Last checked at 3 Nov 2020 07:00
Strix Group Plc
("Strix" or the "Group")
Capital Markets Day
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, will be hosting a virtual Capital Markets Day starting at 14:00 GMT today to provide an update on its medium-term strategy and current trading.
Medium-term strategy update:-
- The Board expects to double Group revenues over the next five years primarily through organic growth in its Water and Appliances categories;
- Continue to grow market share in Kettle Controls;
- Invest in compelling growth opportunities with particular focus on new product development and commercialisation strategy that support the medium-term growth ambition; and
- Execute on ESG commitments to provide a safer sustainable future for its customers.
Update on current trading:-
- Strong order book visibility for December now underpins Board's confidence that 2020 profitability for the Group (excluding the impact of the LAICA acquisition) will show modest growth versus prior year;
- Record sales since June have been driven by replenishment of pipe-line stock and a better than expected seasonal uplift;
- Buffer stock implemented to minimise any disruption during Brexit negotiations and all manufacturing locations remain fully operational; and
- Adjusted net debt remains in line with expectations and the Group has a strong liquidity position.
Despite the unprecedented global macroeconomic disruption caused by the COVID-19 pandemic, the Group is robust and, as a market leader with a global footprint, remains highly confident in its future prospects. Strix's investment proposition is underpinned by:-
- High quality, resilient and robust business model which benefits from geographic and product diversification;
- Continued focus on efficiency measures and strategic initiatives to manage its highly variable cost base and prudently invest in compelling growth opportunities;
- Conservative balance sheet and low leverage provides financial flexibility for the medium term to navigate headwinds and deploy capital consistent with allocation of capital priorities; and
- Progressive dividend policy linked to underlying earnings has been maintained reflecting Board's confidence in the outlook for the Group.
For further enquiries, please contact: |
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Strix Group Plc | +44 (0) 1624 829829 | ||
Mark Bartlett, CEO | |||
Raudres Wong, CFO | |||
Zeus Capital Limited (Nominated Advisor and Joint Broker) | +44 (0) 20 3829 5000 | ||
Nick Cowles / Jamie Peel / Jordan Warburton (Corporate Finance) | |||
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 | |||
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 is admitted to trading on the AIM Market of the London Stock Exchange (AIM: KETL).