Solid State shares (LON:SOLI) ticked up on Wednesday after the company said its results for the year would “comfortably exceed” expectations.
The electronics manufacturer and distributor said that revenues for the full year to March-end were expected to be significantly above previous guidance.
The company said that gross margin improvements for the first half of the year were maintained into the second half.
This was attributed to ‘significant improvement ahead of management’s expectations’.
Gary Marsh, Chief Executive of Solid State commented on the upcoming results:
“We are delighted with the Group’s strategic progress, delivering significant organic revenue growth within the Value Added Distribution division and increasing the proportion of higher value added projects within the Manufacturing division, which together are driving the improvement in profitability.
“The integration of the Pacer acquisition is progressing well. In addition to current year trading, the order book now gives us confidence in an improved outlook for our financial year ending 31 March 2020.”
Solid State is listed on the AIM-market of the London Stock Exchange.
According to the company’s website, it specialises in ‘industrial and ruggedised computing, battery power solutions, communications including antennas and secure radio systems, electronic components and displays.’
Shares in the firm are currently up +12.33% as of 12:43PM (GMT) on the back of the announcement.
Elsewhere across the markets, Apple shares (NASDAQ:AAPL) fell on Wednesday morning after the tech giant revealed that revenues had fallen 5%
In the aviation industry, Wizz shares (LON:WIZZ) dipped after the company posted a fall in profits, blaming rising fuel and staff costs.