Business
AGM Statement
AGM Statement.
About this update from Solid State Plc
[{"type":"text","content":"\n\n \nSolid State plc\n(\"Solid State\", the \"Group\" or the \"Company\")\nAGM Statement\n \nSolid State plc (AIM: SOLI), the specialist value added component supplier and design-in manufacturer of computing, power, and communications products, announces an AGM Statement ahead of its Annual General Meeting being held at 2 Ravensbank Business Park, Hedera Road, Redditch, B98 9EY at 9.30am today.\nThe Directors are pleased to report a strong start to the financial year across both divisions, as the Group continues to benefit from its robust and diverse customer base across multiple sectors. The geopolitical drivers have meant the Group has seen particularly strong order intake in the security & defence sector, with the medical sector continuing to see good demand and new design opportunities.\nCustom Power, acquired just over a year ago, is now an integral part of the Group, providing US battery power production. Solid State has continued to see the benefits of the excellent collaboration between the Group's UK and US teams to create product and market development opportunities, demonstrating the value of the strategy of internationalising the Group and positioning it to take advantage of this high growth sector.\nThe NATO contract referred to in previous announcements has now been substantially delivered, with the result that the associated inventory and payables position reported at the final results in July is unwinding.\nSolid State continues to maintain a strong balance sheet which provides the business with advantageous commercial and competitive strength for working capital needs and M&A opportunities.\nThe Group continues to invest in securing inventory to manage the delivery of its order book through timely order fulfillment and supply chain risk mitigation. As previously reported, we expect to see net debt continuing to fall in the first half, and to be consistent with expectations for the full year1. \nThe order book profile, driven by customer order schedules, is continuing to normalise as lead times improve. The order book remains strong totaling £101.1m with circa 65% expected to be delivered in the remainder of the current financial year.\nThe Board is confident in meeting the recently upgraded forecasts1 for the full year and in managing supply chain and input cost risks which remain ...