Solid State bounces back from loss of MoJ contract
WORCESTERSHIRE electronics group, Solid State, has said it expects to announce half year results ahead of the same period in 2015 despite the loss in February of a £34m Government contract.
The Ministry of Justice terminated the electronic tagging contract with the Redditch firm in February – although it has compensated the firm for the withdrawal.
Solid State, which also supplies rugged systems and battery power packs, said the first half performance was consistent with market expectations for the year as a whole and reflected a strong debt free balance sheet.
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The group had an order backlog at September 30, 2016 of £14.8m, comprising £12.7m of underlying revenue and £2.1m of Creasefield revenue, which it acquired in June.
“As anticipated in our final results in July, the business has focussed on deriving the strategic benefits from its recent acquisitions and promoting cross selling amongst group divisions,” it said in a trading update.
“The board is pleased to announce that both acquisitions made in the 2015/2016 financial year are substantially integrated, performing well in their own markets and demonstrating synergy benefits with the other divisions in the group.”
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