reports
- Toby Thorrington
Solid State - Defence contract delay affects expectations
The delay of a major contract inevitably has an impact on short-term profitability. Solid State has a strong balance sheet and a growth strategy to develop into a higher value-added electronics components and systems business, as witnessed by the two recent small acquisitions. Post the current hiatus we expect this to drive growth and value creation.
- John Cummins
Solid State (SOLI LN) - Forecasts adjusted following delays to defence...
Solid State is a specialist value added component supplier and design-in manufacturer of computer, power, and communications products. This morning the group has provided an update reporting delays to the conversion of certain defence orders that were previously anticipated to be received for delivery within FY25E. As flagged in the company’s recent interim trading update, FY25E expectations were premised on the delivery of these orders, which relate to communications equipment for the defence m...
- Toby Thorrington
Solid State - H1 trading in line; guidance unchanged
Management’s strategy is to increase Solid State’s internal capabilities, enabling greater product differentiation and value added, particularly in the Systems business. This is expected to increase the addressable market and growth along with offering higher returns, key to the margin target of 12% (FY25 expectation c 8%). Achieving this through organic and inorganic means underpins management’s 20% CAGR target for shareholder returns.
- John Cummins
Solid State (SOLI LN) - Order pipeline underpins unchanged FY25 expect...
Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. This morning the group has provided an H1 trading update for the period ended 30 September 2024, reporting trading in-line with expectations for the full year, despite headwinds from continued destocking and election-related delays to Defence programmes. As previously flagged, while revenues in H1 25 were negatively affected by the accelerated delivery of orders ...
- John Cummins
Solid State (SOLI LN) - Order pipeline underpins unchanged FY25 expect...
Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. This morning the group has provided an H1 trading update for the period ended 30 September 2024, reporting trading in-line with expectations for the full year, despite headwinds from continued destocking and election-related delays to Defence programmes. As previously flagged, while revenues in H1 25 were negatively affected by the accelerated delivery of orders ...
- John Cummins
Solid State (SOLI LN) - Strategic US acquisition
Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. On Friday, the group announced the $2.0m acquisition of Q-Par Antennas, a US-based distributor of antenna systems, primarily supplying the US defence and security markets. Q-Par is an existing distributor of Solid State’s antenna products within the US, with sales of SOLI’s products having made up $1.6m of the company’s $2.0m sales in the year to 30 September 202...
Hybridan Small Cap Feast - 7 October 2024
* A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: None What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 30th September 2024: Applied Nutrition, the sports nutrition, health ...
- John Cummins
Solid State (SOLI LN) - Accretive components acquisition
Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. This morning, the group has announced the acquisition of Gateway Electronic Components, a UK-based manufacturer and distributor of ferrite and magnetic components, for initial consideration of £1.4m. With the acquisition bringing Gateway’s complementary portfolio of own-brand and franchised components onto SOLI’s existing distribution platform, and the acquisitio...
Solid State : 3 directors
Three Directors at Solid State bought/sold 65,699 shares at between 1,420p and 1,430p. The significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the ...
- Toby Thorrington
Solid State - Record FY24; medium-term targets retained
Solid State is developing from a component manufacturer into a value-added electronics partner offering engineered solutions. Management expects this to drive additional growth and margin expansion, particularly in target markets, such as healthcare and defence, underpinning management’s objective for a c 20% CAGR in shareholder returns to 2030.
- Emily Liu
Hybridan Small Cap Feast 8 July 2024
8th July 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv...
Hybridan Small Cap Feast - 07 May 2024
7th May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: Dual Listing: Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email with “unsubscribe me”. Hybridan Chefs Banquet...
- Toby Thorrington
Solid State - Anticipating record adjusted PBT in FY24
Solid State’s trading update affirms the sustained strength in demand throughout H224, resulting in record FY24 revenue and adjusted PBT ahead of prior consensus of £155m and £12.5m, respectively. This is attributable to the earlier-than-expected delivery of a NATO contract. As a result, consensus FY24 revenue and adjusted PBT estimates have been raised by c 6% and c 20%, with respective FY25 estimates declining commensurately.
- Toby Thorrington
Solid State - Returning to trend growth
Solid State has confirmed the strong H124 performance, boosted by a full period contribution from Custom Power combined with the benefit of delivering the NATO contract. Despite the continuing challenges we expect organic growth to resume from the lower trend level of profit excluding the NATO uplift from H224. Following the recent 5% uplift for both revenue and PBT, FY24 guidance and market consensus estimates are unchanged.
Hybridan Small Cap Feast - 05 Dec 23
5th December 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...
- Toby Thorrington
Solid State - Strong organic development in H124
Solid State has made an excellent start to FY24 with strong continuing organic growth in H124 enhanced by a full period contribution from Custom Power. As a result, management anticipates better-than-expected revenues and PBT for the full year with market consensus rising by c 5% to £155m and £12.5m, respectively.
Hybridan Small Cap Feast - 30 Oct 23
30th October 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...
- Toby Thorrington
Solid State - Positive trading momentum carried into FY24
Solid State confirmed record revenues and adjusted PBT in FY23. The positive momentum is continuing into FY24 with a consequent increase in guidance for revenue growth of c 15% and adjusted PBT of c 10%. As a result, consensus estimates for FY24 revenue have increased by 11% to £147m and adjusted PBT has been raised by c 5% to £11.9m.
Hybridan Small Cap Feast - 10 May 23
10th May 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv...
- Toby Thorrington
Solid State - Expecting record adjusted PBT in FY23
Solid State’s trading update confirms that trading continued strongly during H223, resulting in record revenues of c £125m and adjusted profit before tax of at least £10.5m in FY23. Consensus PBT estimates for FY23 and FY24 have not been changed, but consensus revenue estimates have been raised by 4% and 2%, respectively, for FY23 and FY24.
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