Solid State (SOLI); FY results: strong organic revenue growth and strategic re-organisation

Published on 03-07-2018 07:32:38
Author Sparks Team

For the year ending 31 March 2018, Revenue from continuing operations grew 16% YoY to £46.3m (2017: £40.0m) and Profit attributable to equity shareholders rose 21% to £2.24m (2017: £1.85m). Diluted EPS from profit attributable to shareholders grew 20% to 26.0p per share (2017: 21.6p).

The company’s adjusted profit before tax declined 4% to £3.00m (2017: £3.13m). Adjusted diluted EPS declined 2% to 30.9p (2017: 31.4p). SOLI’s open order book (as of 31 May 2018) grew 11% to £23.0m (31 May 2017: £20.7m), of which £19.0m is due for delivery between 1 June 2018 and 31 March 2019. SOLI’s net assets were £18.0m (2017: £16.6m) with net cash of £0.6m (2017: £0.9m). Dividend for the year remained 12p (2017: 12p) per share.

The value added distribution division’s revenue grew nearly 20% to £19.7m (2017: £16.5m), while the manufacturing division’s revenue increased 13% to £26.6m (2017: £23.5m). As part of its five-year outlook plan, the company plans to double the size of the business within four years through organic growth and strategic acquisition.

Tony Frere, SOLI’s Chairman, commented: “The financial year ended 31 March 2018 delivered a combination of strong organic revenue growth and strategic re-organisation. In particular, our value added distribution division contributed record revenues and profits, and our Manufacturing division was refocused into three key business units to align them with their markets and physical locations and to lay the foundations for the future growth of the Group.”

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