REG - Strix Group PLC - AGM Statement

StrixAnnouncement

26/05/2022 07:00

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RNS Number : 8395M  Strix Group PLC  26 May 2022

26 May 2022

 

Strix Group Plc

("Strix", the "Company" or the "Group")

 

AGM Statement

 

Strix Group Plc (AIM: KETL), the global leader in the design, manufacture and
supply of kettle safety controls and other complementary water temperature
management components provides an update ahead of its Annual General Meeting
("AGM") at 9 a.m. today.

 

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

 

"We confirm that based on year to date performance, our current expectations
of trading conditions in the balance of the year, the resilience of our
historical H2 performance through prior macroeconomic cycles and our
experience during the COVID-19 pandemic, we are maintaining expectations for
the full year.

 

Since the announcement of our full year results, the global outlook has
weakened and headwinds  persist which imply that we will continue to face a
challenging operating environment. However, we are pleased to have
successfully implemented further product price increases across our full
kettle controls range and water categories (the most recent was with effect
from 1(st) May). This alongside a range of continued strategic efficiency
measures, including the adoption of lean and automated processes at the new
manufacturing operations, foreign exchange rate and commodity hedging
arrangements has continued to minimise the impact of ongoing cost inflation.

 

We continue to monitor the evolving situation in China and, to date, our
manufacturing operations within Zengcheng district in Guangzhou have not been
materially affected. We continue to take a proactive approach to minimise
potential supply chain disruption by increasing levels of finished stock and
holding stock in multiple districts.

 

Overall, Strix has a robust business model, remains in a strong financial
position and through adopting a disciplined and dynamic approach to our
strategy has delivered a resilient performance during prior macroeconomic
cycles and during the COVID-19 pandemic. We remain confident in our ability to
navigate current uncertainties and deliver on the current expectations for
the full year and against our medium-term targets."

 For further enquiries, please contact:

 Strix Group Plc                                                   +44 (0) 1624 829829

 Mark Bartlett, CEO

 Raudres Wong, CFO

 Zeus Capital Limited (Nominated Advisor and Joint Broker)         +44 (0) 20 3829 5000

 Nick Cowles / Jamie Peel / Jordan Warburton (Corporate Finance)

 Stifel Nicolaus Europe Limited (Joint Broker)                     +44 (0) 20 7710 7600

 Matthew Blawat / Francis North

 IFC Advisory Limited (Financial PR and IR)                        +44 (0) 20 3934 6630
 Graham Herring / Tim Metcalfe / Florence Chandler

 

ABOUT STRIX GROUP PLC

 

Isle of Man based Strix, 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.

 

Strix trades on the AIM Market of the London Stock Exchange (AIM: KETL).

 

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