Strix Group Plc (LON:KETL), the 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, has provided an update on trading for the financial year ended 31 December 2024.
Strix is pleased to confirm that it will report adjusted profit before tax for FY24 ahead of market consensus (as at close on 29 January 2025) and comfortably within the previously announced range of £18m to £19m (on a constant currency basis CER).
The Kettle Controls division has maintained its dominant market position and stable market share in the regulated and less regulated markets, despite trading volatility in Q4 2024 in its key regulated end consumer markets, such as the UK and Germany. New products launched in Q4 2024 have been well received and are gaining traction with customers, with the launch of the next generation of innovative controls on track to launch in H1 2025. New product development by the Kettle Controls division is focused on producing solutions that can be sold across additional market segments, while also increasing Strix’s addressable market.
As expected, Billi continues to perform well with a return to double digit growth in Q4 2024. This has predominantly been supported by successful product launches in Australia, which are expected to launch in the UK and Europe in the first half of 2025. The division continues to execute against its geographical roll-out strategy which is gaining traction in Europe and has secured contracts with seven distributors in Europe at the date of this announcement.
The Consumer Goods division is slightly below the prior year (CER), as planned, following the previously announced successful restructuring initiatives. Key incremental retail contracts secured for 2025 are progressing well. In Q4 2024, Strix began manufacturing appliances for a leading global baby brand in its China factory which continues, with additional products to be introduced later in 2025.
The Group has actioned a number of structural improvements in the year to support the long term growth aspirations of the business with strategic hires across the finance team, Billi and business and commercial development teams.
The net debt position remains a key priority for the management team. Ongoing cash conservation actions have resulted in strong cash generation in the period, allowing the Group to maintain a year-end net debt leverage of below 2x.
Notice of Results
The Strix management team is attending the Spring Canton Fair in mid-April and therefore, the Group expects to report its Full Year results on 30 April 2025. This will give Strix greater clarity on market dynamics and the forward order books of its OEM partners ahead of publishing its Full Year results.
Management will be hosting a briefing for equity analysts on the day of results. For further details, please email: [email protected]
