Business
Trading & COVID-19 Update
Trading & COVID-19 Update.
About this update from Solid State Plc
[{"type":"text","content":"\n \n \n RNS Number : 7010V\n Solid State PLC\n 11 August 2020\n \n \n \n \n \n Solid State plc\n \n \n (\"Solid State\", the \"Group\" or the \"Company\")\n \n \n Trading & COVID-19 Update\n \n \n \n \n \n \n \n \n Solid State plc (AIM: SOLI), the AIM listed manufacturer of computing, power and communications products, and value added distributor of electronic components\n , announces a trading update for the first four months of the year ending 31 March 2021. \n \n \n \n \n \n \n \n \n Trading update for four months of the year to 31 March 2021:\n \n \n \n \n \n The Board is pleased to announce that trading since the last update on 8 June 2020 has continued to be ahead of management's expectations. \n \n \n \n \n \n Group revenues were stable, down 4% year on year. As previously announced, the order intake in Q1 was down just under 15% compared to the prior year; by the end of July 2020, order intake for the four month period had improved being down 7% on a like-for-like basis compared to the equivalent period last year. The open order book at 31 July 2020 was 4% below the year end at £38.3m (31 March 2020: £39.9m) reflecting the shorter order periods referenced below. \n \n \n \n \n \n Cash generation has remained solid with all VAT and PAYE deferrals repaid in Q1. Net cash at 31 July 2020 stood at £3.2m (31 March 2020: £3.2m). In addition, the Group has an unutilised revolving credit facility with its bank of £7.5m. \n \n \n \n \n \n \n \n \n \n COVID-19 update:\n \n \n \n \n \n \n \n All of the Group's four manufacturing sites remain open, are operating effectively and compliant with government guidelines. COVID-secure re-opening of our offices has been completed and those working from home that wish to return to work are now able to do so on a rota system whilst maintaining the COVID-19 safe environment. The Group's working from home procedures and robust IT systems have however proven to be both efficient and effective, therefore Group policy remains that where possible staff should continue working from home.\n \n \n \n \n \n The Group's supply chain remains strong with all suppliers now shipping to schedule. However, lead times on new orders are lengthening and freight costs from the F...