REG - Strix Group PLC - Corporate Update

StrixAnnouncement

27/10/2023 07:15

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RNS Number : 4708R  Strix Group PLC  27 October 2023

Strix Group Plc

 

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

 

Corporate Update

 

 

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, announces a corporate update covering the
planned CFO retirement and leverage ratio covenant relaxation.

 

CFO retirement

 

Strix announces that after over twelve years with the business, Raudres Wong,
Chief Financial Officer ("CFO") has advised the Board of her intention to
retire as CFO, effective immediately.

 

The process to appoint her successor is now underway and Mark Kirkland who is
currently a non-executive director on the Strix Group Board is Interim CFO
until a successful candidate is in place.

 

Mark qualified as a Chartered Accountant with PricewaterhouseCoopers in London
and has extensive corporate experience gained over the last 30 years having
held numerous senior roles in public and private companies. Mark's initial
career was in corporate finance, predominantly spent at UBS Limited. He has
been CFO of numerous public companies and latterly was CEO of Delin Property,
a pan-European logistics developer, investor and manager. He is currently a
Director of Kelso Group Holdings Plc, a Director of AEW UK REIT Plc and
advisor to DP World.

 

Gary Lamb, Chairman, said: "On behalf of the Board, I would like to thank
Raudres for the contribution she has made to Strix Group in her time as CFO.
Her leadership has supported us through the global challenges of Covid and the
transition from a private to a global public company. We wish her well in her
retirement."

 

Raudres Wong, outgoing CFO, said: "I would like to thank the Board and the
senior management team for their support in my time as CFO.  I have every
confidence in the future success of the business and I wish the team the very
best for the future."

 

Leverage ratio covenant relaxation

 

Strix also announces that it has proactively engaged and agreed with its
banking syndicate a leverage ratio covenant relaxation to 2.5x in September
2023 and will then revert to 2.25x as at December 2023.

 

As was set-out in the recent interim results, capital allocation decisions
will continue to prioritise debt reduction and free cash flow generation with
a clear plan to get net debt / EBITDA to below 1.5x over the medium term.

 

The interim dividend of 0.9p per share (HY 2022: 2.75p) will be paid on 29
December 2023 to shareholders on the register on 17 November 2023 and the
shares will trade ex-dividend from 16 November 2023.

 

For further enquiries, please contact:

 

 Strix Group Plc                                                    +44 (0) 1624 829829

 Mark Bartlett, CEO

 Mark Kirkland, Interim 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. The successful
integration of the acquisition of Billi will also propel Strix into a new
growth phase which diversifies the Group into the new hot tap market as well
as increasing Strix's existing position and portfolio of water dispenser
systems.

 

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

 

 

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