Strix Group PLC AGM Statement and New Banking Facilities (1355O)
28 Mai 2020 - 8:00AM
UK Regulatory
TIDMKETL
RNS Number : 1355O
Strix Group PLC
28 May 2020
28 May 2020
Strix Group Plc
("Strix", the "Company" or the "Group")
AGM Statement and New Banking Facilities
Strix Group Plc (AIM: KETL), the global leader in the design,
manufacture and supply of kettle safety controls and other
complementary water temperature management components provides an
update ahead of its Annual General Meeting ("AGM") at 9 a.m. today.
As noted in the Company's Notice of AGM announcement, the meeting
is being convened with the minimum quorum in attendance. S
hareholders must not attend the meeting in person.
At the meeting, Mark Bartlett, Chief Executive Officer of Strix,
will make the following statement:
"I'm pleased to report that Strix has continued to make a solid
start to 2020, given the global macroeconomic disruption caused by
the COVID-19 pandemic and the continued uncertainty. We have
successfully implemented a range of efficiency measures and
strategic initiatives to limit the impact on the full year forecast
and continue to monitor consumer demand carefully as lockdown
restrictions are eased.
"I am also pleased to announce today a refinancing of the
Group's debt facilities with RBS International Limited and Bank of
China providing a GBP60 million revolving credit facility with
improved financial flexibility that provides significant additional
headroom to the Group for the medium term. We have a robust balance
sheet that places us in a strong position to manage through this
period and continue to invest in the business.
"The Company has continued to make significant strides in its
product development roadmap as planned. We remain on target to
release 14 new products this year, the majority of which will be
launched during the second half of the year in line with our
original schedule. We will provide shareholders with further detail
in our mid-year trading update on 23(rd) July.
"We have also continued to make positive progress with the new
factory in China and the second-floor construction is now complete.
We remain on budget and on schedule to complete all construction
work by the end of January 2021 and to be fully operational by
August 2021 as planned.
"Management continues to monitor COVID-19 closely, implementing
appropriate measures to ensure all production sites and offices can
continue to operate fully and with minimal disruption. Despite the
impact on the global economy, we remain confident in the future
prospects of the Company and following the implementation of
efficiency measures and strategic initiatives will emerge as a
stronger business well-positioned for a market recovery."
For further enquiries, please contact:
Strix Group Plc
Mark Bartlett, CEO
Raudres Wong, CFO
Zeus Capital Limited (Nominated Advisor
and Joint Broker) +44 (0) 1624 829829
+44 (0) 20 3829 5000
Nick Cowles / Jamie Peel / Jordan Warburton (Corporate Finance)
Stifel Nicolaus Europe Limited (Joint Broker) +44 (0) 20 7710 7600
Francis North / Matthew Blawat
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 Alternative Investment
Market of the London Stock Exchange (AIM: KETL).
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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