Steatite owner confident of expectations after strong H1
ELECTRONICS group Solid State, which owns Redditch-based rugged systems supplier Steatite, has said it remains optimistic of meeting full year expectations after seeing a strong first half boosted by export orders.
The firm, which supplies industrial computers, specialist electronic components and battery power solutions to the electronics market, saw first half turnover rise 39% to £15.8m (2011: £11.4m) and pre-tax profit rose 16% to £813,000 (2011: £704m).
Earnings per share rose 12% to 8.5p (2011: 7.6p), while the interim dividend rose 10% to 2.75p (2011: 2.5p).
The AIM-listed group said it had an order backlog at October 31 of £13.2m, while the period also saw a £3.5m export contract to supply in-vehicle rugged electronics. It was also boosted by the supply of goods worth around £1m to the London Olympic Games.
It also said the relocation of its head office and Solid State Supplies Ltd from Paddock Wood to new purpose-built facilities in Redditch had been a success and this would increase capacity for the business and improve efficiency.
Gordon Comben, chairman of Solid State, said: “The 2012/2013 year has started very positively with a pleasing set of first half results. Our niche in bespoke and specialist electronics has proved resilient in challenging times and gives the board confidence in the prospects for Solid State.”
In outlook, he said activity levels across the group were encouraging and it was witnessing promising activity with public sector clients increasingly looking to further outsource specialist services in line with their cost saving agenda.
“Enquiry levels remain high, coupled with a good prospect to bookings conversion rate,” he added.
