Strix Group PLC AGM Statement (9574Z)
27 Mai 2021 - 8:00AM
UK Regulatory
TIDMKETL
RNS Number : 9574Z
Strix Group PLC
27 May 2021
27 May 2021
Strix Group Plc
("Strix", the "Company" or the "Group")
AGM Statement
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.
At the meeting, Mark Bartlett, Chief Executive Officer of Strix,
will make the following statement:
"We are pleased to report that our improved performance in the
second half of 2020 has continued so far through the first half of
2021 and now anticipate delivering revenue growth of circa 30% for
the Group during 2021.
The kettle controls category is performing strongly,
particularly within the Regulated segment and a strong order book
gives management confidence for H2 2021 and beyond.
We have also successfully implemented price increases on some of
our legacy products in both kettle controls and water categories,
which alongside a range of other efficiency measures, including
continued automation and strategic initiatives, has enabled us to
proactively offset cost inflation.
In the water category, the sales of the new products launched
are starting to accelerate with additional product launches from
LAICA implemented in H1 including GlaSSmart (instant water
filtering bottle), tap filters and the myLAICA sports bottles.
We are also seeing that many of the appliances created are
starting to penetrate the consumer markets across the world. The
Aurora appliance will launch on Amazon under our Aqua Optima brand
in June and a version incorporating Strix technology has recently
launched, initially in Asia, with a leading global brand.
Our HaloPure technology continues to gain wider recognition by
the market and two further contracts have been secured this month
at a regional government owned livestock company in China. This
livestock company owns more than 40 farms in three provinces which
will help further promote the profile of this solution. Given this
momentum, I am confident of securing 10 installations during the
financial year, which remains in line with our previously
communicated plans to commercialise this technology.
I am pleased with the integration of LAICA which remains in line
with our plan for capturing identified synergies and driving future
margin expansion. The trading performance in 2021 has also been
strong delivering circa 20% revenue growth.
The new manufacturing operations in China remain on target and
budget to be fully operational by August as originally scheduled.
All of the press and mould machines and 40% of the assembly lines
have been moved and the commencement of the production lines have
begun. A corporate video giving an updated overview of the new
factory is now available via this link:
https://player.vimeo.com/video/555060716 a nd will be on our
website after the AGM.
The Group has relocated its offices in Seattle to a new location
to optimise costs and provide a more appropriate environment to
support the future requirements of the business as we increase our
focus on driving US sales growth within the water and appliance
categories.
Strix remains in a very strong financial position to continue to
deploy capital consistent with our allocation of capital priorities
and invest in compelling growth opportunities with particular focus
on a new product development and commercialisation strategy that
supports our growth ambition. We are also actively seeking
opportunities that will add value across the Group through niche
acquisitions or technologies.
At the year-end results, I outlined that in 2021 Strix aims to
bring its sustainability strategy to life, establishing baselines
within our identified key sustainable development goals and track
improvements to clearly monitor our progress year on year. In
addition we will release key performance targets in our interim
results in September incorporating the benefits of our new factory
in China. A corporate update presentation containing our revised
mission statement and code of business conduct is now available on
our website.
Overall, I am confident that the positive trends in current
trading and momentum so far in H1 mean that we anticipate
delivering revenue growth of circa 30% for the Group during 2021
which also underpins our confidence in achieving our medium-term
target to double the Group's revenues over the next five
years."
For further enquiries, please contact:
Strix Group Plc
Mark Bartlett, CEO
Raudres Wong, CFO +44 (0) 1624 829829
Zeus Capital Limited (Nominated Advisor
and Joint Broker)
Nick Cowles / Jamie Peel / Jordan Warburton
(Corporate Finance) +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 is admitted to trading on the AIM Market of the London
Stock Exchange (AIM: KETL).
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