Solid State’s FY25 was affected by contract timings. However, FY26 has started positively with a strong order book (+13.9% y-o-y). This suggests the company is back on track, offering a return to the value-creating business model of positive cash generation funding investment in specialist electronics to generate growth.

Solid State finished the year strongly, including the announcement of a £19m communications order and defence activity gaining momentum. This, combined with the restructuring and cost initiatives, suggests positive momentum going into FY26. This was after the well documented weakness in industrial markets and destocking affected the year to March 2025.