StockMarketWire.com - Solid State said underlying profit before tax for the year is expected to meet expectations, being in excess of £3.1m in the year to 31 March 2017.

Reported profit before tax for the year will be impacted by one-off costs arising from the re-organisation of the manufacturing division and the Creasefield acquisition costs of approximately £0.2m, and the recent decision to cease development activity in Steatite's SEMS (Steatite Electronic Monitoring Systems) business unit.

Revenue was in excess of £39m. The final quarter saw a number of projects within the higher margin antenna division being delayed, consequently contribution from these projects is expected in future periods.

The other areas of the manufacturing business unit performed broadly in line with management's expectations and the distribution business performed slightly ahead of expectations.

This unit will be treated as a discontinued activity in the year end accounts and is expected to have attributable losses of approximately £0.5m.

In addition, there are non-cash amortisation charges of acquisition intangibles of £0.2m.

The group's order book stood at £18.13m as at 28 February 2017 (29 February 2016: £16.45m)




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