StockMarketWire.com - Computing, power and communications products manufacturer Solid State booked a 13% rise in annual profit after its revenue was boosted by the acquisition of opto-electronics company Pacer Group.

Pre-tax profit for the year through March rose to £2.8m, up from £2.5m on-year.

Revenue rose 22% to £56.3m and adjusted profit rose 18% to £3.5m.

Solid State declared a full-year dividend of 12.5p per share, up 4% on-year.

'The financial year ended 31 March 2019 has seen the group deliver its best ever performance in terms of both revenue and profit from the core business and make significant progress against its strategic objectives,' chairman Tony Frere said.

'Our strategy is to deliver growth both organically and through acquisition.'

'These results illustrate our success in both aspects, and our continued commitment to deliver on this strategy and our aspiration to double the size of the business.'

Frere said the company's open order book at 31 May 2019 was up 56% on the prior year at £35.9m.

'The acquisition of Pacer has been a large contributor, however like-for-like, the proforma open order book was still up 20%.'

'This gives the board confidence that the group remains on track to deliver in-line with our expectations.'




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