reports
Solid State : 1 director
A director at Solid State maiden bought 12,500 shares at 159p and the significance rating of the trade was 68/100. 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 last two years clearl...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 1 December 2025
1st December 2025 @HybridanLLP Our daily digest of news from UK Small Caps * A corporate client of Hybridan LLP. ** Potential means Intention to Float (ITF) or similar announcement has been made. ***Arranged by type of listing and date of announcement. ****Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. Dish of the Day Admissions: Sterling Digital (AQSE:AS...
- John Cummins
Solid State (SOLI LN) - Interims in line; positive momentum continues ...
Solid State’s interim results to 30 September released this morning, reflect a strong improvement in trading, with revenue and profit significantly ahead of the prior period and in line with expectations for FY26E. Revenues of £85.7m (H1 25: £61.7m) benefited from an improvement in activity across each of SOLI’s divisions, as well as a contribution from the delivery of a major Defence communications order, delayed from the prior year. With revenues 38.6% ahead of the prior period, the adj. opera...
- Hybridan Team
Hybridan Small Cap Feast: 20 November 2025
* A corporate client of Hybridan LLP. ** Potential means Intention to Float (ITF) or similar announcement has been made. ***Arranged by type of listing and date of announcement. ****Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. Dish of the Day Admissions: None Delistings: None What’s baking in the oven? Potential** Initial Public Offerings:*** 24th October: Sterling Digital, the bitcoin minin...
- Hybridan Team
Friday Take Away: 7 November 2025
Friday Takeaway from UK Small Caps This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to raise awareness 7th November 2025 Alphabetically arranged Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication. Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 noti...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 04 November 2025
4th November 2025 @HybridanLLP Our daily digest of news from UK Small Caps * A corporate client of Hybridan LLP. ** Potential means Intention to Float (ITF) or similar announcement has been made. ***Arranged by type of listing and date of announcement. ****Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. Dish of the Day Admissions: Shawbrook Group (SHAW....
- John Cummins
Solid State (SOLI LN) - Strong defence demand drives improved H1 perfo...
Solid State has provided a HY 26 trading update this morning for the period to 30 September 2025, reporting a significant improvement in revenue and profit over HY 25 and in-line with full year expectations. In H1, revenue is expected to be in excess of £85m and PBT of £4.75m (H1 25: £61.7m and £2.5m respectively), reflecting both an improvement in underlying trading of c. 5-7% (pre-currency effect) and the benefit of major defence communications orders delivered in the period. Trading continues...
- John Cummins
Solid State (SOLI LN) - $10.8m UK MOD initial order - Corporate
Solid State has this morning announced that it has secured an initial $10.8m order with the UK MoD under project CAIN, a major defence programme for a UK Government end user. Under the agreement, SOLI will supply a range of secure, ruggedised systems, with this initial order scheduled for delivery in the first half of 2026. On the back of this morning’s news, we leave our forecasts unchanged, with this contract helping to underpin our estimates. Fundamentally, we believe that Solid State has a w...
- Hybridan Team
Hybridan Small Cap Feast: 08/09/2025
* A corporate client of Hybridan LLP. ** Potential means Intention to Float (ITF) or similar announcement has been made. ***Arranged by type of listing and date of announcement. ****Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. What’s baking in the oven? Potential** Initial Public Offerings:*** 8th September: Project Glow Topco Limited, the ultimate holding company of The Beauty Tech Group Limited, a globa...
- John Cummins
Solid State (SOLI LN) - Defence supports resilient underlying performa...
Solid State, a manufacturer and distributor of specialist electronic components and systems, has this morning announced results for the year ended 31 March 2025, reporting PBT ahead of our revised expectations against a strong prior year comparator. Revenues of £125.1m (Zeus est. £124m) were down from £163.3m a year earlier, principally reflecting the timing of major communications orders and leading to adj. PBT of £5.0m. Looking ahead, the company reports positive trading in Q1 FY26, supported...
- John Cummins
Solid State (SOLI LN) - FY25 trading update: Defence driving improving...
Solid State, a manufacturer and distributor of specialist electronic components and systems, has this morning provided a trading update for the year ended 31 March 2025, reporting revenues and PBT ahead of expectations. Following a challenging period affected by major contract delays and destocking in the electronic components sector, revenues for the period are expected to be at least £124m (Zeus est: £122.8m), with adjusted PBT of £4.25m (Zeus est: £4.0m). Looking forward, the company reports ...
- John Cummins
Solid State (SOLI LN) - $25m order leads to 20% uplift in EPS - Corpor...
Solid State, a manufacturer and distributor of specialist electronic components and systems, has this morning announced the receipt of a $25m order for communications equipment under a defence order programme for delivery in FY26, alongside confirmation that the Board remains confident of achieving FY25 market expectations. The communications equipment order had previously been expected to be delivered in FY25, the delay of which resulted in a meaningful downgrade to forecasts in November. On t...
- Toby Thorrington
Solid State - Interim results
Solid State’s H125 results are in line with consensus expectations and management’s guidance for the full year is unchanged. While trading has been affected by contract timing, the underlying growth and margin strategy remains intact, supported by Solid State’s recent acquisitions and investment in a new manufacturing facility.
- John Cummins
Solid State (SOLI LN) - Challenging H1; PBT expectations unchanged - C...
Solid State, a manufacturer and distributor of specialist electronic components and systems, has reported interims this morning for the period to 30 September 2024, in-line with previous guidance, illustrating a challenging period for the group, albeit with some tentative signs of improvement coming into H2. Revenues of £61.8m were down 29.9% against a strong comparator, largely reflecting the non-recurrence of one-off Defence orders in FY24A as well as a 14.6% decrease in Components division re...
- 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...
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