Last checked at 26 May 2022 07:00
26 May 2022
Strix Group Plc
("Strix", the "Company" or the "Group")
AGM Statement
Strix Group Plc (AIM: KETL), the 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 a.m. today.
At the meeting, Mark Bartlett, Chief Executive Officer of Strix, will make the following statement:
"We confirm that based on year to date performance, our current expectations of trading conditions in the balance of the year, the resilience of our historical H2 performance through prior macroeconomic cycles and our experience during the COVID-19 pandemic, we are maintaining expectations for the full year.
Since the announcement of our full year results, the global outlook has weakened and headwinds persist which imply that we will continue to face a challenging operating environment. However, we are pleased to have successfully implemented further product price increases across our full kettle controls range and water categories (the most recent was with effect from 1st May). This alongside a range of continued strategic efficiency measures, including the adoption of lean and automated processes at the new manufacturing operations, foreign exchange rate and commodity hedging arrangements has continued to minimise the impact of ongoing cost inflation.
We continue to monitor the evolving situation in China and, to date, our manufacturing operations within Zengcheng district in Guangzhou have not been materially affected. We continue to take a proactive approach to minimise potential supply chain disruption by increasing levels of finished stock and holding stock in multiple districts.
Overall, Strix has a robust business model, remains in a strong financial position and through adopting a disciplined and dynamic approach to our strategy has delivered a resilient performance during prior macroeconomic cycles and during the COVID-19 pandemic. We remain confident in our ability to navigate current uncertainties and deliver on the current expectations for the full year and against our medium-term targets."
For further enquiries, please contact:
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Strix Group Plc Mark Bartlett, CEO Raudres Wong, CFO | +44 (0) 1624 829829 |
Zeus Capital Limited (Nominated Advisor and Joint Broker) Nick Cowles / Jamie Peel / Jordan Warburton (Corporate Finance) |
+44 (0) 20 3829 5000 |
Stifel Nicolaus Europe Limited (Joint Broker) Matthew Blawat / Francis North |
+44 (0) 20 7710 7600 |
IFC Advisory Limited (Financial PR and IR) Graham Herring / Tim Metcalfe / Florence Chandler |
+44 (0) 20 3934 6630 |
ABOUT STRIX GROUP PLC
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 trades on the AIM Market of the London Stock Exchange (AIM: KETL).