Declines continue for electronics group
Worcestershire electronics group Solid State has continued to make declines as it looks to re-establish faith in the business following a profit warning.
The Redditch-based group saw its shares dip almost 11.5% on Monday after it revealed changes to its product mix and increases in overheads from the start of the financial year were likely to drag full year pre-tax profits to below current market expectations.
Investors were still wary of the firm yesterday but the dip was nowhere near as steep as the day before, with the group eventually closing down 1.52% lower at 418.55.
The company, which supplies specialist industrial/ruggedised computers, electronic components, advanced antenna products, communications systems and battery power solutions to the electronics market, had moved to calm nerves by stating it had confidence in its long-term future.
It said the pipeline for opportunities was strong, which was giving hope for a stronger 2018/19.
It also highlighted the increase in half year revenues for the six months to September 30, 2017. Group revenue increased by circa 12% to £22.5m (2016: £20.09m), reflecting strong organic growth in the distribution division of close to 20% and a 7% increase in the manufacturing division.
