Strix Group Declares Maiden Final Dividend After Strong 2017

22nd Mar 2018 11:38

LONDON (Alliance News) - Kettle control firm Strix Group PLC on Thursday declared a maiden final dividend in its first annual results since floating in London, as it recorded solid profit and revenue growth.

Strix was admitted to trading on London's AIM market in August, having placed 190.0 million shares at 100.00 pence each in its initial public offering, with a market capitalisation at the time of around GBP190.0 million.

Shares were up 2.2% on Thursday at 132.80o, giving a market cap of around GBP252.7 million.

Reported pretax profit for 2017 rose 4.5% year-on-year to GBP25.4 million, on the back of revenue growth of 2.9% to GBP91.3 million. On an adjusted basis, Strix's pretax profit increased 5.6% year-on-year to GBP28.3 million.

Strix is to pay a final dividend of 1.90 pence per share. Having already paid an interim dividend in November of 1.00p, the total for the five months since listing is 2.90p.

Profit was boosted by increased automation, while a rise in the gross profit margin to 40.7% from 39.5% was due to a shift towards higher margin products.

The firm said it continues to hold a "strong" global market share of around 38%. During the year, Strix's product focus was on its new range of U9 series controls, with the full range launched. They received a "very" positive response from customers across the globe, it said.

Strix has had a "healthy" start to 2018, and the company expects to deliver growth in line with market expectations in its first full year as a publicly listed entity.

Chief Executive Mark Bartlett commented: "Trading during 2017 was strong and I am pleased to report that we have seen a healthy start to the current year. We remain focused on delivering another year of growth in line with market expectations.

"Our IPO during the year was a great success and we look forward to our life as a public company. Strix has continued to enhance its market leading position by continuing to implement its strategy, with the successful launch of a new range of "best in class" controls designed to deliver competitive, high quality products across all market segments."

He concluded: "The company is strongly positioned to continue to capitalise on the growth of the global kettle market and we look forward to working to realise the full potential of the company as a listed group."

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