Solid State (AIM:SOLI), the supplier to industrial and defence markets, said the board expects to exceed current market expectations for its current financial year after delivering revenue and profit growth across all three divisions in the 12 months ended 31 March.
Group revenue was led by the Systems division, where sales rose 47.8% to £62.5 million, largely reflecting recognition of a £23.3 million communications programme that had slipped from the prior year into the first half of the period under review.
Power division revenue grew 15.6% to £31.8 million, and Components revenue increased 8.1% to £59.8 million, with defence and security accounting for approximately 47% of total Group revenue across the period.
Group gross margins improved 200 basis points to 33.5%, while cash generated from operations strengthened and net debt stood at £4.2 million at period end, comprising £6.6 million cash against £10.2 million in bank borrowings.
The open order book stood at £102.4 million as of 31 May, with the board noting the absence of any NATO Supply and Procurement Agency orders in that figure, compared with £19 million a year earlier, and describing the non-NATO order book as significantly stronger.
"Solid State enters FY26/27 in its strongest position for several years," said outgoing chairman Nigel Rogers, who also confirmed that Victor Chavez CBE assumes the role of non-executive chairman with immediate effect.
