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20 Jun 2024 07:00
20 June 2024
Strix Group Plc
("Strix", the "Group" or the "Company")
AGM Statement
Strix Group Plc (AIM:KETL), the AIM quoted global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components, provides an update ahead of its Annual General Meeting ("AGM") at 9:00am (BST) today at the Company's Head Office, located at Forrest House, Ronaldsway, Isle of Man IM9 2RG.
At the meeting, Mark Bartlett, Chief Executive Officer of Strix, will make the following statement:
"The Kettle Controls market continues to show some promising signs of recovery as we move into the peak season. Whilst it is too early in the season to determine whether this uptick is due to stock refill or an ongoing improvement in consumer demand, the initial indicators are encouraging.
"I am pleased to confirm that Profit before tax for the 2024 full year remains in line with current market expectations. Additionally, the cash conservation actions taken in HY 2024 have resulted in year-to-date cash generation for the Group running slightly ahead of expectations. This positive trend further supports an anticipated net debt leverage position of less than 2.0x.
"The recent 5% Equity Placing allows the Group to achieve net debt leverage reduction 4-6 months earlier than originally anticipated, securing an associated interest saving benefit due to the margin ratchet mechanism contained within the current facilities. This earlier leverage reduction facilitates upcoming discussions and refinancing plans with the Group's banking syndicate.
"It remains the Company's intention to finalise a full refinance of its banking facilities in 2025 to advance the Group's growth aspirations. Accelerated deleveraging will enable the Group to expedite its investment in new technologies, to support longer term growth opportunities while still delivering on its stated target to reduce net debt leverage to 1.5x by the end of FY 2025. Once this debt leverage target has been achieved, the Board remains committed to maintaining a leverage range of between 1.0x to 2.0x for the medium term.
"Restructuring initiatives continue to be implemented across the Group to drive profitable growth, support improved efficiency, sustainability and cost control, whilst securing a suitable platform and resources for our mid-term growth objectives.
"The Group will announce a Pre-Close Trading Update for the six months period ended 30 June 2024 on 25 July 2024."
For further enquiries, please contact:
Strix Group Plc | +44 (0) 1624 829829 |
Mark Bartlett, CEO | |
Clare Foster, CFO | |
Zeus (Nominated Advisor and Joint Broker) | +44 (0) 20 3829 5000 |
Nick Cowles / Jordan Warburton (Investment Banking) Dominic King (Corporate Broking) | |
Stifel Nicolaus Europe Limited (Joint Broker) | +44 (0) 20 7710 7600 |
Matthew Blawat / Francis North | |
IFC Advisory Limited (Financial PR and IR) | +44 (0) 20 3934 6630 |
Graham Herring / Tim Metcalfe / Florence Chandler |
The person responsible for arranging release of this Announcement on behalf of the Company is Mark Bartlett.
Information on Strix
Isle of Man based Strix, is a global leader in the design, manufacture and supply of kettle safety controls and other components and devices involving water heating and temperature control, steam management and water filtration.
Strix's core product range comprises a variety of safety controls for small domestic appliances, primarily kettles. Kettle safety controls require precision engineering and intricate knowledge of material properties in order to repeatedly function correctly. Strix has built up market leading capability and know-how in this field since being founded in 1982.
Strix is admitted to trading on the AIM Market of the London Stock Exchange (AIM: KETL).
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