Growth reported in key segments
New product launches, coupled with distribution and service agreements across a wider geographical footprint have resulted in growth in Billi and Consumer Goods. The latter was achieved despite rationalisation of costs and product lines during the last two years. Billi has continued its low double-digit yoy revenue growth in H1 25. The one area of the business with exposure to the US is Controls and, in line with other global engineering outfits, it witnessed order deferrals during Q2 following ‘Liberation Day’, resulting in a 7-8% reduction in bottom-line estimates. Yet we expect gross margins to be unchanged versus previous expectations.Our fair value per share increases modestly to 108p, reflecting rising average peer group valuations since the preliminary results in late April and thereby offsetting the effect of the adj. EPS and EBITDA downgrades. The updated fair value is materially above the current share price level.
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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