Solid State anticipates record results

Solid State, the Redditch-based technology manufacturing business says it expects to announce record results with revenues up 28% over the previous year at approximately £85m.

In addition, the firm expects to see adjusted profit before tax at £7.2m (2021: £5.4m) up 33%. Both results would be ahead of recently upgraded consensus expectations.

The like for like open order book is up 106% over the prior year at a record £85.5m (31 March 2021: £41.5m).

Solid State says acquisitions such as Willow Technologies and Active Silicon have performed ahead of managements expectations since their acquisition in March 2021.

The group has felt a strong demand in the energy and aerospace & defence sectors, with the latter now representing approximately 15% of the group’s revenue. 

Contracts were also awarded in Q4 by BAE Systems for marine platforms, and a Component solutions contract for smart meters in India for CyanConnode.

The firm has had to manage long-term supply chain challenges associated with semiconductor shortages through “careful inventory management and pro-active engagement with customers to manage order scheduling”.

It says it is executing its growth strategy and aim for previously inaccessible high value contracts as customers engage across and broader product and service offering.

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