City briefs: Solid state; Luceco
Solid State, the designer and manufacturer of tech components, says it expects revenues for the six months to September 30 to be around £39m – up from £33.1m last year – and that profits for the period will also rise to £3.25m.
The performance is attributed to strong underlying trading and the contributions from the Willow and Active Silicon acquisitions made in March, which have exceeded management’s expectations.
A statement from the company said: “The board is pleased with progress in the Period and optimistic for the prospects for the year as a whole, however mindful of the broader economic, supply chain and global challenges.”
Luceco, the manufacturer and distributor of wiring accessories, LED lighting and portable power products, says it expects to make a profit of not less than £39m this year.
The news comes as the firm reports revenues running some 43% ahead of last year until the end of September.
John Hornby, chief executive officer, said: “I am pleased that we continued to deliver a resilient financial performance in the third quarter against the backdrop of increasing pressure on the construction industry’s supply chain, underlining the strength and robustness of our business model, our superior customer service and the dedication of our employees.
“Forward visibility is limited but it seems likely that external impacts will increase over the next six months as the global economic system continues to adjust to a post-pandemic world. However, I believe that we can continue to make progress from a strong platform, with greater capacity to invest in the business and acquisitions to deliver benefits. We have adapted rapidly to changing circumstances throughout the pandemic, growing stronger in the process, and I am confident the same will hold true for next year.”