INTERVIEW: Strix Group Plc £190m IPO

Strix Group Plc ORD 1P (LON:KETL) CEO Mark Bartlett talks to DirectorsTalk about it £190m IPO. Mark talks us through what the company does, why they have chosen to join AIM, how the proceeds will be used and also outlines the company’s growth strategy.

 

Company Overview

Strix Group Plc ORD 1p is a global leader in the design, manufacture and supply of kettle safety controls and other components and devices involving water heating and temperature control, steam management and water filtration.

The company’s core product range comprises a variety of safety controls for small domestic appliances, primarily kettles. Kettle safety controls 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. The kettle control is also designed to act as a safety device, disconnecting the power during abnormal operations such as when there is no water in the appliance, to prevent the element from overheating.

Kettle safety controls require precision engineering and intricate knowledge of material properties in order to repeatedly function correctly. Strix has built up market leading capability and know-how in this field since being founded in 1982.

Main direct customers for safety controls are original equipment manufacturers (“OEMs”) involved in the manufacture of kettles and other small domestic appliances. Strix also has indirect customers in the form of appliance brands and retailers, who often work with Strix to select the best OEM for a product and specify the product to meet their quality and price point requirements. Strix has relationships with over 400 brands and retailers globally, who often rely on them to ensure consistency of compliance with applicable regulations and with their own standards, which are often higher, as well as to troubleshoot any manufacturing issues at an appliance level.

Globally, Strix estimates that 174 million kettles were sold in 2016, giving Strix a 38% global market share (2015: 32%.).

There are six operational sites globally, of which two are in the Isle of Man (where the Group’s head office is located), one is in the UK, two in Hong Kong and one is in China. Strix has manufacturing operations in two locations: Ramsey, Isle of Man and Guangzhou, China.

It is an established, highly cash generative business that has seen revenue increase from £79.9 million in 2015 to £88.7 million in 2016. In the year ended 31 December 2016, Strix recorded an adjusted EBITDA of £33.3 million.

Strix is seeking Admission in order to enhance the profile of the business and to provide permanent capital, enabling the Directors to take long term investment decisions and strengthen its new product development capabilities, for the long term benefit of the business and its customers. The entire net proceeds of the Placing, in combination with new debt facilities, will provide an exit for the Group’s current investor group, led by AAC Capital Partners, which has held a stake in the business since 2005.

Click to view all articles for the EPIC:
Or click to view the full company profile:
    Facebook
    Twitter
    LinkedIn
    STRIX GROUP PLC ORD 1P

    More articles like this

    STRIX GROUP PLC ORD 1P

    Strix Group appoints Clare Foster as Chief Financial Officer

    Strix Group Plc (LON:KETL) has announced a pre-close trading update for the year ended 31 December 2023. Despite the continued challenging macroeconomic and geopolitical environment, Strix has achieved adjusted profit after tax for the full year of

    STRIX GROUP PLC ORD 1P

    Strix Group Corporate Update

    Strix Group Plc (LON:KETL), the AIM quoted global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components, has announced a corporate update covering the planned CFO retirement and leverage

    STRIX GROUP PLC ORD 1P

    Strix Group reports revenue increase of 28.6%

    Strix Group (LON:KETL) has provided its interim results for the six months ended 30 June 2023. Financial Summary1 H1 2023 H1 2022 Change (23 – 22) £m £m %4 Revenue 65.2 50.7 +28.6% Gross profit 23.9 19.5

    STRIX GROUP PLC ORD 1P

    Strix Group Equity Development investor presentation

    Strix Group plc (LON:KETL), the global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components, has announced that the Company’s management team will conduct a live investor presentation covering both

    STRIX GROUP PLC ORD 1P

    Strix Group Annual Report and Notice of Annual General Meeting

    Strix Group Plc (LON:KETL), the AIM quoted global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components, has announced that the Notice of the AGM, and copies of the

    STRIX GROUP PLC ORD 1P

    Strix Group to host investor site visits in July

    Strix Group Plc (LON:KETL), the AIM quoted global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components, has announced a reconfirmation of its final dividend and also details

    STRIX GROUP PLC ORD 1P

    Strix diversifying away from core Kettle Controls business

    Strix Group Plc (LON:KETL) have today published preliminary results for the twelve months ended 31 December 2022. Financial Summary1 2022 2021 Change (22 – 21) £m £m %4 Revenue 106.9 119.4 -10.5% Gross profit 41.5 47.4 -12.4%

    STRIX GROUP PLC ORD 1P

    Strix Group live Equity Development investor presentation

    Strix Group plc (LON:KETL), the global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components, has today announced that the Company’s management team will conduct a live investor presentation

    STRIX GROUP PLC ORD 1P

    Strix Group complete acquisition of Billi

    Strix Group Plc (LON:KETL), the AIM quoted global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components, has announced, further to its announcement on 5 October 2022, that it

    STRIX GROUP PLC ORD 1P

    Strix Group conditional acquisition of Billi for c.£38 million

    Strix Group Plc (LON:KETL), the AIM quoted global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components, has announced that it has entered into conditional agreements to acquire