Strong performance revealed at Redditch manufacturing business
It's been a record year of revenue and profit at Redditch-based tech component manufacturer Solid State, has revealed revenues rising by 29 per cent.
The company announced revenues of £163.3 million for the 12 months ended March 2024, up from £126.5 million last year, and adjusted profits before tax up almost 45 per cent to £15.6 million.
The Group has maintained a strong orderbook with open orders being £89.2 million at 31 May 2024.
Nigel Rogers, Chairman of Solid State, said: "I am delighted to announce that Solid State has delivered another record year of growth, continued strong cash generation and reduction in debt. Â Innovation and the Group's resilient business model, sector knowledge and customer diversity has also helped drive significant organic revenue growth.
"The orderbook continues to return to normal levels as component lead times start to shorten. The Group has a strong orderbook and is confident that the shorter lead times will enable more efficient conversion of new orders into billings.
"Solid State is ambitious and sees this record year as an important step in ultimately delivering on its 2030 goals."
