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Equity Bottom-Up

Solid State’s trading update confirms that trading continued strongly during H223, resulting in record revenues of c £125m and adjusted profit before tax of at least £10.5m in FY23. Consensus PBT estimates for FY23 and FY24 have not been changed, but consensus revenue estimates have been raised by 4% and 2%, respectively, for FY23 and FY24.

Solid State’s trading update confirms that trading continued strongly during H223, resulting in record revenues of c £125m and adjusted profit before tax of at least £10.5m in FY23. Consensus PBT estimates for FY23 and FY24 have not been changed, but consensus revenue estimates have been raised by 4% and 2%, respectively, for FY23 and FY24.

Solid State - Expecting record adjusted PBT in FY23

Solid State’s H123 results show strong revenue growth (51% y-o-y) and order intake (up 32% vs end-FY22) reflecting 31% organic growth in constant currency, as well as the acquisition of United States-based Custom Power and currency tailwinds. Trading since the period end has been ahead of management expectations, so consensus EPS estimates have been raised by 9% and 3% for FY23 and FY24, respectively.

Solid State’s H123 results show strong revenue growth (51% y-o-y) and order intake (up 32% vs end-FY22) reflecting 31% organic growth in constant currency, as well as the acquisition of United States-based Custom Power and currency tailwinds. Trading since the period end has been ahead of management expectations, so consensus EPS estimates have been raised by 9% and 3% for FY23 and FY24, respectively. 

FY23 has started extremely well for Solid State with strong revenue growth and order intake supported by the acquisition of US-based Custom Power, which completed in August. Following management guidance that FY23 PBT should be marginally ahead of market expectations, consensus PBT estimates have been nudged up by 2% for FY23 and 3% for FY24.

FY23 has started extremely well for Solid State with strong revenue growth and order intake supported by the acquisition of US-based Custom Power, which completed in August. Following management guidance that FY23 PBT should be marginally ahead of market expectations, consensus PBT estimates have been nudged up by 2% for FY23 and 3% for FY24. 

Solid State - Exceptionally strong start to year

Solid State delivered record revenues and profits during FY22, with adjusted EPS rising by 29% year-on-year to 70.6p. This is well ahead of management’s own five-year target of doubling EPS to more than 60p by 2022, giving a CAGR in total shareholder return of above 20% over the five-year period. Management is now seeking to replicate or better that achievement over the next five years to 2027.

Solid State delivered record revenues and profits during FY22, with adjusted EPS rising by 29% year-on-year to 70.6p. This is well ahead of management’s own five-year target of doubling EPS to more than 60p by 2022, giving a CAGR in total shareholder return of above 20% over the five-year period. Management is now seeking to replicate or better that achievement over the next five years to 2027.

Solid State - Five-year growth target achieved

Solid State is acquiring Custom Power, a California-based battery systems manufacturer and energy solutions provider, for up to $45.0m (c £36.0m) in cash. It is raising up to £27.2m (gross) through a placing and open offer at 1,025p/share to partly finance the acquisition. Management believes that the acquisition will be earnings enhancing in its first full year (FY24).

Solid State is acquiring Custom Power, a California-based battery systems manufacturer and energy solutions provider, for up to $45.0m (c £36.0m) in cash. It is raising up to £27.2m (gross) through a placing and open offer at 1,025p/share to partly finance the acquisition. Management believes that the acquisition will be earnings enhancing in its first full year (FY24).

Solid State - Step change in Power capabilities

United Kingdom

Solid State plc is a value-added electronics group supplying durable components, assemblies, and manufactured systems to commercial, industrial, and defense markets for critical and harsh applications. The company specializes in industrial and ruggedized computing, battery power solutions, antennas, secure radio systems, imaging technologies, and electronic components. Headquartered in Redditch, UK, the company was founded in 1971.

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Solid State (SOLI LN)

Solid State - Expecting record adjusted PBT in FY23

Solid State’s trading update confirms that trading continued strongly during H223, resulting in record revenues of c £125m and adjusted profit...

Edison Investment Research

Solid State - Record customer demand

Solid State’s H123 results show strong revenue growth (51% y-o-y) and order intake (up 32% vs end-FY22) reflecting 31% organic growth in constant...

Edison Investment Research

Solid State - Exceptionally strong start to year

FY23 has started extremely well for Solid State with strong revenue growth and order intake supported by the acquisition of US-based Custom Power,...

Edison Investment Research

Solid State - Five-year growth target achieved

Solid State delivered record revenues and profits during FY22, with adjusted EPS rising by 29% year-on-year to 70.6p. This is well ahead of...

Edison Investment Research

Solid State - Step change in Power capabilities

Solid State is acquiring Custom Power, a California-based battery systems manufacturer and energy solutions provider, for up to $45.0m (c £36.0m)...

Edison Investment Research

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