Strix delivers modest growth in FY adjusted profits

Kettle safety controls manufacturer Strix said on Wednesday that it had delivered modest growth in adjusted profits in 2020 despite the Covid-19 pandemic.

Strix said it experienced "a marked recovery" in the second half of the year, as anticipated, with a strong order book that enabled it to deliver roughly 2% growth in adjusted profits after tax on last year's figure of £28.9m.

The AIM-listed group stated the performance demonstrated the resilience of its business model, which benefits from geographical and product diversification, and was strengthened further by high cash generation and prudent control of its balance sheet.

Looking ahead, despite the impact of Covid-19 on the global economy, Strix said it remains confident in its future prospects and added that it was in "a strong position" to continue to invest in compelling growth opportunities.

Chief executive Mark Bartlett said: "Consistent with what was announced at the Capital Markets Day in November, the recent strong performance underpins our confidence of doubling group revenues over the next five years.

"We remain focused on investing in compelling growth opportunities to support this medium-term ambition, as well as executing on ESG commitments which is core to our strategy to provide a safer sustainable future for our customers."

As of 0925 GMT, Strix shares were up 4.28% at 243.50p.