Strix Group PLC, a global leader in the design, manufacture, and supply of kettle safety controls and other water heating and temperature control components, released its interim results for the six months ended June 30, 2024. The company reported strong financial performance with adjusted revenue increasing by 3.5% to £67.2 million, led by the Kettle Controls division and a positive mix shift towards higher-margin sales. Adjusted gross margins improved to 40.0%, up 320 basis points, maintaining FY23 levels despite seasonally lower trading. The company also reported strong adjusted profit before tax growth of 15.9% to £8.0 million.
Strix successfully completed a 5% equity placing, generating gross proceeds of £8.7 million, and reduced net debt leverage to below 2.0x, <mark style="background-color:yellow">ahead</mark> of its year-end target. The company continued its focus on IP protection and made investments in its China factory to support appliance manufacturing for a major brand within the Consumer Goods division.
The Groups outlook remains positive, with the Board confirming that, despite macro uncertainties, the Group is on track to report results for FY24 in line with market expectations.