Statement Regarding Current Situation in China

RNS Number : 3995D

Strix Group PLC

19 February 2020

 

19 February 2020

Strix Group Plc

Statement Regarding Current Situation in China

Strix Group Plc ("Strix" or the "Company") confirms that it is continuing to closely monitor developments and has put appropriate measures in place following the outbreak of Coronavirus in China.

The Company's manufacturing operations, which are located near Guangzhou, resumed on 10 February 2020 which was only a one week delay from the planned opening and in line with the government policy for an extended and mandatory closure over the Chinese New Year holiday period. Strix's facilities have experienced minimal impact to date.

Currently two-thirds of the workforce have returned to the facility and whilst others have been hampered by travel disruption this remains sufficient to fulfil the customer commitments for February and the Company are now focussed on securing March and April to minimise any disruption.

The Company remains closely in touch with all of its largest OEM customers. The majority have either resumed production or are expected to imminently. Strix has seen some customers increase order sizes due to disruption elsewhere in their supply chain.

There are also no immediate concerns regarding Strix's supply chain, given over 80% are based in a same area near Guangzhou and were able to restart production last week.

The Company will continue to work with local government departments to ensure that all precautionary measures are in place to provide a safe and healthy working environment. The welfare of all Strix's employees remains the primary concern and Strix have proactively established a number of precautions, including a disinfection facility at the Guangzhou facility utilising HaloPure disinfection bromine resin beads, which is technology developed by HaloSource, Strix's most recent acquisition.

For enquiries, please contact:

Strix Group Plc	[phone]
Mark Bartlett, CEO
Raudres Wong, CFO
Zeus Capital Limited (Nominated Advisor and Joint Corporate Broker)	[phone]
Nick Cowles
Jamie Peel
Stifel Nicolaus Europe Limited (Joint Corporate Broker)	[phone]
Matthew Blawat
Francis North
IFC Advisory (Financial PR and IR)	[phone]
Graham Herring
Florence Chandler

Notes to Editors

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 quoted on the AIM market of the London Stock Exchange (AIM: KETL).

 

END

 

 

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