A positive end to the year bodes well
In the latest trading update from Strix Group management has reported that it remains comfortably within the previous guidance for FY24 of £18m-£19m at constant exchange rates (CER) and ahead of consensus estimates. December proved better than initially anticipated, which followed a challenging period from the start of Q3, particularly in its higher margin regulated kettle control markets in the UK and Germany. Q4 benefitted from a combination of product launches / new contracts within all three divisions, with demand from OEMs higher during December.We have accordingly increased revenue and adj. PBT expectations for FY24 by 1% and 4.5% respectively, with estimates for FY25 raised by 1.5% at the adj. PBT level. We have consequently increased our fair value / share to 105p (previously 102p).
Strix Group is a holding company. Through its subsidiaries, Co. is engaged in the designing, manufacturing and supply of kettle safety controls and other components and devices involving water heating and temperature control, steam management and water filtration. Co.'s core products are kettle safety controls, which are responsible for disconnecting the power to the heating element when either water has boiled, operated with no water present, or in some products when the kettle is lifted off its base.
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