Business
MoJ Settlement & Notice of Results
MoJ Settlement & Notice of Results.
About this update from Solid State Plc
[{"type":"text","content":"\n \nRNS Number : 2526Z Solid State PLC 25 May 2016 \n\n \n25 May 2016\n \nSolid State plc\n(\"Solid State\" or the \"Group\")\n \nSettlement of MoJ contract termination\n& Notice of Results\n \nSolid State plc (AIM: SOLI), the AIM listed supplier of specialist industrial/ruggedised computers, electronic components, secure communications systems and battery power solutions to the electronics market, announces that it has finalised a settlement agreement with the Ministry of Justice (\"MoJ\") in relation to the contract termination announced on 25 February 2016. \n \nAs a result of the settlement, the details of which are subject to a confidentiality clause, the results for the year ended 31 March 2016 will benefit from a one-off profit such that reported profits before tax are now expected to be approximately £4.1 million. Assuming the receipt of the settlement and the payment of all sub-contractor liabilities in relation to the MoJ contract had taken place on 31 March 2016, the Group would have been in a net cash position of approximately £350,000.\n \nIn addition, under the terms of the settlement Steatite Limited, an operating subsidiary of the Group, has been granted a licence to use the Intellectual Property it developed in relation to the MoJ contract.\nCommenting on the contract settlement, Gary Marsh, Chief Executive of Solid State said: \n\"We are delighted that a resolution to the MoJ contract has been reached so swiftly and that management can now focus fully on the continued development of the core Group and its businesses.\n\"Solid State has a strong balance sheet to pursue its growth ambitions. The Board is confident in the opportunities for the Group, both organic and via complementary acquisitions.\" \nNotice of results:\n \nThe results for the year ended 31 March 2016 are expected to be announced on 5 July 2016. \n \nInvestor Lunch:\n \nSolid State will be holding an Investor Lunch in London on Wednesday 6 July for Private Client Investment Managers and Private Investors. Those wishing to attend should contact Tom Cooper on [email protected] or 0797 122 1972 for further details.\n \n \nFor further information please contact:\n \n\n\n\n\nSolid State plc \n\n\n01527 830 630\n\n\n\n\nGary Marsh - Chief Executive\n\n\ninvestor....