Solid State PLC £4.3m Smart Warehouse Power Units Contracts (8589Q)

TIDMSOLI

RNS Number : 8589Q

Solid State PLC

11 June 2018

Solid State plc

("Solid State", the "Group" or the "Company")

GBP4.3m robotics power unit contracts

with a major UK technology smart warehouse solutions provider and robotics manufacturer

Solid State plc (AIM: SOLI), the AIM listed manufacturer of computing, power and communications products, and value added distributor of electronic components, is pleased to announce it has received orders to supply power units for autonomous robots operating in cold climate conditions with a combined value of GBP4.3m.

Solid State was commissioned to design and supply the bespoke power units for the end customer's smart warehouses based on its knowledge of harsh environment applications for battery power solutions developed over 20 years. Working closely with the end customer and the robot manufacturer, Solid State was able to satisfy the design and durability specifications to deliver a product that will stand the demands of the modern 24/7 fast moving consumer goods fulfilment cycle. The power units have been designed and will be supplied from Solid State's centre of excellence for batteries established at their Power business unit in Crewkerne, Somerset.

The smart warehousing model is considered by many to be the solution in addressing the increasing demand for online and home delivery based shopping. Through the use of autonomous robots, a round the clock fulfilment function can be maintained, shortening delivery cycles and reducing cost in the retail supply chain.

Deliveries of the power units are expected to commence during the second half of the fiscal year 2018/2019, contributing to the current financial year and will continue into the next financial year. The contract will deliver additional recurring revenues through the supply of replacement cells in subsequent years as part of a support and maintenance agreement.

Commenting on the contract, Gary Marsh, Chief Executive at Solid State, said:

"This contract establishes Solid State as a leading innovator in the fast-evolving distribution and fulfilment technology market.

"Solid State's in-depth knowledge of battery chemistries and harsh environment characteristics give it a unique position for partnering with customers as an embedded solutions developer. Our intention is to develop a longer term collaboration with this customer."

Notice of Results and Investor Lunch:

Final results for the 12 months ended 31 March 2018 are expected to be released on 3 July 2018.

An investor lunch for Private Client Investment Managers and Private Investors will be held on Monday 9 July at St Pauls, London. Those interested in attending should contact Tom Cooper on 0797 122 1972 or [e-mail].

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information please contact:

 
 Solid State plc                              01527 830 630 
 Gary Marsh - Chief Executive                 [e-mail] 
  Peter James - Group Finance Director 
 
 WH Ireland (Nominated Adviser & Joint 
  Broker)                                     0117 945 3470 
 Mike Coe / Ed Allsopp (Corporate Finance) 
  Jasper Berry / David Kilbourn (Corporate 
  Broking / Sales) 
 finnCap (Joint Broker) 
  Ed Frisby / Kate Bannatyne (Corporate 
  Finance) 
  Emily Morris / Rhys Williams (Corporate 
  Broking / Sales)                            020 7220 0500 
 
 Walbrook PR (Financial PR)                   020 7933 8780 
 Tom Cooper / Paul Vann                       0797 122 1972 
                                              [e-mail] 
 

Notes to Editors:

Solid State plc (SOLI) is a leading value added group of companies providing specialist design-in and manufacturing services to those acquiring computing, power and communications products and electronic component services for use in harsh environments.

Serving niche markets in oil & gas production, medical, construction, security, military and field maintenance, Solid State acts as both a component supplier to OEMs and bespoke manufacturer of specialist units to clients with complex requirements.

Headquartered in Redditch, Solid State employs over 200 staff across five sites. Solid State operates through two main divisions: Solid State Supplies and Steatite.

Solid State was established in 1971 and admitted to AIM in June 1996.

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June 11, 2018 02:00 ET (06:00 GMT)