(Alliance News) - Kettle safety controls firm Strix Group PLC expects a solid interim performance, it said Thursday, despite continued volatility in its core market.
Strix said performance was "solid" for the six months to June, and results for 2019 as a whole should meet market expectations.
The company expects growth in adjusted post-tax profit, and a "good" net debt position. In 2018, adjusted post-tax profit was GBP28.3 million.
Trade tensions and Brexit both caused market volatility, Strix continued, but it has not felt any material impact due to tariffs between the US and China.
Strix also said given continued strong cash generation, it still plans to pay a total dividend for 2019 of 7.7 pence per share, which would be 10% higher than 2018's payout.
Chief Executive Mark Bartlett said: "Strix has achieved another solid performance despite continued challenges presented by the macro-economic conditions in which the Group operates."
"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 of our core business model."
"We have maintained our margins due to our continued focus on operational enhancements and cost improvements of our core products whilst remaining on track with key projects, including the construction of the new facility in China and the integration of the assets acquired in March," Bartlett continued.
"The appointment of Harry Kyriacou as chief commercial officer on April 1 has also enabled us to increase our focus on the commercialisation of innovative new product ideas."
The Water Filtration unit has achieved a "stable" market share in the UK despite challenging conditions, Strix added.
Shares were down 1.0% on Thursday at a price of 158.40 pence each. The company will report interim results on September 18.
Strix (KETL)