Strix Group PLC AGM Statement (8310E)
04 Juillet 2023 - 8:00AM
UK Regulatory
TIDMKETL
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 GBP25.8m
For further enquiries, please contact:
Strix Group Plc
Mark Bartlett, CEO
Raudres Wong, CFO +44 (0) 1624 829829
Zeus (Nominated Advisor and Joint Broker)
Nick Cowles / Jamie Peel / Jordan Warburton
(Investment Banking) +44 (0) 20 3829 5000
Stifel Nicolaus Europe Limited (Joint
Broker)
Matthew Blawat / Francis North +44 (0) 20 7710 7600
IFC Advisory Limited (Financial PR
and IR)
Graham Herring / Tim Metcalfe / Florence
Chandler +44 (0) 20 3934 6630
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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END
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