Strix Group PLC Corporate Update (4708R)
27 Octubre 2023 - 1:00AM
UK Regulatory
TIDMKETL
RNS Number : 4708R
Strix Group PLC
27 October 2023
Strix Group Plc
("Strix", the "Group" or the "Company")
Corporate Update
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, announces a
corporate update covering the planned CFO retirement and leverage
ratio covenant relaxation.
CFO retirement
Strix announces that after over twelve years with the business,
Raudres Wong, Chief Financial Officer ("CFO") has advised the Board
of her intention to retire as CFO, effective immediately.
The process to appoint her successor is now underway and Mark
Kirkland who is currently a non-executive director on the Strix
Group Board is Interim CFO until a successful candidate is in
place.
Mark qualified as a Chartered Accountant with
PricewaterhouseCoopers in London and has extensive corporate
experience gained over the last 30 years having held numerous
senior roles in public and private companies. Mark's initial career
was in corporate finance, predominantly spent at UBS Limited. He
has been CFO of numerous public companies and latterly was CEO of
Delin Property, a pan-European logistics developer, investor and
manager. He is currently a Director of Kelso Group Holdings Plc, a
Director of AEW UK REIT Plc and advisor to DP World.
Gary Lamb, Chairman, said : "On behalf of the Board, I would
like to thank Raudres for the contribution she has made to Strix
Group in her time as CFO. Her leadership has supported us through
the global challenges of Covid and the transition from a private to
a global public company. We wish her well in her retirement."
Raudres Wong, outgoing CFO, said : "I would like to thank the
Board and the senior management team for their support in my time
as CFO. I have every confidence in the future success of the
business and I wish the team the very best for the future."
Leverage ratio covenant relaxation
Strix also announces that it has proactively engaged and agreed
with its banking syndicate a leverage ratio covenant relaxation to
2.5x in September 2023 and will then revert to 2.25x as at December
2023.
As was set-out in the recent interim results, capital allocation
decisions will continue to prioritise debt reduction and free cash
flow generation with a clear plan to get net debt / EBITDA to below
1.5x over the medium term.
The interim dividend of 0.9p per share (HY 2022: 2.75p) will be
paid on 29 December 2023 to shareholders on the register on 17
November 2023 and the shares will trade ex-dividend from 16
November 2023.
For further enquiries, please contact:
Strix Group Plc
Mark Bartlett, CEO
Mark Kirkland, Interim 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. The successful
integration of the acquisition of Billi will also propel Strix into
a new growth phase which diversifies the Group into the new hot tap
market as well as increasing Strix's existing position and
portfolio of water dispenser systems.
Strix trades on the AIM Market of the London Stock Exchange
(AIM: KETL).
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END
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