Last checked at 22 Jan 2018 07:00
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
22 January 2018
Strix Group Plc
("Strix" or the "Group")
Pre Close Trading Update
Strix Group Plc (AIM: KETL), the AIM listed global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components, is pleased to announce the following trading update for the year ended 31 December 2017.
The Group continued to perform well during 2017 and the Board confirms that it expects to report results in line with market expectations for the financial year. Due to the positive cash generation in the year, the Board also expects to report a significantly improved net debt position.
During the year the Group maintained its clear market leading position with a global volume share of approximately 39 per cent. Strix launched the full U9 series of controls which further enhanced its product portfolio with a best in class product that is suitable for multiple markets around the world.
The Group also made significant progress with its automation strategy with the fully automated production line for the U9 series being successfully commissioned and operating in line with management's expectations.
The Group will be announcing Final results on Thursday 22nd March 2018. An analyst briefing will be held at 09.30hrs. Analysts interested in attending should contact heather.armstrong@investor-focus.co.uk .
Mark Bartlett, Chief Executive Officer, said:
"Strix has continued to achieve its objectives following its successful Admission to AIM and expects to deliver results in line with market expectations, with a particularly strong cashflow performance which supports our dividend policy.
"Our global partnerships remain solid and we have maintained our strong global market position whilst providing focus on safety actions and value added services throughout the sales channel.
"Market conditions remain competitive, however we look forward to the year ahead with confidence and are well positioned to achieve our objectives.
For further enquiries, please contact:
Strix Group Plc Mark Bartlett (CEO) Raudres Wong (CFO)
| 01624 829 829 |
Zeus Capital Limited (Nominated Advisor) Nick Cowles / Jamie Peel / Jordan Warburton (Corporate Finance) Dominic King (Corporate Broking)
| 020 3829 5000 |
IFC Advisory Limited (Financial PR & IR) Graham Herring / Tim Metcalfe / Heather Armstrong | 020 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.