Strix: Kettle safety manufacturer looks for growth in key markets

Strix saw a jump in revenue during the first half of the year as the kettle manufacturer positioned itself for new and continued “profitable growth opportunities”.

The Isle of Man-based firm, which specialises in design and manufacturing of kettle safety controls, today reported an increase in adjusted revenue of 3.5 per cent to £67.2m thanks to a “positive shift” in regulated and less regulated markets.

Gross profit for the London-listed firm was up 12.6 per cent to £26.9m, compared to just £23.9m last year.

Earnings before interest, taxes, depreciation, and amortisation (EBIDTA) was also up 8.3 per cent to £16.9m.

“Strix has made considerable progress on a number of fronts in the first half of the year, namely the continued rebating of the business and the reduction of our debt position which I’m very pleased to report is ahead of our target,” Strix chief executive Mark Bartlett said.

The improvements outlined in its report today better position the firm for both medium and long term opportunities, Bartlett said, including a range of new products.

The positive momentum also comes as a recent S&P Global UK manufacturing PMI survey highlighted that activity in the UK’s manufacturing sector expanded at its fastest pace for more than two years in August, adding to positive signs for economic growth.

In 2022, Strix acquired Australian water systems brand Billi, which Bartlett said would accelerate the manufacturer’s strategy within certain categories such as water and appliances.

The strategy moving forward is to roll out Billi in key new markets as the team continues its initial five-year plan.

The boss added: “We continue to see profitable growth opportunities in all of our core markets and look forward to executing on our strategy in the second half of the year, further improving our competitive position, strengthening the balance sheet and delivering profit growth.

“Notwithstanding the macro uncertainties, including the relatively lower trading for parts of Q3 in regulated Kettle Controls, the board expects to deliver full year results for the year in line with market expectations.”