SSP SOLID STATE PLC ORD 5P

SOLID STATE Currency GBX

Income Statement (£ m)	31-Mar-12	31-Mar-11	31-Mar-10	31-Mar-09	31-Mar-08
Continuing Operations
Revenue	25.87	21.17	13.51	12.52	10.72
Operating Profit/(Loss)	1.67	1.30	0.55	0.68	0.52
Net Interest	0.04	0.03	0.01	0.04	0.08
Profit Before Tax	1.60	1.24	0.53	0.62	0.42
Profit After Tax	1.32	0.97	0.41	0.49	0.33
Discontinued Operations
Profit After Tax	0.00	0.00	0.00	0.00	0.00
PROFIT FOR THE PERIOD	1.32	0.97	0.41	0.49	0.33
Attributable to:
Minority Interests	0.00	0.00	0.00	0.00	0.00
Equity Holders of Parent Company	1.32	0.97	0.41	0.49	0.33

Continuing EPS
Earnings per Share - Basic	19.50p	15.70p	6.60p	7.90p	5.40p
Earnings per Share - Diluted	19.20p	15.00p	6.60p	7.90p	5.40p
Earnings per Share - Adjusted	19.50p	15.70p	6.60p	7.90p	5.40p
Continuing and Discontinued EPS
Earnings per Share - Basic	19.50p	15.70p	6.60p	7.90p	5.40p
Earnings per Share - Diluted	19.20p	15.00p	6.60p	7.90p	5.40p
Earnings per Share - Adjusted	19.50p	15.70p	6.60p	7.90p	5.40p

Dividend per Share	6.50p	4.00p	3.00p	2.25p	2.75p

Balance Sheet (£ m)	31-Mar-12	31-Mar-11	31-Mar-10	31-Mar-09	31-Mar-08
Assets
Non-Current Assets
Property, Plant & Equipment	0.85	0.61	0.30	0.29	0.29
Intangible Assets	2.43	2.38	2.03	2.03	2.04
Investment Properties	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	0.00	0.00
Other Financial Assets	0.00	0.00	0.00	0.00	0.00
Other Non-Current Assets	0.00	0.00	0.00	0.00	0.00
	3.28	2.99	2.33	2.32	2.33
Current Assets
Inventories	3.06	2.77	1.79	1.55	1.56
Trade & Other Receivables	6.87	4.21	2.56	2.22	2.04
Cash at Bank & in Hand	0.04	0.07	0.34	0.22	0.34
Current Asset Investments	0.00	0.00	0.00	0.00	0.00
Other Current Assets	0.00	0.00	0.00	0.00	0.00
	9.98	7.05	4.69	3.99	3.95

Total Assets	13.25	10.04	7.02	6.31	6.28

Liabilities
Current Liabilities
Borrowings	-2.43	-1.67	-1.53	-1.38	-1.74
Other Current Liabilities	-5.63	-4.17	-2.29	-1.97	-1.93
	-8.06	-5.84	-3.82	-3.35	-3.68

Net Current Assets	1.92	1.22	0.88	0.64	0.27

Non-Current Liabilities
Borrowings	0.00	-0.20	0.00	0.00	0.00
Provisions	-0.09	-0.07	-0.01	0.00	0.00
Other Non-Current Liabilities	0.00	0.00	0.00	0.00	0.00
	-0.09	-0.27	-0.01	0.00	0.00

Other Liabilities	n/a	n/a	n/a	n/a	n/a
Total Liabilities	-8.15	-6.10	-3.83	-3.35	-3.68

Net Assets	5.11	3.94	3.20	2.97	2.60

Capital & Reserves
Share Capital	0.34	0.31	0.31	0.31	0.31
Share Premium Account	0.93	0.76	0.76	0.76	0.76
Other Reserves	0.01	0.07	0.06	0.06	0.06
Retained Earnings	3.84	2.81	2.07	1.84	1.48
Shareholders Funds	5.11	3.94	3.20	2.97	2.60

Minority Interests/Other Equity	0.00	0.00	0.00	0.00	0.00
Total Equity	5.11	3.94	3.20	2.97	2.60

Ratios - based on IFRS	31-Mar-12	31-Mar-11	31-Mar-10	31-Mar-09	31-Mar-08
Continuing Operations
PE Ratio - Adjusted	10.05	5.99	5.68	2.22	5.28
PEG - Adjusted	0.42	0.04	-0.35	0.05	-0.19
Earnings per Share Growth - Adjusted	24.20%	137.88%	-16.46%	46.30%	-28.00%
Dividend Cover	3.00	3.93	2.20	3.51	1.96
Revenue Per Share	382.13p	343.82p	219.41p	203.38p	174.18p
Pre-Tax Profit per Share	23.62p	20.19p	8.61p	9.99p	6.89p
Operating Margin	6.34%	6.02%	4.01%	5.20%	4.69%
Return on Capital Employed	31.55%	36.46%	20.06%	28.16%	21.84%

Continuing & Discontinued Operations
Dividend Yield	3.32%	4.26%	8.00%	12.86%	9.65%
Dividend per Share Growth	62.50%	33.33%	33.33%	-18.18%	175.00%
Net Asset Value per Share (exc. Intangibles)	39.48p	25.40p	18.95p	15.14p	9.10p
Net Gearing	46.80%	45.52%	36.95%	39.22%	53.96%

Data is provided by Morningstar

SOLID STATE - Fundamentals