Tech manufacturer reports record profits as acquisition strategy pays off

Solid State, the Redditch-based technology manufacturing business, has posted record profits for the 12 months to March 31.

The firm made a surplus of £5.4m last year, up 15% on 2020’s figures. Revenues remained steady at £66.3m, down just 1.6%.

The firm says it will increase its dividend pay-out by 28% to 16p per share.

Gary Marsh, chief executive said: “I am pleased to report that Solid State has delivered another year of record profits and a further step in achieving its medium term target of doubling adjusted earnings per share, despite a challenging market environment and the pandemic.

“The completion of two bolt-on acquisitions late in the year significantly enhance the group’s capabilities and add to the group’s resilience and strategic targets of achieving greater diversity in geographical and industry sector coverage.

“The board is confident that the achievements of the last year and the post period end growth in open orders are a very good foundation going into the current financial year. The experience of our team, focus on structural growth markets and the balance sheet strength set Solid State aside from many in our sector, giving the directors confidence in the mid-term prospects.”