Business
Acquisition & Trading Update
Acquisition & Trading Update.
About this update from Solid State Plc
[{"type":"text","content":"\n \nRNS Number : 7828D Solid State PLC 02 May 2013 \n \n\n\n\n\n\n2 May 2013\n \nSolid State plc \n(\"Solid State\", the \"Group\" or the \"Company\")\nAcquisition & Trading Update\n \nThe Board of Solid State plc (AIM: SSP), the AIM listed supplier of industrial/ruggedised computers, specialist electronic components and battery power solutions to the electronics market, is pleased to announce the acquisition of the entire issued share capital of Q-par Angus Ltd (Q-par) for a cash consideration of £900,000, subject to a net asset value adjustment. The consideration will be settled from the Company's existing resources. \n \nQ-par Angus Ltd is one of Europe's leading experts in microwave and RF engineering with specialisation in antenna systems including microwave reflectors, horn antennas and antenna positioning; principally for the broadcast, environmental, industrial, medical, security and defence markets. Q-par has a global client list including GCHQ, QinetiQ, the Ministry of Defence, EADS Astrium, Indra, NASA and the US department of Defence. Over 70% of Q-par's products are exported overseas via a network of specialist sales agents. \n \nCommenting on the acquisition, John Lavery, Managing Director of Steatite Ltd, said:\n \n\"Q-Par is an excellent fit for Steatite, offering a broadening of specialist products and services, however, equally importantly, an existing specialist agent network who can further internationalise our existing Steatite product range. We see this as a truly complementary match.\" \n \nEstablished in 1973, Q-par employs 35 security cleared staff based in Leominster, Herefordshire, engaged in product research, design and manufacturing. Q-par is MoD approved for the handling of Government encrypted data. A large proportion of its products are based on proprietary designs where Q-par retains the intellectual property and full design files, resulting in a high degree of client retention and repeat order cycles. This affords considerable barriers to entry for competitors. \n \nThe unaudited accounts of Q-par for the 12 months ended 31 May 2012, show a turnover of £2.25m and a profit after tax of £214k. Net assets at the time of purchase are expected to be £805,016. Q-par is a high margin bu...