30th Jan 2019 09:40
LONDON (Alliance News) - Solid State PLC on Wednesday said it expects annual results to come in "comfortably" ahead of market consensus.
Shares in the computing power and communications product manufacturer were trading up 11% at 404.00 pence each.
Revenue, for the year ending March 2019, is expected to be above current guidance and adjusted profits "significantly ahead". A year ago, the company posted revenue of GBP46.3 million and adjusted profit of GBP3.0 million.
Both the company's Value Added Distribution and Manufacturing divisions performed as expected.
Sales in the Manufacturing division are second half weighted, the firm explained with some of the first half shortfall expected to be mitigated in the second half. Revenue in the division is however, expected to be slightly lower than the prior year.
"The strong demand seen in the first half within our Value Added Distribution division has continued into the second half," the firm said.
"With increased revenues and the impact of operational gearing, the Division is now expected to deliver results well ahead of management's previous expectation."
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