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(Alliance News) - Kettle safety products maker Strix Group PLC on Wednesday reported a "solid" interim performance, despite a slight drop in profit.
Pretax profit for the six months to June fell to GBP7.5 million from GBP8.6 million, though the adjusted figure, which strips out exceptional items, was up 4.6% to GBP11.5 million.
Strix posted revenue for the half of GBP43.9 million, 2.5% higher than the year before. The average selling price was "strong", the company added, 3% higher year-on-year.
Strix has increased its interim return to shareholders by 13%, paying out 2.6 pence per share. Strix is "committed" to a 7.7p full year dividend, which would be 10% up on the year before.
This was a "solid" performance, Strix said, though kettle control volumes were flat. However, they are expected to grow 3% for 2019 on 2018. The average selling price for 2019 is guided to be 2% lower year-on-year.
The company maintained its global market share despite macro-economic headwinds, it added.
"Strix has achieved another solid performance despite continued challenges presented by the macro-economic environment. In particular, maintenance of the group's market share in the Regulated and Less Regulated markets, combined with modest growth in China, demonstrates the strength and resilience of our core business model," said Chief Executive Mark Bartlett.
"We have maintained our margins due to continued focus on operational enhancements and cost improvements in our core products whilst remaining on track with key strategic projects."
"These include the construction of the new facility in China and the integration of the assets acquired from HaloSource in March 2019. We have made further progress toward our strategic objectives and continue to invest in the growth of our business, funded by our existing resources," added Bartlett.
Looking ahead, Strix is confident, and believes 2019 profit will meet the market's expectations.
Shares were 1.8% higher on Wednesday morning in London at 167.60p each.
