Strong first half of the year for tech manufacturer

Solid State the specialist component supplier and design-in manufacturer of computing, power, and communications products has reported revenue growth of 30% in the first half of the year.

The Redditch-based firm has brought in £59m in revenue (2021: £39m) and an adjusted profit before tax for the period of £5m (2021: £3.25m) reflecting a 54% year-on-year increase.

Solid State completed its acquisition of US-based Custom Power in early August part funded by an oversubscribed placing raising £28.26m before expenses. The group says the integration of Custom Power is underway with an encouraging order intake with the open order book exceeding $21m – a record level for the business.

It says its organic growth combined with just under two months of contribution from Custom Power has delivered an exceptionally strong start to the year ending 31 March 2023.

In a statement, the board revealed it is, “very pleased with the ongoing delivery of Solid State’s growth strategy. The strong trading, combined with further currency benefit in the second half of the Year, means the Company expects to exceed the current revenue expectations and be marginally ahead of the adjusted PBT consensus expectations for FY23, despite the expected increase in interest charges”.