Worcestershire's Solid State celebrates record year of financial performance

Solid State

Manufacturing

By Peter Davison

10 July 2023

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Solid State

Solid State plc, a Redditch-based specialist value added component supplier and design-in manufacturer of computing, power, and communications products, has reported a record year of financial performance for the 12 months ended 31 March 2023.

The company announced record revenues of £125.5 million and adjusted profit before tax of £10.8 million, both up around 50 per cent on the previous financial year.

This figure excludes revenue contributions from Custom Power, a Californian battery systems and energy solutions provider acquired by Solid State in August 2022 for $45 million.

The year's highlights include winning a contract to deliver a new One Person Operation CCTV system for Transport for London, as part of the Piccadilly Line Upgrade on the London Underground Network, and securing a £17.1 million contract with NATO Support and Procurement Agency (NSPA) to supply communications equipment to a defence customer through the Group’s Systems division.

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Gary Marsh, chief executive, said: “Solid State has had a really productive year, building on the pillars of our long-term growth strategy. The acquisition of Custom Power deepens sector specialism, broadens product offering and extends international reach to an increasingly global client base.

“By targeting structurally growing end markets and having a specialist technology-led workforce, the Board is optimistic for the continued success of the business. The Group remains ambitious to meet the new 2030 targets for the benefit of all stakeholders.”

By Peter Davison

Peter Davison is deputy editor of The Business Magazine. He has spent his life in journalism – doing work experience in newsrooms in and around Bristol while still at school, and landing his first job on a local newspaper aged 19. By 28 he was the youngest newspaper editor in the country.

An early advocate of online news, he spent the first years of the 2000s telling his bosses that the internet posed both the biggest opportunity and greatest threat to the newspaper industry and the art of journalism. He was right on both counts.

Since 2006 he has enjoyed a career as a freelance journalist. He lives in rural Wiltshire with one wife, two children, and three cats.