Strix Group PLC Capital Markets Day (0195E)
November 03 2020 - 2:00AM
UK Regulatory
TIDMKETL
RNS Number : 0195E
Strix Group PLC
03 November 2020
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;
- R ecord 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:
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
M atthew 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).
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END
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