Solid State

SOLI · AIM · Industrial Goods and Services · mcap £92m · 165.0p

Beta Briefing, track record and bull & bear case are not ready for Solid State yet.

We follow 817 UK small caps and every one of their announcements – often hundreds per company. 61 companies are already wired into a briefing: browse them.

Financials · LTM to 31 Mar 26

Source: results 29 Jun 26 ↗

Revenue: £154m
Operating profit: £6.9m
Net income: £4.1m
Free cash flow: £5.8m
Net debt: £3.6m
Market cap: £93.7m
EV / EBIT: 14.0×
FCF yield: +6.2%
Price / book: 1.5×

Latest half-year · H1 Sep 25 vs H1 Sep 24 results 01 Dec 25 ↗

Revenue: £85.7m
Operating profit: £4.5m
Net income: £2.9m
Cash from operations: £4.1m

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Income statement Cash flow Balance sheet

Annual Half-yearly

Latest report: FY Mar 26 (twelve months to 31 Mar 26), published 29 Jun 26 · read the results ↗

£m unless stated · newest first · italic = calculated (LTM, H2 = FY − H1) · hover a value for its source

	FY Mar 26	FY Mar 25
Revenue	154.1	125.1
Gross profit	51.6	39.3
Adjusted operating profit	9.6	6.0
Operating profit	6.9	1.3
Depreciation (owned assets)	1.7	1.4
Depreciation (right-of-use)	1.5	1.1
Amortisation	2.9	2.8
Share-based payments	0.2	(0.4)
Finance costs	(1.1)	(1.0)
Profit before tax	5.8	0.3
Tax	(1.8)	0.2
Net income (owners)	4.1	0.5
EPS basic	7.2p	0.9p
EPS diluted	7.1p	0.9p
Dividend per share	2.8p	2.5p

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Revenue	68.5	85.7	63.3	61.8
Gross profit	25.1	26.5	20.1	19.2
Operating profit	2.4	4.5	(0.5)	1.8
Depreciation (owned assets)	0.9	0.8	0.8	0.7
Depreciation (right-of-use)	0.9	0.5	0.6	0.5
Amortisation	1.6	1.3	1.3	1.4
Share-based payments	0.1	0.1	(0.7)	0.3
Finance costs	(0.4)	(0.7)	(0.4)	(0.6)
Profit before tax	2.0	3.8	(0.9)	1.2
Tax	(0.8)	(1.0)	0.4	(0.2)
Net income (owners)	1.2	2.9	(0.5)	1.0
EPS basic	2.1p	5.1p	(0.8p)	1.7p
EPS diluted	2.1p	5.0p	(0.8p)	1.7p
Dividend per share	1.8p	0.9p	1.7p	0.8p

	FY Mar 26	FY Mar 25
Cash from operations	11.2	7.8
Interest paid	(0.8)	(1.0)
Tax paid	(2.4)	(2.6)
Capex (PP&E)	(2.7)	(2.3)
Capex (intangibles)	(1.2)	(1.2)
Lease principal paid	(1.4)	(1.3)
Dividends paid	(1.5)	(2.1)
Share buybacks	(0.2)	(0.5)

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Cash from operations	7.1	4.1	0.6	7.2
Interest paid	(0.4)	(0.4)	(0.5)	(0.6)
Tax paid	(0.7)	(1.7)	(1.0)	(1.6)
Capex (PP&E)	(1.6)	(1.1)	(1.1)	(1.2)
Capex (intangibles)	(0.7)	(0.5)	(0.7)	(0.5)
Lease principal paid	(0.7)	(0.7)	(0.6)	(0.8)
Dividends paid	(0.5)	(0.9)	(0.5)	(1.6)

	Latest May 26	FY Mar 26	FY Mar 25
Other intangibles	–	34.6	37.0
Property, plant & equipment	–	6.4	5.5
Inventories	–	30.5	28.2
Trade receivables	–	20.2	21.6
Cash	–	6.6	3.5
Current assets	–	59.6	54.4
Total assets	–	107.2	104.3
Trade payables	–	17.0	17.0
Borrowings, current	–	0.0	8.6
Lease liabilities, current	–	1.2	1.4
Current liabilities	–	26.0	33.5
Borrowings, non-current	–	10.1	1.9
Lease liabilities, non-current	–	4.7	4.6
Total liabilities	–	43.9	42.8
Total equity	–	63.3	61.5
Net cash / (debt) ex leases	–	(4.2)	(7.4)
Order book	102.4	–	–

	Q May 26	H2 Mar 26	H1 Sep 25	Q May 25	H2 Mar 25	H1 Sep 24
Other intangibles	–	34.6	35.1	–	37.0	37.6
Property, plant & equipment	–	6.4	5.7	–	5.5	4.6
Inventories	–	30.5	26.4	–	28.2	25.4
Trade receivables	–	20.2	27.9	–	21.6	18.7
Cash	–	6.6	5.8	–	3.5	8.4
Current assets	–	59.6	62.0	–	54.4	52.5
Total assets	–	107.2	108.8	–	104.3	99.1
Trade payables	–	17.0	19.5	–	17.0	13.9
Borrowings, current	–	0.0	1.8	–	8.6	7.8
Lease liabilities, current	–	1.2	1.2	–	1.4	1.0
Current liabilities	–	26.0	29.3	–	33.5	28.5
Borrowings, non-current	–	10.1	10.7	–	1.9	2.6
Lease liabilities, non-current	–	4.7	4.2	–	4.6	2.7
Total liabilities	–	43.9	46.5	–	42.8	36.6
Total equity	–	63.3	62.2	–	61.5	62.5
Net cash / (debt) ex leases	–	(4.2)	(7.1)	–	(7.4)	(2.0)
Order book	102.4	–	87.3	103.4	–	76.6

Line items extracted automatically from each results announcement; when a later report restates a period, the later figure is shown. LTM and H2 are calculated from reported periods. Check the source before relying on a figure.

Company filings. Not investment advice.