News Column

Solid State Shares Boosted As Ministry Of Justice Contract Finalised

August 5, 2014

Sam Unsted

LONDON (Alliance News) - Solid State PLC shares rose on Tuesday after it said its Steatite subisdiary has finalised contract terms with the Ministry Of Justice to supply monitoring hardware for the GPS offender tagging programme, the company's largest contract to date.

Shares in the electronics industry supplier and manufacturer were up 25.4% to 605.1 pence early Tuesday, making it the second biggest riser on the AIM All-Share index.

The contract is expected to generate approximately GBP34.0 million for Solid State over the minimum three-year period. Solid State said it expects Steatite, its biggest division, will be supplying initial products to the MoJ by the end of 2014.

Solid State said the contract is not expected to have a significant impact on the current financial year as the majority of deliveries are due to take place in the financial years ending March 2016 and 2017.

"This is a landmark contract for the group and our largest to date. It marks the culmination of three years development work by Steatite and suitably illustrates the scale and complexity of the contracts that we are increasingly tendering for," said Solid State Chief Executive Gary Marsh.

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Source: Alliance News

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