(Sharecast News) - Kettle safety controls group Strix Group said on Friday that chief financial officer Raudres Wong plans to step down, as it announced an agreed relaxation of its leverage covenant ratio.
Wong, who has over three decades of international experience in corporate finance, will retire from Strix after 12 years with the business, effective immediately.
The AIM-listed group said the process to appoint her successor was already underway, with non-executive director Mark Kirkland stepping in on an interim basis until a successful candidate can be found.
Strix also announced that it has "proactively engaged" with its banking syndicate and agreed to a leverage ratio covenant relaxation to 2.5x in September 2023 and will then revert to 2.25x as of December 2023.
"As was set out in the recent interim results, capital allocation decisions will continue to prioritise debt reduction and free cash flow generation with a clear plan to get net debt / EBITDA to below 1.5x over the medium term," said Strix.
As of 0835 BST, Strix shares were up 2.28% at 58.40p.
Reporting by Iain Gilbert at Sharecast.com
Strix (KETL)