REG - Strix Group PLC - Statement Regarding Current Situation in China
RNS Number : 3995DStrix Group PLC19 February 202019 February 2020
Strix Group Plc
Statement Regarding Current Situation in China
Strix Group Plc ("Strix" or the "Company") confirms that it is continuing to closely monitor developments and has put appropriate measures in place following the outbreak of Coronavirus in China.
The Company's manufacturing operations, which are located near Guangzhou, resumed on 10 February 2020 which was only a one week delay from the planned opening and in line with the government policy for an extended and mandatory closure over the Chinese New Year holiday period. Strix's facilities have experienced minimal impact to date.
Currently two-thirds of the workforce have returned to the facility and whilst others have been hampered by travel disruption this remains sufficient to fulfil the customer commitments for February and the Company are now focussed on securing March and April to minimise any disruption.
The Company remains closely in touch with all of its largest OEM customers. The majority have either resumed production or are expected to imminently. Strix has seen some customers increase order sizes due to disruption elsewhere in their supply chain.
There are also no immediate concerns regarding Strix's supply chain, given over 80% are based in a same area near Guangzhou and were able to restart production last week.
The Company will continue to work with local government departments to ensure that all precautionary measures are in place to provide a safe and healthy working environment. The welfare of all Strix's employees remains the primary concern and Strix have proactively established a number of precautions, including a disinfection facility at the Guangzhou facility utilising HaloPure disinfection bromine resin beads, which is technology developed by HaloSource, Strix's most recent acquisition.
For enquiries, please contact:
Strix Group Plc
+44 (0) 1624 829 829
Mark Bartlett, CEO
Raudres Wong, CFO
Zeus Capital Limited (Nominated Advisor and Joint Corporate Broker)
+44 (0) 20 3829 5000
Nick Cowles
Jamie Peel
Stifel Nicolaus Europe Limited (Joint Corporate Broker)
+44 (0) 20 7710 7600
Matthew Blawat
Francis North
IFC Advisory (Financial PR and IR)
+44 (0) 20 3934 6630
Graham Herring
Florence Chandler
Notes to Editors
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 is quoted on the AIM market of the London Stock Exchange (AIM: KETL).
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.ENDSTRUWAARRBUUAUR
Recent news on Strix
See all newsREG - Strix Group PLC - Exercise and Grant of Options and Issue of Equity
AnnouncementREG - Strix Group PLC - Director Dealings
AnnouncementREG - Strix Group PLC - Confirmation of CFO start date
AnnouncementREG - Strix Group PLC - Results for the year ended 31 December 2023
AnnouncementRCS - Strix Group PLC - Equity Development Investor Presentation
Announcement