Solid State interim profit surges

(Sharecast News) - Value-added components supplier Solid State said on Monday that both revenues and pre-tax profits had surged in the six months ended 30 September. Solid State said revenues were set to be approximately £88.0m, up from £59.4m a year earlier, with organic revenue growth in the half being in excess of 35% on a constant currency basis.

Adjusted pre-tax profits were also seen sharply higher, up roughly 67% year-on-year at approximately £7.0m.

Solid State hailed "strong" cash generation from trading activities, contributing to the settlement of deferred considerations relating to previous acquisitions, and paying down the group's borrowings.

"The board 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," it said.

As of 1210 GMT, Solid State shares were up 5.78% at 1,153.0p.

Reporting by Iain Gilbert at Sharecast.com