Last checked at 
LONDON (Alliance News) - Kettle safety control maker Strix Group PLC more than doubled its dividend Wednesday amid half-year revenue growth and despite profit dropping on one-off costs.
For the six months ended June, pretax profit fell 17% to GBP8.6 million from GBP10.3 million the year prior. This is despite revenue rising 1.7% to GBP42.9 million from GBP42.2 million the year before.
Profit performance was hurt by a sharp rise in one-off costs during the period. Exceptional administrative expenses rose to GBP2.4 million from GBP931,000 the year before. This was primarily due to a GBP2.4 million share-based payment.
On an adjusted basis - excluding exceptional costs - profit dipped to GBP11.0 million from GBP11.2 million the year before.
Strix proposed a 2.3 pence per share interim dividend, more than double from 1.0p paid in the year prior.
"We have made positive progress with our strategic priorities, continued to invest in the growth of our business and maintained our global market share", Strix Chief Executive Officer Mark Bartlett said.
"The global market has remained positive with an overall volume growth of circa 6%," Bartlett added. "The North American market has been particularly strong, growing at more than 20%. As anticipated the China domestic market also experienced a positive recovery with volume growth of circa 6%."
Global market share was maintained at 38% by volume. In China, its market share also remained static at 48%.
"Product development remains a core focus of the group with positive progress on the U9 series of controls," Bartlett added. "We have secured a number of collaborations with key brands within the hot water and coffee on demand categories using our mature, patented heating technology to fulfil key consumer insights identified from independent research."
The firm emphasised its water filter brand Aqua Optima continued to show "strong" growth with revenue up 88% year-on-year. Its market share also expanded to over 20%.
"We continue to build on our extensive customer relationships across the value chain whilst further developing our key technologies and seek to identify further incremental opportunities, both organic and inorganic, to drive shareholder value," Barlett continued. "With trading in line with full year expectations, we look forward to the rest of 2018 with optimism."
Shares in Strix were 3.8% lower at 161.60 pence on Wednesday.
