REG - Strix Group PLC - AGM Statement

StrixAnnouncement

04/07/2023 07:00

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RNS Number : 8310E  Strix Group PLC  04 July 2023

4 July 2023

Strix Group Plc

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

AGM Statement

 

Strix Group Plc (AIM:KETL), the AIM quoted 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 9:00am (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, 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

 

For further enquiries, please contact:

 

 Strix Group Plc                                                    +44 (0) 1624 829829

 Mark Bartlett, CEO

 Raudres Wong, CFO

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

 Nick Cowles / Jamie Peel / Jordan Warburton (Investment Banking)

 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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