Solid State - H119 results as expected, bar DPS increase

As flagged in the trading update last month, Solid State’s H119 results show mid-single digit increases in group revenues and EPS. The order book at end H119 was 64% higher than a year previously, underpinning management’s expectations of an improved H219 performance in Manufacturing. Although consensus estimates show the acquisition of Pacer Technologies, announced a week ago, delivering meaningful earnings growth in FY20, the shares continue to trade at a significant discount to peers.