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Solid State forecasts profit beat on margin strength
StockMarketWire.com
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Computing and power product manufacturer Solid State upgraded its profit guidance, citing strong demand for higher-margin products.
Profit for the year through March was expected to be ahead of consensus forecasts, the company said, with revenue in line with forecasts.
'The revenue mix has remained strong with demand for higher value-added products, services and solutions maintaining margins,' Solid State said.
'The strengthening pound has resulted in currency headwinds at a revenue level, albeit the group's natural hedge mitigates the impact on profits.'
Looking further forward, the company said it was managing the effects of extending delivery times on semiconductor components through increasing stock levels.
'However, when combined with shortened customer order schedules resulting from their own lack of visibility there is potential for programme delays in the financial year 2022, albeit the board currently expects trading activity to be comparable with this financial year,' it said.
'This year's performance, notwithstanding the challenges of Covid-19 and Brexit, exceeds the prior year profitability.'
Story provided by StockMarketWire.com
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