**Summary**
Strix Group Plc, a global leader in kettle safety controls and water-related components, released a trading update, cost optimization program, and CEO update on March 9, 2026. Key highlights include
1. **Financial Performance (FY26)**
Expected revenue of £150 million and adjusted profit before tax of £9.8-10.2 million.
Inventory reduction target of £8 million achieved ahead of schedule by December 2025.
Continued trading improvements in the Controls division, though no significant catch-up in volumes lost in 2025, particularly in regulated markets.
2. **Cost Optimization Program**
Initiated to streamline operations post-Billi disposal, targeting £2 million in annualized savings over 18 months.
3. **Billi Disposal**
Completed in January 2026, generating net proceeds of £105 million.
Strengthened balance sheet with net cash position of £35 million and reduced net interest costs to <£1 million annually.
Proceeds used to repay multi-bank debt facilities, with a retained £25 million revolving credit facility.
4. **Shareholder Returns**
£10 million share buyback program commenced in February 2026, with £1.5 million worth of shares purchased so far.
Capital Allocation Framework to be announced later in the year.
5. **Strategic Partnerships**
Manufacturing and development agreement with Billi post-disposal, potentially leading to a long-term partnership.
6. **CEO Update**
Recruitment process for a new CEO ongoing, led by Chairman Gary Lamb, with an announcement expected before Mark Bartlett steps down in May 2026.
Strix remains focused on operational efficiency, growth opportunities, and returning value to shareholders amid challenging market conditions.
| Metric | FY25 | FY26 |
|---|---|---|
| Revenue | Not explicitly stated | £150 million (expected) |
| Adjusted Profit Before Tax | Not explicitly stated | £9.8 million to £10.2 million (expected) |
| Net Debt Position | Net debt (amount not specified) | Strong net cash position (£35 million post Billi disposal) |
| Net Interest Costs | £7.5 million | <£1 million |
| Inventory Reduction (Controls Division) | Target: £8 million reduction (achieved by Dec 2025) | Reduction achieved ahead of schedule |
| Cost Optimisation Savings | Not applicable | £2 million annualised savings (expected over 18 months) |
| Billi Division Disposal Proceeds | Not applicable | £105 million (net proceeds) |
| Share Buyback Programme | Not applicable | £10 million programme; £1.5 million spent (2,993,329 shares at 48.7p average) |