Strix Group PLC (AIM:KETL) shares dropped about 4% to 34p, leaving them down 28% since January, after the kettle-safety specialist cautioned that trading remains patchy and confirmed its long-serving chief executive will step down next year.
The company, which recently shifted its year-end to March, reported revenue of £64.6 million for the six months to 30 September and net debt of £70.3 million, equal to leverage of 2.5 times. Those figures will act as the new baseline for future reporting.
Its Controls division, the core kettle-safety unit, has struggled with tariff-related disruption, a softer US dollar and a slowdown in several markets.
Activity steadied over the summer and talks at the Canton Fair suggest signs of improvement in the final quarter, although South Africa, Turkey and the US remain subdued. Strix is rolling out lower-priced “Low-Cost” and “Next Generation” controls to defend market share from copycat manufacturers.
Elsewhere, Billi, the water-dispensing brand, continued to deliver double-digit growth and opened a larger manufacturing site in Australia. The Consumer Goods arm returned to growth after last year’s restructuring, with new products and improved operations helping it navigate a volatile small-appliance market.
Assuming recent gains in the Controls division continue, the board expects trading to be broadly in line with market expectations for the year to March 2026.
Strix highlighted progress in cutting debt, including moves to reduce inventory, extend non-recourse factoring in Italy and cancel the final dividend for the 2024 financial year. The final Billi acquisition loan repayment is due this week, freeing cash to reduce borrowings.
The company is targeting leverage of about 1.5 times within 12 to 18 months.
The group also announced that Mark Bartlett will step down as chief executive and board director on 29 May 2026 after nearly two decades with the business. Chairman Gary Lamb is leading the search for his successor, thanking Bartlett for his long service.