Strix shares fall as projects below forecast adjusted pretax profit
Strix Group PLC on Monday forecast worse-than-expected full-year adjusted pretax profit amid ‘challenging’ market conditions and lower than anticipated volumes.
The Isle of Man-based supplier of kettle safety controls and other devices for water heating and temperature control, steam management, and water filtration expects full-year adjusted pretax profit in the range of £9.8 million to £10.2 million for the financial year to March, down from £18.7 million a year prior.
Analysts at Stifel had expected a figure of £12.5 million.
In response, shares in Strix tumbled 11% to 41.68 pence each in London on Monday.
Strix expects to generate revenue of around £150 million, which would be up from £141.8 million the year before.
The company said it has not experienced to date, any anticipated catch-up of volumes lost over the course of 2025, particularly in the regulated markets, which it had previously expected to come through in the run-up to the busier April to June production period.
Alongside this, the firm decided to reduce seasonal promotional activity in the final quarter of the calendar year,
Production volumes and inventory levels will be monitored closely, to ensure that ‘ongoing balance sheet efficiency is appropriately balanced against further trading levels increases.’
Strix said it had hit a target to reduce inventory by £8 million in the Controls division in the last six months of the financial period ahead of schedule by the end of 2025.
Strix said it continues review ways of efficiently returning additional capital to shareholders. In February, it announced a £10 million share buyback programme.
In addition, Strix said the search for a new chief executive is ongoing. Current CEO Mark Bartlett is stepping down at the end of May.
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