Business
Trading and COVID-19 Update & Notice of Results
Trading and COVID-19 Update & Notice of Results.
About this update from Solid State Plc
[{"type":"text","content":"\n \n \n RNS Number : 1714P\n Solid State PLC\n 08 June 2020\n \n \n \n \n \n Solid State plc\n \n \n (\"Solid State\", the \"Group\" or the \"Company\")\n \n \n Trading and COVID-19 Update &\n \n \n Notice of Results\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 and notice of results for the 12 months ended 31 March 2020. \n \n \n \n \n \n \n \n \n Trading and COVID-19 Update:\n \n \n \n \n \n The Board is pleased to announce that trading since the update given on 15 April 2020 in respect of the first two months of the new financial year has been ahead of management's expectations, despite the impact of the COVID-19 outbreak. \n \n \n \n \n \n We are seeing and expecting some slowdown in order intake but the diversification in our sector and product exposure, and strong open order book, is providing some resilience to the effects of the COVID-19 outbreak. Understandably, sectors such as the oil & gas market and commercial aviation have been significantly impacted however, others, notably the medical and food retail sectors, have been far more buoyant and are helping to compensate. \n \n \n \n \n \n In many instances the Group has found ways to engage with new and existing customers to maintain service levels, notwithstanding the inability to travel and attend face to face meetings. This has included securing new clients through an innovative series of virtual 'hands-on' design and specification meetings, which would in the normal way have been conducted in person. Greater resources have been committed to web site optimisation and digital marketing to take advantage of this opportunity as all businesses continue to operate under the current restrictions.\n \n \n \n \n \n All of the Group's four manufacturing sites remain operational and compliant with government guidelines. At this point, any evidence of pressure on the Group's supply chain has largely been mitigated by the Group's buffer stocking policies. The open order book at 31 May 2020 was £37.9m (31 May 2019: £35.9m). Solid State continues to be cash generative with net cash at 31 May 2020 standing at ...