Strix Group trading in line with guidance

4th Jul 2023 13:40

(Sharecast News) - Kettle safety and water filtration technology company Strix Group reported an improvement in trading performance in an update on Tuesday, confirming that the profit after tax for the full year was in line with market expectations.

The AIM-traded firm had previously mentioned that there were signs of improvement in sales data for 2023, as it reported on Tuesday that the trend had continued in the second quarter, with better group performance compared to the first quarter.

It said it had been receiving more frequent orders from customers, although in smaller quantities as customers remained cautious about managing their cash balances.

Additionally, Strix highlighted successful progress on the integration of Billi, which was on track with the company's plan for the full year.

"We will prioritise debt reduction with a clear plan to get net debt-EBITDA to below 2.0x during 2023 and to below 1.5x during 2024," said chief executive officer Mark Bartlett.

"As capital allocation decisions prioritise this, the board, as previously announced, has decided after reviewing the level of net debt to propose a final dividend of 3.25p per share which would represent a total dividend of 6.00p per share."

At 1315 BST, shares in Strix Group were up 4.37% at 105.2p.

Reporting by Josh White for Sharecast.com.