Solid State’s diversified platform gives a stable base for delivering another year of results at FY15’s record profit levels, despite delays in deliveries under a major contract with the UK Ministry of Justice (MoJ) for offender tagging. While this contract has not gone away, there is still no clarity on when deliveries will resume. We therefore reiterate our FY16 estimates and reinstate FY17 estimates assuming that MoJ deliveries resume post yearend FY17. This prudent approach gives a small year-on-year decline in topline revenues during FY17 (revenues excluding MoJ sales are expected to be in line with FY16e) accompanied with modest profit growth.