- Computing, power and communications product manufacturer Solid State said it planned to pay a final dividend, and that trading in the new financial year had exceeded its expectations.

The company said it would recommend a final dividend for the year through March 2020 of 7.25p per share, given the resilience of its business model and strong cash position.

The final payout would bring dividends for the full year to 12.5p, unchanged on-year.

Trading since an update given on 15 April in respect to the first two months of the new financial year had been 'ahead of management's expectations, despite the impact of the Covid-19 outbreak', Solid State said.

'We are seeing and expecting some slowdown in order intake but the diversification in our sector and product exposure, and strong open order book, is providing some resilience to the effects of the Covid-19 outbreak,' it added.

'Understandably, sectors such as the oil & gas market and commercial aviation have been significantly impacted however, others, notably the medical and food retail sectors, have been far more buoyant and are helping to compensate.'

All of the company's four manufacturing sites remained operational and compliant with government guidelines.

The open order book at 31 May was £37.9m, up from £35.9m on-year.

Solid State said it had net cash at 31 May of £4.5m, up from around £3m on-year, and had an unutilised revolving credit facility with its bank of £7.5m.

At 8:59am: [LON:SOLI] Solid State Plc share price was +40p at 590p

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