Solid State adds a second multi-million pound contract to its NATO wins
Redditch-based Solid State PLC, which manufactures and supplies computing, power and communications products, has been awarded £9.8m contract by the NATO Support and Procurement Agency (NSPA) to supply communications equipment to a defence customer through its Systems division.
The announcement comes just a week after it confirmed it had been awarded a £7.3m contract by the same NATO agency.
Gary Marsh, Chief Executive of Solid State, said: “It is very pleasing to secure such a significant follow-on order from NATO, so soon after securing the £7.3m order announced on 14 November 2022.
"Matthew Richards and his team in the Systems division have done an excellent job in meeting the exacting requirements of NATO’s needs, which has been rewarded through these two contract awards.”
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.
