Strix Group
KETL · AIM · Industrial Goods and Services · mcap £65m · 32.1p
Strix designs and makes safety and temperature controls for kettles and other appliances, plus water filtration and consumer products such as LAICA. Until 2026 it also owned Billi, an Australian maker of premium boiling and chilled water taps.
The case for
- Billi was sold for £110m, about three times its original cost, which removed debt dependence and left net cash of £38.7m. 19 Dec 2025 4 Aug 2026
- Net interest costs are expected to fall from about £7.5m to below £1m a year. 9 Mar 2026 9 Apr 2026
- A cost programme is on track to beat its £2m savings target, and management says Controls volumes are stabilising. 4 Aug 2026
- Strix returned £10m by tender offer at a premium to the market price, and more capital deployment is promised. 9 Apr 2026 5 May 2026
The case against
- Adjusted profit before tax fell to £10.1m from £18.0m, and adjusted EBITDA fell to £28.4m from £35.1m. 4 Aug 2026
- Controls revenue fell 24% in H1 2025 on tariffs, and copyist competition is a stated concern. 30 Sep 2025 7 May 2026
- Strix has sold its fastest-growing division, so growth now depends on Controls and Consumer Goods. 19 Dec 2025 30 Apr 2025
- Management turnover: the CFO, CEO and chief commercial officer have all left or announced departures since 2023, and the buyback was paused. 27 Oct 2023 26 Nov 2025 17 Feb 2026 9 Jul 2026
- The share price fell from 84p in mid-2024 to about 35p. 11 Jun 2024 4 Aug 2026
Both sides use only facts from the company's announcements · not investment advice
Company filings. Not investment advice.