Trading Update

RNS Number : 9567U

Strix Group PLC

18 July 2018

 

18 July 2018

Strix Group Plc

("Strix" or the "Group")

Trading Update

Strix Group Plc (AIM: KETL), the AIM listed global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components, is pleased to announce the following trading update for the 6 month period ended 30 June 2018.

The Group continued to perform well during H1 2018 and the Board confirms that the Company is on track to report results in line with market expectations for the full year. Cash flow conversion remains strong, continuing to support our dividend policy.

During the period, the Group maintained its global market leading share of c.38% with particularly strong performance in North America. The new U9 series of controls has performed positively with more than 60 specifications, securing order volumes of c.1m during the period with more than 20% destined for the less regulated market as we target further share growth within this segment.

Focus continued on the development of new products within the hot water on demand category using our mature, patented heating technology to fulfil key consumer insights identified from independent research. 

Aqua Optima experienced a strong performance with market share in the key UK market achieving c.20%, a record level, due to increased coverage in the UK retail sector and additional distribution in Central Europe.

The Group continued to defend its intellectual property rights and successfully settled an infringement claim in China for 19 electronic appliances during the period and had five webpages taken down on Amazon across their European platform for products that infringed Strix electronic kettle patent.  

The Group will be announcing full interim results for the 6 month period ending 30 June 2018 on Wednesday 19 September 2018. An analyst briefing will be held at 09.30hrs. Analysts interested in attending should contact [e-mail].

For further enquiries, please contact:

Strix Group Plc Mark Bartlett (CEO) Raudres Wong (CFO)	01624 829 829
Zeus Capital Limited (Nominated Advisor) Nick Cowles / Jamie Peel / Jordan Warburton (Corporate Finance) Dominic King (Corporate Broking)	020 3829 5000
IFC Advisory Limited (Financial PR & IR) Graham Herring / Tim Metcalfe / Heather Armstrong	020 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 listed on the Alternative Investment Market of the London Stock Exchange (AIM: KETL). 

www.strixplc.com  

Market Abuse Regulation

This announcement is released by Strix Group Plc and contains inside information for the purposes of the Market Abuse Regulation (EU) 596/2014 ("MAR") and is disclosed in accordance with the Company's obligations under Article 17 of MAR.  The person who arranged for the release of this announcement on behalf of Strix Group Plc was Mark Bartlett, CEO.

 

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