Strix Shares Up 11% After Reporting "Another" Solid Year In 2019

Wed, 18th Mar 2020 11:39

(Alliance News) - Kettle safety products maker Strix Group PLC reported a "solid" annual performance on Wednesday, with profit, revenue and payout all rising.

Strix shares rose 11% on Wednesday in London to a price of 131.60 pence each.

Revenue in 2019 climbed 3.3% to GBP96.9 million, and pretax profit was 3.4% higher at GBP30.2 million. Adjusted pretax profit was up 9.9% to GBP32.1 million.

The company is paying a final dividend of 5.1p per share. This takes the total to 7.7p, meaning a 10% rise from the 7.0p returned for 2018.

Strix said it was able to maintain market share in regulated and less-regulated markets, while it increased market share in China. Strix's share of the global kettle controls market held steady at around 54%, it said.

"Following on from our successful results in 2018, we are pleased to report another year of solid trading performance in 2019. We continue to focus on our strategic priorities which has enabled us to retain our 54% global market value share amidst a challenging geopolitical climate," said Chief Executive Mark Bartlett.

"During the year, we have continued to execute on our organic and inorganic strategy for growth through the acquisition of HaloSource in March 2019 and the construction of a new factory in China, where we have signed a GBP13.9 million construction contract and commenced construction."

Looking ahead, Strix said manufacturing in China has now recovered and operations are back at full capacity following Covid-19 shutdowns.

"The group will continue to focus on a prudent allocation of capital and be vigilant about the broader implications of Covid-19 which will include daily monitoring of consumer and brand demand. As a result, the group is working on several strategic initiatives, including new products and efficiency measures, to minimise the impact to full-year forecasts," said Bartlett.

By George Collard; georgecollard@alliancenews.com

Strix