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Strix Group reports solid progress at full year
Designer, manufacturer and supplier of kettle safety controls and other complementary water temperature management components Strix Group updated the market on its trading for the year to 31 December 2017 on Monday.
The group said it continued to perform well during the year, and the board confirmed that it expected to report results in line with market expectations for the financial year.
Due to the positive cash generation in the year, the board said it also expected to report a "significantly improved" net debt position.
During the year, the group maintained its "clear market leading position" with a global volume share of approximately 39%.
Strix launched the full U9 series of controls during the period, which the board said further enhanced its product portfolio with a "best in class product" that was suitable for multiple markets around the world.
The group said it also made "significant progress" with its automation strategy, with the fully automated production line for the U9 series being successfully commissioned and operating in line with management's expectations.
"Strix has continued to achieve its objectives following its successful Admission to AIM and expects to deliver results in line with market expectations, with a particularly strong cash flow performance which supports our dividend policy," said chief executive Mark Bartlett.
"Our global partnerships remain solid and we have maintained our strong global market position whilst providing focus on safety actions and value added services throughout the sales channel.
"Market conditions remain competitive, however we look forward to the year ahead with confidence and are well positioned to achieve our objectives."
Strix said it would be announcing final results on 22 March.