATO Support and Procurement Agency (NSPA) to supply communications equipment to a defence customer through its Systems division. Delivery is expected within the current financial year, which will contribute towards achieving current market expectations.
Matthew Richards, MD of the Systems division, said: “In our AGM statement we referenced the strength of the defence sector, so it is pleasing to be announcing this award with such a significant client. The Group has a good reputation in the delivery of high reliability technology for ruggedised applications so this customer requirement fitted very well.”
Last month, Solid State PLC said that its revenues 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.