Strix Group PLC AGM Statement (8395M)
26 Mai 2022 - 8:00AM
UK Regulatory
TIDMKETL
RNS Number : 8395M
Strix Group PLC
26 May 2022
26 May 2022
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 confirm that based on year to date performance, our current
expectations of trading conditions in the balance of the year, the
resilience of our historical H2 performance through prior
macroeconomic cycles and our experience during the COVID-19
pandemic, we are maintaining expectations for the full year.
Since the announcement of our full year results, the global
outlook has weakened and headwinds persist which imply that we will
continue to face a challenging operating environment. However, we
are pleased to have successfully implemented further product price
increases across our full kettle controls range and water
categories (the most recent was with effect from 1(st) May). This
alongside a range of continued strategic efficiency measures,
including the adoption of lean and automated processes at the new
manufacturing operations, foreign exchange rate and commodity
hedging arrangements has continued to minimise the impact of
ongoing cost inflation.
We continue to monitor the evolving situation in China and, to
date, our manufacturing operations within Zengcheng district in
Guangzhou have not been materially affected. W e continue to take a
proactive approach to minimise potential supply chain disruption by
increasing levels of finished stock and holding stock in multiple
districts .
Overall, Strix has a robust business model, remains in a strong
financial position and through adopting a disciplined and dynamic
approach to our strategy has delivered a resilient performance
during prior macroeconomic cycles and during the COVID-19 pandemic.
We remain confident in our ability to navigate current
uncertainties and deliver on the current expectations for the full
year and against our medium-term targets."
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 trades on the AIM Market of the London Stock Exchange
(AIM: KETL).
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END
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