Strix Group announces new sustainability strategy as revenues grow by 50%

Mark Bartlett, Strix CEO (Credit: Twitter / Strix Group)

AIM-listed Strix Group has grown revenues by more than 50% in the first half of this year driven by both organic growth and the acquisition of LAICA.

The Isle of Man-based which specialises in temperature control systems for kettles, reported revenues of £54.7m for the six month the end of June 2021.

That’s up 57.6% for the same period last year and an increase of 24.6% versus the same period in 2019.

The LAICA acquisition delivered strong revenue growth over the period as the Group bounced back to higher than pre-pandemic levels.

Adjusted EBITDA increased to £17.4m compared to last year’s £13.6m), representing a 27.9% increase.

Mark Bartlett, Chief Executive Officer of Strix Group plc, said: “Strix has experienced positive trends and momentum in H1 2021 and achieved significant revenue growth compared to the COVID-affected prior year and remains confident that it will deliver revenue growth of circa 30% for the Group in 2021.

“We are benefiting from being a world leading innovative and sustainable technology business and our continued focus on efficiency measures and strategic initiatives enables us to continue to prudently invest in compelling growth opportunities.”

The group has also today launched its sustainability strategy marking and ‘important milestone’ for the group.

Mark said: “The next few years will see significant planning and project execution as we look to advance our KPIs and set ever ambitious goals but this is a critical aspect of Strix’s mission to innovate safety and design for a sustainable future.

“Our strong balance sheet and low leverage provides financial flexibility for the medium term deploy capital consistent with allocation of capital priorities.

“Strix remains confident of delivering 2021 full year results in line with market expectations and executing on the medium-term strategy to deliver against its five year targets.

“The Group reaffirms its commitment to its increasing dividend, in line with its progressive dividend policy that is linked to underlying earnings, which reflects the Board’s confidence in the outlook for the Group.”

The board declared an increase in the interim dividend to 2.75p per share.