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(Alliance News) - Strix Group PLC announced on Thursday that, despite macro headwinds and price increases in the first half of the year, it has maintained its position in the market.
The Isle of Man-based company said profit after tax for 2022 remains in line with expectations at GBP32.2 million. It added that the second half of the year was "seasonally stronger" compared to the first.
The company also confirmed that the VAT receivable of around GBP4 million on its Chinese manufacturing facility has been reclaimed.
To minimise the impact of cost inflation and operating environmental challenges, Strix implemented price increases and other efficiency measures to manage costs. It said the increases were successful, with the most recent increase at the start of May.
The group reported that its plan to increase levels of finished stock in Zengcheng, China, to minimise supply chain disruptions due to the evolving Covid-19 situation, was effective. "The group is well positioned to benefit from any improvement in consumer demand in [the second half of the year] which it is monitoring closely," Strix said.
The company's kettle safety controls category has maintained its position of 56% of the kettle controls market by value. Strix has expanded its online presence by securing online launches for its products on eBay, B&Q and OnBuy.
Further, Strix's instant water heating technology Aurora has started to show signs of market penetration across various consumer markets. Both the Aurora and the Visione induction kettle have won awards for their design.
The kettle controls supplier said it is actively seeking opportunities to invest in a compelling growth strategy to add value to the group.
Shares in Strix were down 2.7% at 179.80 pence in London on Thursday afternoon.
It will announce results for the half-year on September 21.
By Dominique Pretorius; dominiquepretorius@alliancenews.com
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