Strix Group Plc (LON:KETL) has announced a pre-close trading update for the year ended 31 December 2023.
Despite the continued challenging macroeconomic and geopolitical environment, Strix has achieved adjusted profit after tax for the full year of £20.6m on a constant currency and £20.1m on a reported basis.
Demand in kettle controls in the key export regulated markets remains subdued, and whilst it has delivered quarter on quarter recovery during 2023 which it expects to continue, it remains c.20% lower by volume than 2021 and the recovery has been slower than anticipated. Strix’s unregulated and China markets, which represents c.20% of Strix’s kettle controls’ gross profit has shown more positive signs of growth. Following its successful integration, Billi has delivered double digit revenue and profit growth on a constant currency basis which is consistent with its strong track record over the past five years. LAICA also performed robustly with double digit revenue and profit growth on a constant currency basis.
