Strix Group holding virtual Capital Markets Day today

Strix Group Plc (LON:KETL), the AIM quoted global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components, will be hosting a virtual Capital Markets Day starting at 14:00 GMT today to provide an update on its medium-term strategy and current trading.

Medium-term strategy update:-

–     The Board expects to double Group revenues over the next five years primarily through organic growth in its Water and Appliances categories;

–     Continue to grow market share in Kettle Controls;

–     Invest in compelling growth opportunities with particular focus on new product development and commercialisation strategy that support the medium-term growth ambition; and

–     Execute on ESG commitments to provide a safer sustainable future for its  customers.

Update on current trading:-

–     Strong order book visibility for December now underpins Board’s confidence that 2020 profitability for the Group (excluding the impact of the LAICA acquisition) will show modest growth versus prior year;

–     Record sales since June have been driven by replenishment of pipe-line stock and a better than expected seasonal uplift;

–     Buffer stock implemented to minimise any disruption during Brexit negotiations and all manufacturing locations remain fully operational; and

–     Adjusted net debt remains in line with expectations and the Group has a strong liquidity position.

Despite the unprecedented global macroeconomic disruption caused by the COVID-19 pandemic, the Group is robust and, as a market leader with a global footprint, remains highly confident in its future prospects. Strix’s investment proposition is underpinned by:-

–     High quality, resilient and robust business model which benefits from geographic and product diversification;

–     Continued focus on efficiency measures and strategic initiatives to manage its highly variable cost base and prudently invest in compelling growth opportunities;

–     Conservative balance sheet and low leverage provides financial flexibility for the medium term to navigate headwinds and deploy capital consistent with allocation of capital priorities; and

–     Progressive dividend policy linked to underlying earnings has been maintained reflecting Board’s confidence in the outlook for the Group.

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    STRIX GROUP PLC ORD 1P

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