Strix Group

KETL · AIM · Industrial Goods and Services · mcap £64m · 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.

Recent signals

Positive 4 Aug 2026

Billi sold for 3x cost; net cash £38.7m; £13.7m returned to shareholders

Balance sheet moved from net debt to net cash, with a capital allocation framework promised. 4 Aug 2026 5 May 2026

Mixed 4 Aug 2026

New CEO, CEO and CCO departures, Ramsey manufacturing closure

Leadership turnover and commercial reassessment ahead of new strategy. 4 Aug 2026 11 Jun 2026

Negative 4 Aug 2026

Controls revenue down 23.8% to £52.9m over 12 months; buyback paused

Core division weak though volumes stabilising; share price continues falling. 4 Aug 2026 9 Jul 2026

Positive 18 May 2026

Kambiz Nourbakhsh stake rose from 3.4% to 8.3% between Sept 2025 and May 2026

Material stake building during a period of share price weakness and strategic change. 18 May 2026 16 Sep 2025

Capital actions

2026-05-05 tender offer · £10m – Tender offer at 43p; 23.3m shares purchased 5 May 2026
2026-02-04 buyback programme · £10m – Buyback programme of up to £10m launched; about £3.7m bought by July 2026, then paused 4 Feb 2026
2026-01-30 disposal · £110.0m – Sold Billi to Crescent Capital Partners at £110.0m enterprise value; net proceeds £102.0m 30 Jan 2026
2026-01-30 debt refinancing – Disposal proceeds used to repay multi-bank debt in full; £25.0m undrawn RCF retained 4 Aug 2026
2024-06-12 placing · £8.7m – Placed 10.9m shares at 80p, about 5% of issued capital 12 Jun 2024

From the company's own announcements · not investment advice

Company filings. Not investment advice.