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Solid State

  • BY: Andrew Hore |
  • POSTED: 18/06/2013 |

A one-off export order worth £3.5m helped industrial computers and electronic components distributor Solid State achieve record figures in the year to March 2013.

Solid State is unlikely to be able to maintain revenues this year but cost savings from moving the Solid State business to the Redditch site will help profit to improve.

In the year to March 2013, revenues improved from £25.9m to £31.5m, while underlying profit before relocation costs increased from £1.6m to £1.87m. Net debt was £1.4m at the end of March 2013.

The total dividend is increased from 7.25p a share to 8p a share.

Antennas and microwave systems supplier Q-Par Angus was acquired for £900,000 after the year end and it will make a 10 month contribution this year. Q-Par made a profit of £165,000 in the year to May 2012.

The order book was worth £10.4m at the end of April, which is similar to the level at March 2012 prior to receiving the large export order. House broker WH Ireland forecasts a small decline in revenues to £31m and a profit of £2.01m.

At 230p a share, Solid State is valued at £16m. The shares are trading on 10 times 2013-14 prospective earnings. The prospective yield is 3.7%.

Solid State is assessing further acquisition. The shares are EIS and VCT qualifying so this will help to finance acquisitions.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJune2013_45.pdf

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