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Solid State PLC on Tuesday said it is confident in exceeding full year expectations for financial 2023 as its profit increased in the first half of its year.
Solid State is a Redditch, England-based supplier and design-in manufacturer of computing, power, and communications products.
The company recorded a pretax profit of £4.18 million in the six months that ended September 30, up 98% from £2.11 million the year before.
Revenue increased 51% to £59.4 million from £39.4 million the year prior, due to the stronger US dollar and benefits from the acquisition of Custom Power, a Los Angeles-based battery systems manufacturer, in August.
Solid State now expects to report revenue of £120.3 million for the full year, up from previous expectations of £117.3 million, and pretax profit of £10.45 million, up from the previous forecast of £9.4 million.
Solid State said it experienced record customer demand for its systems and components, and its open order book was £112.5 million in the half year, up 32% from £85.5 million at the end of its most recent financial year ending March 31.
The increased demand across the business has meant several new projects which were delayed due to Brexit, Covid-19 and electronic component shortages are now being delivered.
Solid State declared an interim dividend of 6.5 pence, up 4% from 6.25p in the first half of financial 2021.
Solid State shares were up 4.7% to 1,376.30p on Tuesday afternoon in London.
By Jaskeet Briah, Alliance News reporter
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