Strix Group PLC
LSE:KETL
Strix Group PLC
Strix Group Plc designs, manufactures, and supplies kettle safety controls and other components and devices involving water heating and temperature control, steam management and water filtration. The Company’s core products are kettle safety controls, which are responsible for disconnecting the power to the heating element when either water has boiled, operated with no water present, or in some products when the kettle is lifted off its base. Its control set series include U18/U88, R-series, KeAi-series, KeAi-set, U11 series, U17 series, U67 series and U9 series. Its Aqua Optima is a range of domestic water filtration products, including jugs, water filters and other related appliances. Its other products include steam boiler, instant flow heater and turbo toaster.
Strix Group Plc designs, manufactures, and supplies kettle safety controls and other components and devices involving water heating and temperature control, steam management and water filtration. The Company’s core products are kettle safety controls, which are responsible for disconnecting the power to the heating element when either water has boiled, operated with no water present, or in some products when the kettle is lifted off its base. Its control set series include U18/U88, R-series, KeAi-series, KeAi-set, U11 series, U17 series, U67 series and U9 series. Its Aqua Optima is a range of domestic water filtration products, including jugs, water filters and other related appliances. Its other products include steam boiler, instant flow heater and turbo toaster.
Mixed divisional performance: Billi delivered strong double-digit growth and Consumer Goods grew 7%, but Controls revenue dropped 24.2%, dragging overall results.
Revenue decline: Adjusted revenue fell by 6.4% due to macro challenges and tariffs impacting the Controls division.
Margin pressure: Gross margin decreased by 360 basis points, mainly from Controls and Consumer Goods, though Billi maintained gross margins above 45%.
Debt and leverage: Net debt rose by over GBP 5 million and leverage is at 2.21x, above the company’s target range; an accelerated debt reduction program is underway.
Refinancing paused: The company halted its refinancing process due to unsettled macro conditions but secured temporary amendments and lender support.
Year-end change: Financial year-end will move to March 2026 to better align with key Chinese trade fairs and improve forecasting.
Outlook maintained: Despite near-term challenges, management expects trading for the 15 months to March 2026 to be in line with expectations and will update on trading and debt plans in November.
