Electronics group charges up its profits

SOLID STATE, the Redditch-based electronics group, has increased profits by 10% as it moves on from the loss of a major Ministry of Justice contract.

The cash settlement it received from the Government for the cancelled contract is to be used to fund growth opportunities and acquisitions.

It has already paid £1.6m in May for custom battery business Creasefieldm and has relocated its Redditch battery operations to Somerset as part of the integration process.

Pre-tax profits increased 10% to £1.64m in the six months to September despite a 9% drop in revenues to £20.1m.

Tony Frere, chairman of Solid State said: “Solid State has had a very positive first half.  The acquired businesses are trading well in their respective sectors and contributing well to initiatives which will drive future organic growth. 

“The Group order backlog at 30 September 2016 was £14.8m.  Solid State has a strong balance sheet and a supportive bank which enables the Group to confidently pursue future growth initiatives and acquisitions.”