Kettle parts manufacturer Strix Group PLC (AIM:KETL) has said it will launch an internal reorganisation after warning low demand continues to plague the market.
Updating on Thursday, the firm said a recovery to 2021 levels has lagged and is taking longer than expected.
“A new internal reorganisation programme” will get underway to maximise future cash generation as a result, in a bid to reduce debt from an anticipated £83.7 million at the year end.
Adjusted post-tax profit, at £20.6 million, also missed expectations for a figure above £21 million, the post-close update said.
“Strix is now focussed on delivering future profitable growth and the optimal resources required to achieve this,” the group added.
Strix also announced the appointment of Clare Foster as chief financial officer, following Raudres Wong’s retirement in October.
Foster, who most recently held the same role at Trifast (LSE:TRI) PLC, will formally start on 2 April, allowing interim finance chief Mark Kirkland time to finalise preliminary results, which will be released in late March.
Shares fell 3.3% to 71.47p.