REG - Strix Group PLC - Trading Update

StrixAnnouncement

30/01/2025 07:00

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RNS Number : 1935V  Strix Group PLC  30 January 2025

30 January 2025

Strix Group Plc

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

Trading Update

 

Strix Group Plc (AIM:KETL), the 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,
is pleased to provide an update on trading for the financial year ended 31
December 2024 ("FY24").

 

Strix is pleased to confirm that it will report adjusted profit before tax for
FY24 ahead of market consensus (as at close on 29 January 2025) and
comfortably within the previously announced range of £18m to £19m (on a
constant currency basis ("CER")).

 

The Kettle Controls division has maintained its dominant market position and
stable market share in the regulated and less regulated markets, despite
trading volatility in Q4 2024 in its key regulated end consumer markets, such
as the UK and Germany. New products launched in Q4 2024 have been well
received and are gaining traction with customers, with the launch of the next
generation of innovative controls on track to launch in H1 2025. New product
development by the Kettle Controls division is focused on producing solutions
that can be sold across additional market segments, while also increasing
Strix's addressable market.

 

As expected, Billi continues to perform well with a return to double digit
growth in Q4 2024. This has predominantly been supported by successful product
launches in Australia, which are expected to launch in the UK and Europe in
the first half of 2025. The division continues to execute against its
geographical roll-out strategy which is gaining traction in Europe and has
secured contracts with seven distributors in Europe at the date of this
announcement.

 

The Consumer Goods division is slightly below the prior year (CER), as
planned, following the previously announced successful restructuring
initiatives. Key incremental retail contracts secured for 2025 are progressing
well. In Q4 2024, Strix began manufacturing appliances for a leading global
baby brand in its China factory which continues, with additional products to
be introduced later in 2025.

 

The Group has actioned a number of structural improvements in the year to
support the long term growth aspirations of the business with strategic hires
across the finance team, Billi and business and commercial development teams.

 

The net debt position remains a key priority for the management team. Ongoing
cash conservation actions have resulted in strong cash generation in the
period, allowing the Group to maintain a year-end net debt leverage of below
2x.

 

Notice of Results

 

The Strix management team is attending the Spring Canton Fair in mid-April and
therefore, the Group expects to report its Full Year results on 30 April 2025.
This will give Strix greater clarity on market dynamics and the forward order
books of its OEM partners ahead of publishing its Full Year results.

 

Management will be hosting a briefing for equity analysts on the day of
results. For further details, please email: strix@gracechurchgroup.com

 

For further enquiries, please contact:

 

 Strix Group Plc                                      +44 (0) 1624 829829
 Mark Bartlett, CEO
 Clare Foster, CFO

 Zeus (Nominated Advisor and Joint Broker)            +44 (0) 20 3829 5000
 Nick Cowles / Jordan Warburton (Investment Banking)

 Dominic King (Corporate Broking)

 Stifel Nicolaus Europe Limited (Joint Broker)        +44 (0) 20 7710 7600
 Matthew Blawat / Francis North

 Gracechurch Group (Financial PR and IR)              +44 (0) 20 4582 3500
 Heather Armstrong / Claire Norbury

 

Information on Strix

Founded in 1982, 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, expanding into
complementary products and technologies. The Group's brands include Aqua
Optima, LAICA and Billi providing our customers with market leading water
solutions on a global basis.

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

 

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