Don't pay just to have an ISA. Find out more
(SSP.L) Solid State PLC Buy/Sell
Add to portfolio Set Alert Level 2 Desktop Trader
Summary
|
|
|||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||
| Date/Time | Headline | Source |
|---|---|---|
| 10-03-10 | RNS |
|
|
RNS Number : 3550I Solid State PLC 10 March 2010
SOLID STATE PLC ("Solid State" or the "Company") Directorate change Solid State a leading supplier of battery products, specialist electronic components and industrial computers is pleased to announce that Mr. John L Macmichael, Commercial Director, aged 48, has been appointed as Managing Director of the specialist electronic components division Solid State Supplies Limited, with effect from 1st April 2010. In addition, the Company is pleased to announce that, Mr. Anthony B. Frere, aged 62, has been appointed as Non-executive Director with effect from 1st April 2010. Gary Marsh currently Group Managing Director and Managing Director of Solid State Supplies Ltd will now focus on the corporate development of the Group in his new role as Chief Executive Officer. Following graduation John Macmichael worked as a development engineer for GEC Telecommunications before moving into applications engineering and ultimately sales at the electronic component distributor Steatite Ltd. John's career continued with worldwide responsibility for sales as International Sales Manager with Comlinear Corporation, a manufacturer of high speed analogue devices in the United States, before returning to the UK to establish the UK operation for Comlinear. Following the purchase of Comlinear by National Semiconductor John joined Breckenridge Technologies as Managing Director to lead the sales and design-in activity on behalf of National Semiconductor and Fairchild Semiconductor. Latterly John moved back into distribution joining Solid State Supplies in March 2006 firstly as Business Development Manager before being promoted to Commercial Director. Tony Frere entered the electronics industry in 1970 as Chief Buyer for Lexor Electronics in Coventry. After 4 years he was promoted to Sales Manager and completed a 2 year course in Sales and Marketing at Warwick University. In January 1980 he joined Vanderhoff Communications as Sales Manager of the components division selling to the telecommunications, broadcast and computing markets. In 1982 he joined the country's largest distributor of electronic components ESD, a company owned by STC covering the top 50 customers in the West Midlands as a Senior Accounts Manager. These customers included GPT, ICL, and GEC giving him the opportunity of understanding the world of distribution in electronic components. After 3 years he was offered a Directorship with his previous company Vanderhoff Communications and worked in the role of Sales Director until 1988. Along with two others Frere formed DT Electronics in 1988, setting up as a niche distributor of specialised electronic components for the broadcast and telecoms markets. As Managing Director of DT he was involved in all aspects of the business and grew the company from its starting point to a turnover of £18.7m by 2006. The company was bought by Nu Horizons Electronics a United States NASDAQ listed company in August 2006 and in a 3 year deal ending December 2009 the company achieved a turnover of $40m. Frere left Nu Horizons at the end of December 2009. Tony Frere has sat on the council of the Association of Franchised Distributors of Electronic Components AFDEC for the last 6 years and is now member of the Executive/ Strategic Board of ecsn the electronic component supply network. Commenting on the appointments Gary Marsh, Chief Executive Officer, stated: "John has a thorough understanding of all aspects of multiple sales channels operating within the electronics industry, having worked with and managed distributors and rep companies both directly and indirectly as part of the OEM sales channel. John's international experience has allowed him to gain insight into different working practices and techniques allowing him to draw on a wide range of examples of best practice. This experience coupled with the knowledge he has gained over the past 4 years at Solid State Supplies means he is ideally placed take the Company forward in his new role as Managing Director". "Tony brings with him a wealth of experience from his time in the electronics industry, most recently building DT Electronics into one of the UK's leading specialist electronic component distributors. His expertise will enable us to develop our strategy as we aim to become the UK's leading supplier of battery products, specialist electronic components and industrial computers." "In addition to these changes to the main board we are strengthening our senior management team with the promotion of Jonathan Jackson to Operations Director of Steatite Ltd from 1st April 2010. Jonathan will oversee the expansion of our manufacturing and assembly facility in Redditch during 2010." "Together these changes will give us a platform for growth as we seek to expand our business both organically and through complementary acquisitions in FY10/11." Details of directorships that Mr. Macmichael holds or has held in the previous five years are given below: Current directorships: Solid State Supplies Limited Vail Aspiration Limited Drawpine Residents Association Limited Past directorships: Breckenridge Technologies Limited System Robotic Limited Core Components Limited Mr. Macmichael was a Director of the following companies on dissolution (affected via a strike-off), on the date shown below:
Details of directorships that Mr. Frere holds or has held in the previous five years are given below: Current directorships: Cawston Computing UK Limited Past directorships: DT Electronics Limited Nu Horizons Electronics Limited Breckenridge Technologies Limited Save for the declarations above there is no further information to be disclosed in respect of the appointments of Mr. Macmichael and Mr. Frere under Rule 17 or Schedule Two paragraph (g) of the AIM Rules for Companies. 10 March 2010 Enquires:
Chief Executive
Nominated Adviser Russell Cook / Jen Boorer This information is provided by RNS The company news service from the London Stock Exchange END
BOASFSSUSFSSEDD More |
||
| 16-12-09 | RNS |
|
This news article is displayed preformatted as it may contain results tables
RNS Number : 1821E
Solid State PLC
16 December 2009
Solid State plc (the "Group")
Chairman's Statement
Unaudited Interim Results for the six months ended 30th September 2009
Results
The unaudited pre-tax profit for the Group for the six months ended 30th September 2009 was £209,000 (2008: £321,000) on a turnover of £6,492,000 (2008: £6,211,000). The basic earnings per share for the six months period amounted to 2.6p (2008: 3.9p).
Trading Review
The key performance indicators measured by management are billings, bookings and gross profit margin. Bookings are sales orders received and billings are sales delivered.
Solid State Supplies
During the period under review bookings increased by 1% but billings declined 3% compared with the first half of FY08/09. Given that the recession has meant many companies have reduced their inventory levels it is pleasing that our bookings and billings have remained broadly in line with last year and our open order book is 4% higher than at the start of this financial year. Our increased product range referred to in our annual report certainly helped to mitigate some of the effects of the downturn. However, the volatility of sterling against the US dollar has continued to have an impact on our gross profit margins, which have declined from an average 28.0% in the first half of FY 08/09 to 25.1%.
The outlook for 2010 is more positive with signs that confidence is returning to the market. Lead times are beginning to extend on certain products as customers in several sectors start to rebuild their inventories. This improvement in confidence has yet to manifest itself in general order intake but we believe our components business is now well placed to benefit from this upturn when it arrives.
Steatite
While the economic climate remains difficult for manufacturing companies, trading remains reasonable. In the first half of FY 09/10 sales have grown by 6.5%. The decline of sterling, however, continues to have an impact on gross margins with a decline from 29.7% to 26.2%.
New product developments into key strategic market sectors, however, have resulted in a much improved order book with an increase of 21% in the level of outstanding orders at 30th September 2009 compared with 30th September 2008. This should be reflected in a stronger performance during the second half of FY 09/10.
Summary
The increase in group turnover of 4.5% compared with the first half of FY08/09 is a sound result in the difficult economic environment, but the pressure on gross margins is illustrated in the decline from 28.3% to 26.8%.
As outlined in the individual reports above, there are strong grounds for optimism for the second half year and beyond in terms of improvements in our markets and positive book to bill ratios at both sites, and the Directors consider that the Group has performed well during the current economic recession and is well placed to benefit as the UK economy returns to growth. The group continues to look for suitable UK acquisitions within the electronics industry.
Dividends
A final dividend of 2p per share was paid in respect of the year ended 31st March 2009 meaning that the total dividend paid in respect of the year was 3p per share. The directors are pleased to announce that in the light of the result for the first half year, an interim dividend of 1p per share will be paid. The payment date will be 28th January 2010 to shareholders on the register at the close of business on 15th January 2010.
Conclusion
I would like to thank my fellow directors and all the staff of the group for their support over the past six months.
Peter Haining
Chairman
16 December 2009
Enquiries:
Solid State plc
Peter Haining 01435 865 353
Chairman
Gary Marsh 01892 836 836
Managing Director
Charles Stanley Securities
Nominated Adviser
Philip Davies / Carl Holmes 020 7149 6000
INTERIM CONSOLIDATED INCOME STATEMENT
for the six months ended 30th September 2009
Unaudited Unaudited Audited
Six months to Six months to Year to
30th September 09 30th September 08 31st March 09
£*000 £*000 £*000
Revenue 6,492 6,211 12,522
Cost of sales (4,750) (4,452) (9,008)
_____ _____ _____
Gross profit 1,742 1,759 3,514
_____ _____ _____
Distribution costs (696) (625) (1,204)
Administrative expenses (825) (772) (1,635)
_____ _____ _____
(1,521) (1,397) (2,839)
_____ _____ _____
Profit from operations 221 362 675
Finance income - - -
Finance costs (12) (41) (60)
___ ___ ___
Profit before taxation 209 321 615
Tax expense (47) (82) (129)
___ ___ ___
PROFIT FOR THE FINANCIAL 162 239 486
PERIOD
Other comprehensive
income/(expense)
Translation differences on (3) - 5
overseas operations
___ ___ ___
Total comprehensive income for 159 239 491
the period
___ ___ ___
Earnings per share (see below)
Basic 2.6p 3.9p 7.9p
Diluted 2.6p 3.9p 7.9p
All amounts relate to
continuing operations.
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30th September 2009
(unaudited)
Share Capital Foreign
Share premium redemption exchange Retained
capital reserve reserve reserve earnings Total
£*000 £*000 £*000 £*000 £*000 £*000
Balance at 31st March 2008 308 757 5 53 1,477 2,600
Total comprehensive income for - - - - 239 239
the period
Share based payment expense - - - - 6 6
___ ___ ___ ___ _____ _____
Balance at 30th September 2008 308 757 5 53 1,722 2,845
Total comprehensive income for - - - 5 248 253
the period
Dividends - - - - (139) (139)
Share based payment expense - - - - 6 6
___ ___ ___ ___ _____ _____
Balance at 31st March 2009 308 757 5 58 1,837 2,965
Total comprehensive income for - - - (3) 162 159
the period
Dividends - - - - (123) (123)
Share based payment expense - - - - 6 6
___ ___ ___ ___ _____ _____
Balance at 30th September 2009 308 757 5 55 1,882 3,007
___ ___ ___ ___ _____ _____
CONSOLIDATED BALANCE SHEET
as at 30th September 2009
Unaudited Unaudited Audited
as at as at as at
30th September 09 30th September 08 31st March 09
£*000 £*000 £*000
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 292 271 289
Intangible assets 2,029 2,038 2,033
_____ _____ ____
TOTAL NON-CURRENT ASSETS 2,321 2,309 2,322
_____ _____ _____
CURRENT ASSETS
Inventories 1,768 1,579 1,554
Trade and other receivables 1,858 1,819 2,220
Cash and cash equivalents 111 92 217
_____ _____ _____
TOTAL CURRENT ASSETS 3,737 3,490 3,991
_____ _____ _____
TOTAL ASSETS 6,058 5,799 6,313
_____ _____ _____
LIABILITIES
CURRENT LIABILITIES
Bank overdraft (167) (523) (668)
Trade and other payables (2,163) (1,661) (1,839)
Bank borrowings (545) (587) (712)
Corporation tax liabilities (129) (101) (129)
_____ _____ _____
TOTAL CURRENT LIABILITIES (3,004) (2,872) (3,348)
_____ _____ _____
NON-CURRENT LIABILITIES
Bank borrowings - - -
Corporation tax liabilities (47) (82) -
_____ _____ _____
TOTAL NON-CURRENT LIABILITIES (47) (82) -
_____ _____ _____
TOTAL LIABILITIES (3,051) (2,954) (3,348)
_____ _____ _____
TOTAL NET ASSETS 3,007 2,845 2,965
_____ _____ _____
CAPITAL AND RESERVES
ATTRIBUTABLE
TO EQUITY HOLDERS OF THE
COMPANY
Share capital 308 308 308
Share premium reserve 757 757 757
Capital redemption reserve 5 5 5
Foreign exchange reserve 55 53 58
Retained earnings 1,882 1,722 1,837
_____ _____ _____
TOTAL EQUITY 3,007 2,845 2,965
_____ _____ _____
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 30th September 2009
Unaudited Unaudited Audited
Six months to Six months to Year to
30th September 09 30th September 08 31st March 09
£*000 £*000 £*000
OPERATING ACTIVITIES
Net profit from ordinary 209 321 615
activities before taxation
Adjustments for:
Depreciation 47 62 89
Amortisation 4 2 8
Loss on disposal of property, 3 - 3
plant and equipment
Share based payment expense 6 6 12
Finance costs 12 41 60
___ ___ ___
Operating profit before
changes in
working capital and 281 432 787
provisions
(Increase)/decrease in (214) (16) 9
inventories
Decrease/(increase) in trade 362 225 (176)
and other receivables
Increase/(decrease) in trade 324 (165) 33
and other payables
___ ___ ___
Cash generated from operations 753 476 653
Income taxes paid - (6) (107)
___ ___ ___
Cash flows from operating 753 470 546
activities
___ ___ ___
INVESTING ACTIVITIES
Purchase of property, plant (78) (44) (102)
and equipment
Proceeds from sale of 26 - 9
property, plant and equipment
___ ___ ___
(52) (44) (93)
___ ___ ___
FINANCING ACTIVITIES
Repayment of bank borrowings - (153) (216)
Invoice discounting finance (167) (199) (11)
(net movement)
Interest paid (12) (41) (60)
Dividends paid to equity (123) - (159)
shareholders
___ ___ ___
(302) (393) (446)
___ ___ ___
INCREASE IN CASH AND CASH 399 33 7
EQUIVALENTS
Cash and cash equivalents (452) (464) (464)
brought forward
Exchange gains in cash and (3) - 5
cash equivalents
___ ___ ___
CASH AND CASH EQUIVALENTS (56) (431) (452)
CARRIED FORWARD
___ ___ ___
Represented by:
Cash at bank and in hand 111 92 217
Bank overdrafts (167) (523) (669)
___ ___ ___
(56) (431) (452)
___ ___ ___
NOTES TO THE INTERIM REPORT
for the six months ended 30th September 2009
1. Basis of preparation of interim financial information
The consolidated interim financial statements have been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards as endorsed by the European Union ("IFRS") and expected to be effective at the year end of 31st March 2010, which are mandatory for accounting periods beginning on or after 1st January 2009. The accounting policies are unchanged from the financial statements for the year ended 31st March 2009.
The interim financial statements are unaudited and do not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. Statutory accounts for the year ended 31st March 2009, prepared in accordance with IFRS, have been filed with the Registrar of Companies. The Auditors' Report on these accounts was unqualified, did not include any matters to which the Auditors drew attention by way of emphasis without qualifying their report and did not contain any statements under section 237 of the Companies Act 1985.
2. The earnings per share
The earnings per share figures are based on the profit on ordinary activities after taxation as stated in the unaudited profit and loss account and the weighted average number of shares in issue during each period. The weighted average number of shares in issue during the period was 6,156,511 for the six months ended 30th September 2009, 6,156,511 for the year ended 31st March 2009 and 6,156,511 for the six months ended 30th September 2008. The calculation of diluted earnings per share was based on 6,156,511 for the six months ended 30th September 2009, 6,156,511 for the year ended 31st March 2009 and 6,156,511 for the six months ended 30th September 2008.
3. Dividends
Dividends paid during the period from 1st April 2008 to 30th September 2009 were as follows:
31st October 2008 Final dividend year ended 31st March 2008 1.25p per share
30th January 2009 Interim dividend year ended 31st March 2009 1.00p per share
7th September 2009 Final dividend year ended 31st March 2009 2.00p per share
The directors are intending to pay an interim dividend for the year ended 31st March 2010 in January 2010 of 1p per share. This dividend has not been accrued at 30th September 2009.
4. Further copies of this document are available both at the registered office of the Company and from the offices of Charles Stanley Securities, 25 Luke Street, London, EC2A 4AR. The statement will also be available to download on the Company's website: www.sssplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR TABPTMMTBBML
More |
||
| Date/Time | Subject | Author | ||
|---|---|---|---|---|
| 10-01-05 | ||||
|
| ||||
|
| ||||
|
...and seriously undervalued IMV
|
||||
| 08-01-05 | ||||
|
| ||||
|
| ||||
| 21-05-04 | ||||
|
| ||||
|
| ||||
|
Take a good look at this company, I believe it has started to really turn the corner. DYOR
|
||||
| 04-12-03 | ||||
|
| ||||
|
| ||||
They have not been approved or issued by Interactive Investor Trading Limited.
Discussion Board Terms & Conditions FSA Market Abuse Fact Sheet
More...