Last checked at 19 Feb 2020 07:00
19 February 2020
Strix Group Plc
Statement Regarding Current Situation in China
Strix Group Plc ("Strix" or the "Company") confirms that it is continuing to closely monitor developments and has put appropriate measures in place following the outbreak of Coronavirus in China.
The Company's manufacturing operations, which are located near Guangzhou, resumed on 10 February 2020 which was only a one week delay from the planned opening and in line with the government policy for an extended and mandatory closure over the Chinese New Year holiday period. Strix's facilities have experienced minimal impact to date.
Currently two-thirds of the workforce have returned to the facility and whilst others have been hampered by travel disruption this remains sufficient to fulfil the customer commitments for February and the Company are now focussed on securing March and April to minimise any disruption.
The Company remains closely in touch with all of its largest OEM customers. The majority have either resumed production or are expected to imminently. Strix has seen some customers increase order sizes due to disruption elsewhere in their supply chain.
There are also no immediate concerns regarding Strix's supply chain, given over 80% are based in a same area near Guangzhou and were able to restart production last week.
The Company will continue to work with local government departments to ensure that all precautionary measures are in place to provide a safe and healthy working environment. The welfare of all Strix's employees remains the primary concern and Strix have proactively established a number of precautions, including a disinfection facility at the Guangzhou facility utilising HaloPure disinfection bromine resin beads, which is technology developed by HaloSource, Strix's most recent acquisition.
For enquiries, please contact:
Strix Group Plc | +44 (0) 1624 829 829 |
Mark Bartlett, CEO |
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Raudres Wong, CFO |
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Zeus Capital Limited (Nominated Advisor and Joint Corporate Broker) | +44 (0) 20 3829 5000 |
Nick Cowles |
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Jamie Peel |
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Stifel Nicolaus Europe Limited (Joint Corporate Broker) | +44 (0) 20 7710 7600 |
Matthew Blawat |
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Francis North |
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IFC Advisory (Financial PR and IR) | +44 (0) 20 3934 6630 |
Graham Herring |
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Florence Chandler |
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Notes to Editors
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 quoted on the AIM market of the London Stock Exchange (AIM: KETL).