Strix brings ‘solid’ half year performance to the boil
Kettle safety controls manufacturer and supplier, Strix, generated a 1.5% increase in revenues for the six months to June 30, the Isle of Man company announced today.
Sales rose from £42.2m to £42.9m.
However, pre-tax profits fell by 16.1%, from £10.3m to £8.6m.
Shareholders in the AIM-listed business will receive an interim dividend of 2.3p per share.
Strix raised £190m in its flotation a year ago and in a trading update in June, said it was on track to deliver results in line with market expectations for the full year.
It said its six month trading performance was “solid”.
During the interim period it maintained its global market share at 38%, by volumen, and launched a new series of controls, U9, with 1.1m produced.
Production efficiency was increased by 6% due to continued automation.
Sales of the Aqua Optima water filtration product rose by 88%, with a record market share of 20% achieved.
Chief executive Mark Bartlett said: “We are pleased to report a solid six months of trading for Strix in 2018.
“We have made positive progress with our strategic priorities, continued to invest in the growth of our business and maintained our global market share.”
He added: “The global market has remained positive with an overall volume growth of 6%. The North American market has been particularly strong, growing at 20%.
“As anticipated the China domestic market also experienced a positive recovery with volume growth of 6%.”
The group has continued to invest in its facilities, he said through innovation, additional automation and lean manufacturing processes, resulting in a further 6% increase in efficiency.
“Product development remains a core focus of the group with positive progress on the U9 series of controls.
“We have secured a number of collaborations with key brands within the hot water and coffee-on-demand categories using our mature, patented heating technology to fulfil key consumer insights identified from independent research.
“Aqua Optima continued to show strong growth with revenues up 88% versus prior year, securing a record share within the UK of 20% and increased distribution with the Aqua Optima brand now available in an additional 2,500 outlets.”
He said: “With trading in line with full year expectations, we look forward to the rest of 2018 with optimism and are delighted to announce an interim dividend of 2.3p per share.”
Strix employs more than 750 staff across its six sites in Chester, the Isle of Man, Hong Kong and China, as well as regional sales managers based across the globe.
