Strix Group report an improved trading performance in line with market expectations

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, has provided an update ahead of its Annual General Meeting at 9:00am (BST) today at the Company’s Head Office, located at Forrest House, Ronaldsway, Isle of Man IM9 2RG.

At the meeting, Mark Bartlett, Chief Executive Officer of Strix Group, will make the following statement:

“We are pleased to report an improved trading performance and can confirm that profit after tax for the full year remains in line with market expectations*.

“At our full year results, we highlighted that, following a period of uncertainty across a number of Strix’s key export markets, sales data in 2023 indicated some green shoots were appearing. I can report that this trend has continued with Group performance in Q2 improving versus Q1. We are continuing to receive increased frequency of orders from customers, albeit with smaller quantities as they manage their cash balances prudently.

“We also continue to make successful progress on the integration of Billi which is in line and remains on track with our plan for the full year. This is another step that will propel Strix into a new growth phase, further diversifying away from the core Kettle Controls business.

“Alongside this, we are continuing to implement a range of strategic initiatives across the business which include a functional streamlining programme to minimise the impact of the ongoing headwinds Strix is facing.

“We will prioritise debt reduction with a clear plan to get net debt / EBITDA to below 2.0x during 2023 and to below 1.5x during 2024. As capital allocation decisions prioritise this, the Board, as previously announced, has decided after reviewing the level of net debt to propose a final dividend of 3.25p per share which would represent a total dividend of 6.00p per share.”

*Current profit after tax consensus for year ended 31 December 2023 is £25.8m

Isle of Man based Strix Group plc, is a global leader in the design, manufacture and supply of kettle safety controls and other components and devices involving water heating and temperature control, steam management and water filtration.

Strix’s core product range comprises a variety of safety controls for small domestic appliances, primarily kettles. Kettle safety controls require precision engineering and intricate knowledge of material properties in order to repeatedly function correctly. Strix has built up market leading capability and know-how in this field since being founded in 1982.

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