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.

Target	Promise	Said	Status
2024
31 Dec 2024	Premium Filtration Systems to deliver double-digit FY24 growth	25 Jul 2024	✗ Missed · target changed
	“Strix anticipates that the roll-out of new product development alongside the European expansion via strategic sales and service partners in the second half of the year will see the division produce double-digit growth on a constant currency basis for FY 2024 versus FY 2023.” Result In September 2024 Billi was guided to high single-digit FY24 growth, with double digits only expected in Q4. “Billi's expansion sales strategy is on track, generating initial sales in Europe with the division now expected to report single digit growth for FY24, following the slightly delayed roll out of new products to the market.”18 Sep 2024 · Half-year Results
31 Dec 2024	Complete Halopure disposal by end of FY24	18 Sep 2024	✓ Kept
	“Planned disposal of Halopure expected to complete by the end of FY24” Result January 2025 update said Consumer Goods restructuring was complete. “The Consumer Goods division is slightly below the prior year (CER), as planned, following the previously announced successful restructuring initiatives.”30 Jan 2025 · Trading Update
2025
30 Jun 2025	Launch next generation controls (Series Z) by H1 2025	27 Mar 2024	✗ Missed
	“the launch of the next generation of innovative controls on track to launch in H1 2025” Also stated 27 Nov 2024 · 30 Jan 2025 Result Initial shipments were still pending for Q4 2025; roll-out was described as continuing well in May 2026. “Next Gen controls are now confirmed in new products at several of the Group's partner OEMs with initial shipments targeted for Q425.”30 Sep 2025 · Half-year Results “The roll-out of the Low-Cost and Next Generation controls continues to progress well for the Controls division”7 May 2026 · Trading Update and Capital Return
30 Jun 2025	Launch Billi's Australian products in UK and Europe in H1 2025	27 Nov 2024	… In progress
	“New products are gaining traction in Australia, which will be launched in the UK in H1 2025” Also stated 30 Jan 2025 Result Not yet due.
30 Jul 2025	Start a competitive refinancing process	10 Jul 2025	✓ Kept
	“a competitive refinancing process has been formally initiated to provide cost effective and flexible funding” Also stated 30 Jul 2025 Result July 2025 update said the process had been formally initiated. “The Group confirms that a competitive refinancing process has been formally initiated to provide cost effective and flexible funding to support the Group's medium-term investment-driven growth aspirations.”30 Jul 2025 · Trading Update
30 Nov 2025	Complete repayment of the Billi acquisition term loan by November 2025	30 Jul 2025	… In progress
	“the final repayment is due in November 2025” Result Not yet due.
31 Dec 2025	Reduce net debt to EBITDA to 1.5x by end of 2025	27 Oct 2023	✗ Missed · target changed
	“the target of 1.5x is now expected to be achieved ahead of the end of FY25” Also stated 25 Jan 2024 · 11 Jun 2024 · 18 Sep 2024 Result Leverage rose to 2.21x in H1 2025 and 2.5x in Sept 2025; target reset to c.1.5x within 12-18 months. Billi sale then gave net cash. “Reducing the debt position within the stated appetite of 1.0-2.0x as soon as possible will be of critical focus to the Board over the next 12-18 months, whilst also managing and minimising the impact of global volatility in the short term.”30 Sep 2025 · Half-year Results “The Board has set a target to reduce the Group's net debt leverage to c.1.5x in the next 12-18 months, while also managing and minimising the impact of global volatility in the short term.”26 Nov 2025 · Trading update and management change
31 Dec 2025	Return to a 30% of adjusted PAT dividend pay-out ratio in 2025	27 Mar 2024	✗ Missed
	“A planned return to a sustainable dividend pay-out ratio of 30% of adjusted PAT will take place in 2025” Result No dividend was reinstated in 2025; the group moved to a buyback and tender offer in 2026. “the Company intends to utilise the net proceeds to repay its existing debt facilities and to launch a £10 million share buyback programme”30 Jan 2026 · Completion of the Disposal of Billi “a total of 23,255,813 Ordinary Shares will be purchased under the Tender Offer. The total value to be returned to Shareholders pursuant to the Tender Offer will therefore be approximately £10 million”5 May 2026 · Results of Tender Offer and Total Voting Rights
31 Dec 2025	Finalise full refinance of banking facilities by end of 2025	20 Jun 2024	✗ Missed · target changed
	“It remains the Company's intention to finalise a full refinance of its banking facilities by the end of 2025” Also stated 25 Jul 2024 Result A refinancing process was started in mid-2025, but the Billi sale repaid existing debt facilities instead. “The Group confirms that a competitive refinancing process has been formally initiated to provide cost effective and flexible funding to support the Group's medium-term investment-driven growth aspirations.”30 Jul 2025 · Trading Update “The Company intends to utilise the net proceeds to repay its existing debt facilities and to launch a £10 million share buyback programme.”30 Jan 2026 · Completion of the Disposal of Billi
31 Dec 2025	Reinstate FY24 final dividend for payment in 2025	27 Nov 2024	✗ Missed
	“it remains the intention to reinstate the FY24 final dividend for payment in 2025” Result No dividend was announced in 2025; capital was later returned via tender offer. “The total value to be returned to Shareholders pursuant to the Tender Offer will therefore be approximately £10 million. Payment of the consideration due to Shareholders whose tender applications under the Tender Offer have been accepted will be despatched (by cheque or by a CREST payment, as appropriate) on or before 14 May 2026.”5 May 2026 · Results of Tender Offer and Total Voting Rights
2026
31 Mar 2026	FY26 revenue c.£150m and adjusted PBT £9.8-10.2m	9 Mar 2026	✓ Kept
	“A full Capital Allocation Framework will be announced later in the year as part of a wider strategic update” Result Results showed £153.2m revenue and £10.1m adjusted PBT, within forecast range. “The Group reiterates that it expects to report revenue of c.£150m and adjusted profit before tax in the range of £9.8m to £10.2m for FY26.”7 May 2026 · Trading Update and Capital Return “Group adjusted PBT for PE26 of £10.1m at CER, firmly within forecast range.”4 Aug 2026 · Final Results
Today · 10 Oct 2026
2027
31 Mar 2027	Announce full capital allocation framework later in the financial year	9 Mar 2026	… In progress
	“The Group will announce a full capital allocation framework, which will include strategic investment growth opportunities, later in the financial year” Also stated 9 Jul 2026 Status so far Not yet due.
31 May 2027	Reduce net debt leverage to c.1.5x within 12-18 months	30 Sep 2025	✓ Kept
	“Reducing the debt position within the stated appetite of 1.0-2.0x as soon as possible will be of critical focus to the Board over the next 12-18 months” Also stated 26 Nov 2025 Result The Billi sale produced net cash of £38.7m at March 2026, with leverage reported at 1.88x on prior earnings. “Net cash of £38.7m provides financial flexibility to invest and ability to return funds to shareholders.”4 Aug 2026 · Final Results “Net debt leverage \| N/A \| N/A \| 1.88x”4 Aug 2026 · Final Results
9 Sep 2027	Cost programme to deliver c.£2m gross annualised savings over 18 months	9 Mar 2026	… In progress
	“aims to deliver gross annualised savings, before investments of c.£2 million over the next 18 months” Also stated 4 Aug 2026 Status so far Not yet due.