21st Mar 2019 08:52
LONDON (Alliance News) - Strix Group PLC on Thursday reported moderate revenue and profit growth in 2018 despite the effects of Brexit.
The kettle safety controls company reported pretax profit of GBP29.2 million for 2018, up 3.2% from GBP28.3 million a year before, as revenue increased by 2.7% to GBP93.8 million from GBP91.3 million. On a constant currency basis, revenue grew by 4.5%.
Strix noted that the impact on currency rates of Brexit and other global challenges has softened its reported growth, but underlying volume growth remained consistent with the company's expectations.
Strix proposed a final dividend of 4.7 pence a share, bringing the total payout to 7.0p. The company listed on the London's AIM market in August 2017 and paid 2.90p dividend for five months to that year-end.
"We are pleased to report a solid year of trading for Strix in 2018. We continued to make encouraging progress with our strategic priorities which enabled us to maintain our global market share of around 38% amidst a challenging geo-political climate," said Chief Executive Mark Bartlett.
"We look forward to the year ahead and remain confident about our full year outlook for 2019," added Bartlett.
Strix shares were trading 1.8% lower on Thursday at 164.01 pence each.
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