Tech manufacturer reveals strong half year performance

Specialist component supplier and manufacturer Solid State says it expects to deliver stronger revenue growth than anticipated this year, with a 35% increase recorded in the last six months.

The Redditch-headquartered firm reported revenues of £88m (H1 2022: £59.4m) following the delivery of more than £23m of product for security and defence contracts, as well as seeing a full period of contribution from Californian battery pack manufacturer, Custom Power.

Solid State says it’s seeing clients are experiencing a more “normalised” level of stocking, thanks to improvements in component lead times combined with the higher interest rate environment, resulting in increased customer focus on managing working capital.

It also reported a 67% year on year increase in its adjusted profit before tax.

The board said in a trading update on the London Stock Exchange that it is, “very pleased with the ongoing delivery of Solid State’s growth strategy.

“As a result of the strong start to the year, on a full-year basis, the Directors expect to deliver stronger than anticipated organic revenue growth, meaning the Group is expected to be marginally ahead of current consensus revenue and adjusted PBT expectations for the year ending 31 March 2024”.