Strix Group PLC Pre-Close Trading Update and Notice of Results (8788N)
26 Enero 2023 - 1:00AM
UK Regulatory
TIDMKETL
RNS Number : 8788N
Strix Group PLC
26 January 2023
Strix Group Plc
("Strix", the "Company" or the "Group")
Pre-Close Trading Update and Notice of Results
Strix Group Plc (AIM: KETL) is pleased to announce a pre-close
trading update for the year ended 31 December 2022.
Despite the challenging macroeconomic and geopolitical
environment, Strix has achieved adjusted profit after tax for the
full year of approximately GBP23m, which is in line with previous
guidance given at the trading update on 30 November 2022.
Whilst the uncertainty across a number of Strix's key export
markets in Q4 remains, the disruptive effects of ongoing lockdowns
being enforced in China are now beginning to show signs of abating
following the recent changes in government policies and it is now
anticipated that the Chinese economy will see an improvement in Q2
2023.
Strix is continuing to implement a range of strategic
initiatives in order to minimise the impact of the headwinds it is
facing. These include a new internal restructuring programme and a
focus on the reduction of inventory in order to maximise cash
generation for the Group.
Following the completion of the acquisition of Billi on 30
November 2022, the integration remains on track and the Company is
confident in the financial performance of the business and
delivering synergies in line with expectations. Billi has a strong
pipeline of orders, distributors appointed in Asia that are already
starting to deliver results and further new product launches
planned for Q2. Billi has a successful history of growth, with
double digit CAGR over the past five years and is highly cash
generative.
Strix is focused and committed to returning to its core
operating model of being highly cash generative with no further
M&A activity or investment into new factory builds,
significantly reduced capex and working capital over the medium
term.
The Group's net debt(1) was GBP87m as at 31 December 2022.
Capital allocation decisions will prioritise debt reduction with a
clear plan to get net debt / EBITDA to below 2.0x during 2023 and
the Board is currently reviewing the level of the final dividend
and further details will be provided at the Preliminary
Results.
During the period, the Group also delivered against its scope 1
& 2 net zero targets ahead of its original target.
Notice of Results
The Group will announce its Preliminary Results for the twelve
month period ended 31 December 2022 on 29 March 2023.
(1) Net debt excludes the impact of IFRS 16 lease liabilities,
pension liabilities, deferred tax liabilities and earn-out
provisions on satisfaction of performance conditions.
For further enquiries, please contact:
Strix Group Plc
Mark Bartlett, CEO
Raudres Wong, CFO +44 (0) 1624 829829
Zeus (Nominated Advisor and Joint Broker)
Nick Cowles / Jamie Peel / Jordan Warburton
(Investment Banking) +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).
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