Electronics group sees interim profits up 28%
ELECTRONICS group Solid State, which owns Redditch-based rugged systems supplier Steatite, has revealed strong interims with pre-tax profits up 28% on the same period last year.
Turnover grew 10% from £10.3m to £11.36m, while pre-tax profit stood at £704,000 and £550,000. Interim dividends rose 25% from 2p to 2.5p.
Headquartered in Paddock Wood in Kent, Solid State employs 110 staff across four sites. Solid State operates through three main divisions: Solid State Supplies, Steatite and Steatite Blazepoint.
Highlights during the period included a profit contribution from Rugged Systems Ltd; acquired on April 1, 2010 as a loss making business, while the successful restructuring of Solid State Supplies is now delivering profits to the group.
It said further space had been taken at Steatite in Redditch to accommodate growth, while the six months had also seen the group acquire Blazepoint Ltd for £200,000.
Commenting on the results, Gordon Comben, chairman of Solid State, said: “The niche markets that Solid State serves have been resilient given the pressures of the global financial disruption.
“Solid State’s focus on high value added products has enabled both revenue growth and margin protection, which, when aligned with our internal financial rigour, augur well for the future.”
The AIM listed group supplies battery power, specialist electronic components and industrial/rugged computers to the electronics market.
