TIDMKETL
RNS Number : 6836M
Strix Group PLC
18 September 2019
18 September 2019
Strix Group Plc
("Strix" or the "Group")
Interim results for the 6 months ended 30 June 2019
'Another resilient trading performance'
Strix (AIM: KETL), the AIM listed global leader in the design,
manufacture and supply of kettle safety controls and other
complementary water temperature management components, is pleased
to announce its unaudited interim results for the six months ended
30 June 2019.
FINANCIAL SUMMARY
Adjusted results(1)
------------------------------
H1 2019 H1 2018 Change
-------- -------- ----------
GBPm GBPm %(3)
Revenue 43.9 42.9 +2.5%
Gross profit 16.7 16.3 +2.5%
EBITDA(2) 14.9 14.8 +0.7%
Operating profit 12.2 11.9 +2.1%
Profit before tax 11.5 11.0 +4.6%
Profit after tax 10.9 10.6 +2.6%
Net debt 33.4 37.9 +11.9%(4)
Net cash generated from operating
activities 10.9 15.2 -28.4%(5)
Basic earnings per share 5.7p 5.6p +2.6%
Diluted earnings per share 5.4p 5.3p +1.8%
Interim dividend per share 2.6p 2.3p +13.0%
1. Adjusted results exclude exceptional items, which include
share based payment transactions. Adjusted results are non-GAAP
metrics used by management and are not an IFRS disclosure. A table
which shows both Adjusted and Reported results is included in the
Chief Financial Officer's review.
2. EBITDA, which is defined as earnings before finance costs,
tax, depreciation and amortisation, is a non-GAAP metric used by
management and is not an IFRS disclosure.
3. Figures are calculated from the full numbers as presented in
the consolidated financial statements.
4. Movement partially driven by cash outflows in relation to the
HaloSource acquisition and the new manufacturing facility.
5. Movement partially driven by working capital movements and
exceptional costs relating to the HaloSource acquisition.
FINANCIAL Highlights
-- Adjusted profit before tax increased by 4.6% to GBP11.5m
(H1 2018: GBP11.0m), driven by lower interest charges
being incurred as a result of an improved leverage ratio
and a lower average outstanding facility balance
-- Net cash generated from operating activities decreased
to GBP10.9m (H1 2018: GBP15.2m), driven by working capital
movements and exceptional costs relating to the HaloSource
acquisition
-- Net debt in line with expectations at GBP33.4m (H1 2018:
GBP37.9m)
-- Interim dividend increased by 13% to 2.6p (H1 2018:
2.3p) per share to be paid on 25 October 2019
-- Group average selling price was strong at c. 3% above
H1, 2018 due to positive geographical and product mix,
supported by a price increase implemented in Q4, 2018,
primarily to cover an increase in the cost of hybrid
plastics
Full YEAR Outlook
-- A solid performance and profitability remains in line
with full year market expectations
-- Kettle control volumes were flat during H1 and anticipated
to grow c.3% for the full year due to the commercial
contracts and incremental specifications secured during
year to date
-- Average selling price for the full year is anticipated
to be c.2% down on prior year (0% excluding ancillary
products such as, China healthy eating kettles, milk
frother and cerves, etc.), better than CAGR, driven
by increased sales into China and the Less Regulated
markets
-- Aqua Optima is expected to recover from the slow start
to the year with further expansion of trade brands sales
into Europe and the launch of new products into the
China domestic market
-- New factory on track with the land secured and contractor
engaged on a fixed priced contract in line with project
plan
-- The Board remains committed to delivering a 10% increase
in the full year dividend to 7.7p (2018: 7.0p)
-- Cash generation remains healthy with prudent capital
allocations on four core priorities; progressive dividend,
new factory construction, strategic acquisition, focused
capital expenditures, with Net debt to EBITDA ratio
modestly increased to 1.0 - 1.1x at year end
STRATEGIC HIGHLIGHTS
-- Global market share maintained within each segment
despite macro-economic headwinds
-- Acquisition of specific assets from HaloSource Corporation
successfully completed on 7 March 2019, adding significant
R&D capabilities to the Water Category and providing
additional adjacent technologies
-- 50-year land use rights secured for GBP1.7m in Zengcheng
District of Guangzhou, China in order to build the
new manufacturing facility, which will be fully operational
by August 2021
-- Appointment of a Chief Commercial Officer to expedite
commercialisation of new products and technologies
to support the next phase of the Group's growth
-- Commercial agreement secured for the recently acquired
Astrea product to be launched globally under the Philips
brand. The product was launched at the IFA exhibition
in Germany in September 2019
-- Continued focus on both safety and intellectual property
actions resulting in ten internet brands being removed
from sale and three unsafe competitor kettles being
recalled within Europe
-- New single serve coffee system was launched in the
US market in collaboration with Mr. Coffee, a major
household name in the US, opening further opportunities
within the US beverage sector
OPERATIONAL HIGHLIGHTS
-- More than one million "Perfect Prep" units have now
been sold, highlighting the success of this innovative
product which uses Strix's technology
-- U9 series continues to show strong growth with almost
five million controls sold
-- Continuous focus on automation with the Evolve mk4
water filter line becoming fully automated in H2 2019
and the U90 series line consistently achieving 80%+
efficiency
-- Intertek has awarded the Group's Isle of Man facility
a 'Benchmark' score for all ISO categories, the highest
standard available within the scoring system which
very few audited companies achieve
Mark Bartlett, Chief Executive Officer of Strix Group plc,
said:
"Strix has achieved another solid performance despite continued
challenges presented by the macro-economic environment. In
particular, maintenance of the Group's market share in the
Regulated and Less Regulated markets, combined with modest growth
in China, demonstrates the strength and resilience of our core
business model.
"We have maintained our margins due to continued focus on
operational enhancements and cost improvements in our core products
whilst remaining on track with key strategic projects. These
include the construction of the new facility in China and the
integration of the assets acquired from HaloSource in March 2019.
We have made further progress toward our strategic objectives and
continue to invest in the growth of our business, funded by our
existing resources.
"With the acquisition of HaloSource, we have strengthened the
Water Category which includes Aqua Optima, Astrea, and HaloPure.
This provides us with the right blend of products to deliver
success in this growing category and, together with our investment
in R&D capabilities, we have the right ingredients to create
and commercialise exciting new innovative products within the Water
Category. These include working closely with AquaShield to develop
a Philips co-branded Astrea one filtration bottle; the launch of
the Zwilling Water Dispenser in April 2019 into the hot water
appliance market; discussions with a major Asian mother & baby
brand to bring new and innovative products to the market; and a
collaboration with Mr Coffee to launch a new single serve coffee
appliance in the North American market during September 2019 using
our patented Hot Cup Technology.
"The Board is confident with the future outlook and
profitability remains in line with full year market expectations.
As a Board, we have committed to increase the full year dividend by
10% to 7.7p per share, an indication of our confidence in achieving
the Group's business objectives for 2019."
For further enquiries, please contact:
Strix Group Plc
Mark Bartlett, CEO +44 (0) 1624 829
Raudres Wong, CFO 829
Zeus Capital Limited (Nominated Adviser and
Joint Broker)
Nick Cowles / Jamie Peel / Jordan Warburton +44 (0) 20 3829
(Corporate Finance) 5000
+44 (0) 20 7523
Canaccord Genuity Limited (Joint Broker) 8000
Bobbie Hilliam / Angelos Vlatakis
IFC Advisory Limited (Financial PR and IR) +44 (0) 20 3934
Graham Herring / Tim Metcalfe / Heather Armstrong 6630
Investor and Analyst Meeting
A briefing for investors and analysts will be held at 09:30hrs
on 18 September 2019 at the offices of Canaccord Genuity, 88 Wood
Street, London, EC2V 7QR. Strix Group Plc's interim results for
2019 are available at www.strixplc.com.
About Strix Group Plc
Isle of Man based Strix, is a global leader in the design,
manufacture and supply of kettle safety controls and other
components and devices involving water heating and temperature
control, steam management and water filtration.
Strix's core product range comprises a variety of safety
controls for small domestic appliances, primarily kettles. Kettle
safety controls require precision engineering and intricate
knowledge of material properties in order to repeatedly function
correctly. Strix has built up market leading capability and
know-how in this field since being founded in 1982.
Strix is listed on the Alternative Investment Market of the
London Stock Exchange (AIM: KETL).
Cautionary Statement
Certain statements included or incorporated by reference within
this announcement may constitute "forward-looking statements" in
respect of the Group's operations, performance, prospects and / or
financial condition. Forward-looking statements are sometimes, but
not always, identified by their use of a date in the future or such
words and words of similar meaning as "anticipates", "aims", "due",
"could", "may", "will", "should", "expects", "believes", "intends",
"plans", "potential", "targets", "goal" or "estimates". By their
nature, forward-looking statements involve a number of risks,
uncertainties and assumptions and actual results or events may
differ materially from those expressed or implied by those
statements. Accordingly, no assurance can be given that any
particular expectation will be met and reliance should not be
placed on any forward-looking statement. Additionally,
forward-looking statements regarding past trends or activities
should not be taken as a representation that such trends or
activities will continue in the future. No responsibility or
obligation is accepted to update or revise any forward-looking
statement resulting from new information, future events or
otherwise. Nothing in this announcement should be construed as a
profit forecast. This announcement does not constitute or form part
of any offer or invitation to sell, or any solicitation of any
offer to purchase any shares or other securities in the Company,
nor shall it or any part of it or the fact of its distribution form
the basis of, or be relied on in connection with, any contract or
commitment or investment decisions relating thereto, nor does it
constitute a recommendation regarding the shares or other
securities of the Company. Past performance cannot be relied upon
as a guide to future performance and persons needing advice should
consult an independent financial adviser. Statements in this
announcement reflect the knowledge and information available at the
time of its preparation. Liability arising from anything in this
announcement shall be governed by Isle of Man law. Nothing in this
announcement shall exclude any liability under applicable laws that
cannot be excluded in accordance with such laws.
Chief Executive's Review
The first six months of 2019 have seen a solid performance for
the Group.
The Group's revenues increased by 2.5% to GBP43.9m (H1 2018:
GBP42.9m) with a constant currency increase of c.1%. Adjusted
EBITDA was GBP14.9m (H1 2018: GBP14.8m), an increase of 0.7% on H1
2018. Adjusted profit before tax was GBP11.5m, growing by 4.6% (H1
2018: GBP11.0m) as a result of lower interest charges due to the
Group having a lower average net debt position. After taking into
account the increased dividend to shareholders, the HaloSource
acquisition and the investment in the new China manufacturing
facility, the Board is comfortable with the net debt position at
the end of the period of GBP33.4m (H1 2018 GBP37.9m). The total
average selling price increased by c.3% vs. H1 2018, driven by a
positive change in sales mix and a price increase implemented in Q4
2018 to offset the increased cost of hybrid plastics used within
legacy products. During H1 2019, the global kettle market growth
softened to c.2% as a result of various geo-political issues. The
Less Regulated sector remains the fastest growing sub-sector within
the market, which Strix is actively targeting through the U9
series.
Given the Group's H1 2019 performance and the Board's confidence
in the continued strength of cash generation, the Board has
declared an interim dividend of 2.6p, an increase of 13.0% on H1
2018, payable on 25 October 2019 to shareholders on the register as
at 27 September 2019.
Export kettle control sales
Export kettle control sales are defined as kettle controls which
are ultimately sold in a market outside of China. Market growth has
slowed in line with weaker global economic growth and issues such
as Brexit and USA / China trade tensions have had a disruptive
impact on supply chains.
For the Regulated market, management estimate H1 2019 market
growth as coming in slightly under the 2014 to 2018 CAGR estimate
of c.3%, with North America remaining the fastest growing region.
Japan's market performance recovered in H1, Western Europe and UK
had a strong start to H1 before softening towards the end of the
period. The Group maintained its consolidated volume share of c.61%
of this segment and continues to focus on incremental opportunities
for H2 2019. Strix continues to undertake both safety and
intellectual property actions across the market with three unsafe
competitor kettles recalled across the EU and intellectual property
actions taken against ten internet brands resulting in the removal
from sale during H1 2019 in the United Kingdom, France, Germany and
Italy.
The Less Regulated sector continues to deliver high growth rates
driven by sales of the U9 series electronic control. The Group
estimates that in H1 2019 the market growth being a couple of
percentage points lower than the 2014 to 2018 CAGR estimate of
c.8%. Whilst the Commonwealth of Independent States market was
contracting, this was offset by stronger growth in Africa and South
America. Strix's market volume share is c.20% with the U9 series
beginning to gain positive traction in this target market.
China Domestic sales
The China market for electric kettles has contracted by c.5% due
to the slowing Chinese economy and substitution at the higher end
of kettles with healthy eating appliances. However, China remains
the largest single country kettle market of just under 50 million
of which Strix has a c.46% share. With the launch of the new U68
electronic control, Strix's sales into healthy eating appliances
doubled in H1 2019 and we expect continued positive momentum in H2
2019. Following the recent commercial agreements based on both
intellectual property actions and a focus on key brands, it is
anticipated there will be a modest improvement in market share
during H2 2019.
New Product Development (NPD)
Following the successful launch of the U9 Series during 2017,
Strix has successfully produced over 7 million controls. The Group
continues to develop this series with new variants launched to
target the smaller size and split switch kettle appliances to
further enhance the portfolio of "best in class" controls. The U6
series control for electronic kettles was launched in Q4 2018 and
Strix has subsequently shipped over 0.5 million sets, which has
been supported by IP actions.
The Group's patented heater technology continues to achieve
strong sales with the market leading "perfect prep" baby milk
preparation machine which has started to ship for use in a
multi-temperature water dispenser launched in the China market
during H1 2019. H2 2019 will also see the launch of a new product
into the coffee sector of the US market in collaboration with Mr.
Coffee, a major household name in the US.
The Group will continue to focus its highly skilled engineering
resource towards enhancing our core technologies and innovating
into new commercial markets. The addition of former HaloSource
staff and products within the Water Category will drive further
product innovation, synergies and commercialisation in the
category.
Operations
Following the ISO surveillance audit, the Group's Isle of Man
facility achieved the highest rating from Intertek - 'Benchmark'
for all categories. The Board is proud to be one of the few audited
companies to achieve this standard which highlights our focus on
operational excellence and covers management, internal audits,
corrective action, continuous improvement, operational control and
resources.
Strix continues to develop its automation lines in China with
the production of the Evolve mk4 water filter, from mould shop to
finished goods packaging, which became fully automated in H2 2019.
Further to this, the Group is also consistently achieving
efficiencies in excess of 80% for the recently introduced U90
series line, with head count below budget.
Commodity prices for key materials (silver, copper and hybrid
plastics) have been secured for the full year at or below budget
pricing, in line with the Group's purchasing policy and appropriate
stocks have been secured to prevent any potential logistics
disruption resulting from Brexit.
Following the purchase of the 50-year land use rights for
GBP1.7m, the Group has signed a fixed price contract for the
construction of the new manufacturing facility in the Zengcheng
District of Guangzhou, China which is on track to become fully
operational by August 2021 and is in line with budget.
Water Category
Aqua Optima branded products have achieved a stable share in its
key UK market despite challenging market conditions, which have
driven an overall market decline of c.7% as a result of consumer
confidence issues linked to Brexit and price rises. Aqua Optima
remains well placed to capture future growth when market sentiment
improves as a result of its current market share and new European
business launches in the trade brand segment during H2 2019. Trade
brands are increasing their share of the point of use category, and
as a result of this new business, Aqua Optima has become the market
leading trade brand provider in the UK with its differentiated
brand proposition. Investment in trade brands continues with
renewed agreements with parkrun and Terracycle, supporting Aqua
Optima's goal of 'better for you, better for the environment'
message. Aqua Optima launched into the China market through OEM
appliance partners in H1 2019, with further launches planned in H2
2019 through e-commerce channels.
Performance of the assets acquired from HaloSource in the period
since March 2019 has been in line with the Group's expectations.
The Astrea product (which is now part of Strix) has received
significant interest from a number of parties with discussions
ongoing with a leading global brand and a leading North American
home shopping network. Astrea technologies will now launch into
Europe and APAC geographies in Q1 2020 in a co-brand execution with
Philips targeting the expanding mobile hydration market. Strix
continues to seek further opportunities to enter into agreements
which management believes will drive future profitability.
Dividend Policy
The Board remains committed to its dividend policy, which is to
increase the dividend in line with future underlying earnings from
a base of 7.7p for the 2019 financial year. The Group has
consistently achieved strong cash conversion which will underpin
this dividend alongside continued investment in the Group's asset
base to deliver future profitable growth and support expansion into
new areas which are aligned to the core competencies of the
Group.
The dividend policy of the Company provides the flexibility to
continue to invest in the Group's growth strategy and to take
advantage of investment opportunities. The Directors may consider
additional distributions in the future subject to the level of debt
and the execution of opportunities referred above.
Future strategy
Strix will continue to develop a culture of achievement within
the Group, with a strategy focused on driving shareholder value and
employee engagement. As part of this strategy, the Group will
further broaden its senior management and engineering teams through
strategic recruitment whilst further developing existing resources
with training and development programmes aligned to Strix's wider
growth objectives.
The Group will also continue to increase its focus on new
product development and core technologies to enhance the product
portfolio within the Small Domestic Appliance ("SDA") market. In
particular, Strix will develop and launch both disruptive and
innovative products to provide consumer and environmental benefits
within the hot water on demand category to enhance functionality
and value, as well as a range of filtration technologies to
differentiate our existing portfolio and expand our addressable
markets. In line with this strategy, the Group recently secured a
number of collaborations with national and global brands in both
the water dispense and water filtration categories, leveraging on
its extensive relationships with brands and retailers
worldwide.
In addition to the organic growth initiatives, the Board will
continue to target appropriate acquisitions within the SDA sector,
funded from existing resources. Focus will be on companies or
technologies that support the Group's core competencies with
particular attention to water filtration, heating technologies and
the hot water on demand / coffee categories.
Within Operations, the Group will continue to drive efficiency
and process improvements with an ongoing commitment to lean
manufacturing and further automation of appropriate production
lines as volume dictates. Progress on the new manufacturing
facility in China remains on track with the signing of a fixed
price construction contract in line with budget. The facility is
expected to be fully operational by August 2021 and will provide
additional capacity to realise the Group's growth potential. The
additional capacity will enable more efficient process flows as
well as the ability to in-source additional products and further
increase automation.
Outlook
The core kettle control market remains solid, despite the
geo-political events which continue to overshadow global trade,
including trade tensions between the US and China, and the pending
impact of Brexit. Average selling prices have remained stable
following the price increase in Q4 2018 and a positive sales mix.
Exposure to the direct risks of Brexit remain limited given the
majority of the Company's transactions are made between the Isle of
Man and China, although the Board believes that consumer
confidence, as a result of the continued uncertainty, may impact
overall sales in this region until clarity on the status is
secured.
The Group continues to work toward its key strategic projects
which it believes will deliver long-term growth, with particular
focus on growing the NPD Category and the Water Category. The
recent addition of a Chief Commercial Officer, coupled with the
implementation of category management will ensure increased focus
on the commercialisation of new products that provide true consumer
benefit. In addition, management will continue to invest further in
automation to mitigate the risk of rising wage costs, particularly
in China.
Commodity prices have been secured in line with our purchasing
policy, out to mid-2020 which reduces exposure to commodity price
fluctuations and provides price certainty for key commodities,
which form a significant part of the Group's material costs.
The Board is confident with the future outlook despite the
current macro-economic headwinds and profitability remains in line
with full year market expectations.
The Group total average selling price is anticipated to close at
c. 2% (0% excluding ancillary products such as, China healthy
eating kettles, milk frother and cerves, etc.) below prior year due
to product mix with increased sales to both the China and Less
Regulated markets.
Mark Bartlett
Chief Executive
18 September 2019
Financial Review
Adjusted results(1) Reported results
H1 2019 H1 2018 Change H1 2019 H1 2018 Change
GBPm GBPm %(2) GBPm GBPm %(2)
-------- -------- ------- -------- -------
Revenue 43.9 42.9 +2.5% 43.9 42.9 +2.5%
Gross profit 16.7 16.3 +2.5% 16.7 16.3 +2.5%
Distribution costs (2.6) (2.8) +7.5% (2.6) (2.8) +7.5%
Administrative
costs (2.3) (1.7) -30.8% (6.2) (4.1) -51.7%
Operating profit 12.2 11.9 +2.1% 8.1 9.6 -14.8%
EBITDA(3) 14.9 14.8 +0.7% 10.9 12.4 -12.5%
Profit before
tax 11.5 11.0 +4.6% 7.5 8.6 -13.4%
Profit after tax 10.9 10.6 +2.6% 6.9 8.3 -16.8%
Net cash generated
from operating
activities 10.9 15.2 -28.4% 10.9 15.2 -28.4%
1. Adjusted results exclude exceptional items, which include
share-based payment transactions. Adjusted results are non-GAAP
metrics used by management and are not an IFRS disclosure.
2. Figures are calculated from the full numbers as presented in
the condensed interim consolidated financial statements.
3. EBITDA, which is defined as earnings before finance costs,
tax, depreciation and amortisation, is a non-GAAP metric used by
management and is not an IFRS disclosure.
Financial performance
Revenue grew 2.5% to GBP43.9m (H1 2018: GBP42.9m) with a
constant currency increase of c.1%. Reported gross profit increased
by 2.5% to GBP16.7m (H1 2018: GBP16.3m) as a result of solid
trading results across the Group. Control volume in the period was
flat against the prior year, but revenue was higher due to product
mix changes. In addition, foreign exchange rate movements have
increased the Sterling value of the Group's US Dollar revenue,
partly offset by an increase in US Dollar costs, causing the gross
profit margin to maintain around 38%.
The Group generated an adjusted EBITDA of GBP14.9m, an increase
of 0.7% (H1 2018: GBP14.8m) and reported EBITDA of GBP10.9m (H1
2018: GBP12.4m). Lower reported EBITDA was due primarily to an
increase of GBP0.7m in share-based payment charges and an
additional GBP0.9m of strategic project costs relating to the
HaloSource acquisition versus H1 2018. The adjusted EBITDA margin
has decreased from prior year to 33.9% (H1 2018: 34.5%), whilst
reported EBITDA margin has decreased to 24.7% (H1 2018: 28.9%).
Combined depreciation and amortisation at GBP2.7m (H1 2018:
GBP2.9m) was slightly lower, as a GBP0.6m increase in right-of-use
asset depreciation following the adoption of IFRS 16 on 1 January
2019 was offset by a GBP0.5m reduction in amortisation of
capitalised development costs. Excluding the impact of exceptional
costs, adjusted operating profit increased by 2.1% to GBP12.2m (H1
2018: GBP11.9m). Reported operating profit decreased by 14.8% to
GBP8.1m (H1 2018: GBP9.6m), primarily due to the GBP1.6m increase
in exceptional costs.
Adjusted profit before tax was GBP11.5m (H1 2018: GBP11.0m), an
increase of 4.6% due to lower interest charges being incurred as a
result of an improved leverage ratio and a lower outstanding
facility balance versus the prior period. Reported profit before
tax was GBP7.5m (H1 2018: GBP8.6m). There was no corporation tax
payable on the Group's non-China generated profits as the Isle of
Man corporation tax rate was 0%.
Adjusted profit after tax was GBP10.9m, an increase of 2.6% on
the prior period (H1 2018: GBP10.5m). A higher income tax expense
has been incurred in the current period following the basis of
taxation change in China from 1 January 2019 announced in the 2018
Annual Report. Reported profit after tax, including an increase of
GBP1.6m in exceptional costs, was GBP6.9m (H1 2018: GBP8.3m).
Costs
Cost of sales increased by 2.5% to GBP27.3m (H1 2018: GBP26.6m),
offsetting the positive impact of foreign exchange on revenues.
Distribution costs decreased by a further 7.5% to GBP2.6m (H1 2018:
GBP2.8m) due to lower depreciation and carriage costs.
Administration costs (excluding exceptional costs) were GBP2.3m
in H1 2019 against GBP1.7m in H1 2018. The increase resulted
primarily from staffing costs following the increase in headcount
due to the HaloSource acquisition and further strategic
appointments to support the growth aspirations of the Group.
The Group awarded a number of share options as part of the
admission to trading on AIM to incentivise and reward a number of
employees, and further grants have been made to the senior
management team to ensure their objectives are aligned to those of
the Group and its shareholders. The total share-based payment
charge incurred in H1 2019 was GBP3.1m (H1 2018: GBP2.4m).
Exceptional costs increased by GBP1.7m in the period compared to H1
2018, which included GBP0.9m of costs in relation to the HaloSource
acquisition.
Cash flow
Net cash generated from operating activities was GBP10.9m (H1
2018: GBP15.2m), due to working capital movements and the decrease
in reported operating profit.
Total investing outflows were GBP6.7m (H1 2018: GBP3.4m),
including the GBP1.0m acquisition of HaloSource and GBP1.7m for the
purchase of the right-of-use land asset. Capital expenditure
(including the GBP1.7m land usage right) increased from GBP2.6m in
H1 2018 to GBP4.6m in H1 2019.
Balance Sheet
Non-current assets increased to GBP24.3m (2018: GBP15.9m) due to
right-of-use asset additions caused by the adoption of IFRS 16 on 1
January 2019 of GBP4.2m, a GBP1.7m increase due to the purchase of
the land usage rights in the Zengcheng District of Guangzhou, and a
further GBP0.7m associated with intangibles and goodwill acquired
as a result of the HaloSource acquisition. A further GBP1.5m
increase occurred in capital equipment under construction as a
result of the continued investment in automation.
Current assets were unchanged at GBP31.3m (2018: GBP31.3m).
Inventories held at the end of the period increased to GBP11.0m
(2018: GBP10.5m) due to some buffer stock being built to mitigate
the potential impact of supply chain issues due to Brexit. Trade
and other receivables increased to GBP11.7m (2018: GBP7.3m) due to
an increase in prepayments to suppliers to secure fixed material
prices and higher trade debtors due to higher June sales.
Current liabilities increased to GBP22.0m (2018: GBP18.4m) owing
to an increase of GBP1.3m in future lease liabilities due to the
adoption of IFRS 16 and higher trade creditors. Non-current future
lease liabilities of GBP3.1m were also created as a consequence of
the transition to IFRS 16, which had a balance of zero in the 31
December 2018 consolidated balance sheet.
Net debt
Net debt has increased since 31 December 2018 to GBP33.4m (2018:
GBP27.5m) as a result of the land right-of-use acquisition, the
HaloSource acquisition and the dividend paid to shareholders of
GBP8.9m in H1 2019. The Group continues to have in place a
revolving credit facility of GBP51.0m (2018: GBP53.0m) of which
GBP42.0m (2018: GBP41.0m) has been drawn down on the facility as at
30 June 2019. The net debt to adjusted EBITDA ratio was 0.9x (2018:
0.8x).
Dividend
The Board is pleased to declare an interim dividend of 2.6p (H1
2018: 2.3p) per ordinary share. This interim dividend will be paid
on 25 October 2019 to shareholders on the Register at the close of
business on 27 September 2019. The ordinary shares will become
ex-dividend on 26 September 2019. We remain committed to paying a
total dividend which will equate to 7.7p per share for the full
financial year. Whilst the consolidated accounts show a deficit,
significant reserves exist on the balance sheet of the dividend
paying entity, Strix Group Plc.
Raudres Wong
Chief Financial Officer
18 September 2019
Condensed INTERIM consolidated statement of comprehensive
income
for the period ended 30 June 2019 (unaudited)
(unaudited) (unaudited)
Period Period
ended ended
30 June 30 June
2019 2018
Note GBP000s GBP000s
------------------------------------------------ ---- ----------- -----------
Revenue 7 43,930 42,868
------------------------------------------------ ---- ----------- -----------
Cost of sales - before exceptional items (27,188) (26,600)
Cost of sales - exceptional items (65) -
------------------------------------------------ ---- ----------- -----------
Cost of sales (27,253) (26,600)
------------------------------------------------ ---- ----------- -----------
Gross profit 16,677 16,268
------------------------------------------------ ---- ----------- -----------
Distribution costs (2,565) (2,775)
------------------------------------------------ ---- ----------- -----------
Administrative expenses - before exceptional
items (2,251) (1,721)
Administrative expenses - exceptional
items 6 (3,989) (2,393)
------------------------------------------------ ---- ----------- -----------
Administrative expenses (6,240) (4,114)
Other operating income 266 175
------------------------------------------------ ---- ----------- -----------
Operating profit 8,138 9,554
Analysed as:
------------------------------------------------ ---- ----------- -----------
Adjusted EBITDA(1) 14,909 14,802
Amortisation 8 (688) (1,220)
Depreciation 9 (1,401) (1,635)
Right-of-use asset depreciation 9 (628) -
Exceptional items 6 (4,054) (2,393)
------------------------------------------------ ---- ----------- -----------
Operating profit 8,138 9,554
Finance costs 5 (677) (930)
Finance income 11 7
------------------------------------------------ ---- ----------- -----------
Profit before taxation 7,472 8,631
Income tax expense (607) (378)
------------------------------------------------ ---- ----------- -----------
Profit and total comprehensive income
for the period 6,865 8,253
------------------------------------------------ ---- ----------- -----------
Earnings per share (pence)
------------------------------------------------ ---- ----------- -----------
Basic 6 3.6 4.3
Diluted 6 3.4 4.1
------------------------------------------------ ---- ----------- -----------
1. Adjusted EBITDA, which is defined as profit before finance
costs, tax, royalty charges, depreciation, amortisation and
exceptional items, is a non-GAAP metric used by management and is
not an IFRS disclosure.
Condensed INTERIM consolidated balance sheet
as at 30 June 2019 (unaudited)
(unaudited) (audited)
30 June 31 December
2019 2018
Note GBP000s GBP000s
------------------------------- ----- ----------- ------------
Non-current assets
Intangible assets 8 5,968 4,804
Property, plant and equipment 9 18,344 11,093
Total non-current assets 24,312 15,897
------------------------------- ----- ----------- ------------
Current assets
Inventories 10 11,039 10,518
Trade and other receivables 13 11,663 7,254
Cash and cash equivalents 8,592 13,521
Total current assets 31,294 31,293
------------------------------- ----- ----------- ------------
Total assets 55,606 47,190
------------------------------- ----- ----------- ------------
Equity and liabilities
Equity
Share capital 1,900 1,900
Share-based payment reserve 9,957 6,904
Deficit (23,515) (21,180)
------------------------------- ----- ----------- ------------
Total deficit (11,658) (12,376)
Current liabilities
Trade and other payables 14 18,873 16,824
Future lease liabilities 18 1,333 -
Current income tax liabilities 14 1,824 1,575
Total current liabilities 22,030 18,399
------------------------------- ----- ----------- ------------
Non-current liabilities
Future lease liabilities 18 3,087 -
Borrowings 15 42,000 41,000
Post-employment benefits 147 167
Total non-current liabilities 45,234 41,167
------------------------------- ----- ----------- ------------
Total liabilities 67,264 59,566
------------------------------- ----- ----------- ------------
Total equity and liabilities 55,606 47,190
------------------------------- ----- ----------- ------------
Condensed INTERIM consolidated statement of changes in
equity
as at 30 June 2019 (unaudited)
Share-based
Share payment Total
capital reserve Deficit deficit
(unaudited) GBP000s GBP000s GBP000s GBP000s
------------------------------------- -------- ----------- --------- --------
Balance at 1 January 2018 1,900 2,042 (36,406) (32,464)
------------------------------------- -------- ----------- --------- --------
Profit for the period - - 8,253 8,253
Total comprehensive income for
the period - - 8,253 8,253
------------------------------------- -------- ----------- --------- --------
Transactions with owners recognised
directly in equity:
Dividends paid (note 17) - - (3,610) (3,610)
Share-based payment transactions - 2,393 - 2,393
------------------------------------- -------- ----------- --------- --------
Total transactions with owners
recognised directly in equity - 2,393 (3,610) (1,217)
------------------------------------- -------- ----------- --------- --------
Balance at 30 June 2018 1,900 4,435 (31,763) (25,428)
------------------------------------- -------- ----------- --------- --------
(unaudited)
------------------------------------- -------- ----------- --------- --------
Balance at 1 January 2019 1,900 6,904 (21,180) (12,376)
------------------------------------- -------- ----------- --------- --------
Profit for the period - - 6,865 6,865
------------------------------------- -------- ----------- --------- --------
Total comprehensive income for
the period - - 6,865 6,865
------------------------------------- -------- ----------- --------- --------
Transactions with owners recognised
directly in equity:
Dividends paid (note 17) - - (8,930) (8,930)
Share-based payment transactions - 3,053 - 3,053
Total transactions with owners
recognised directly in equity - 3,053 (8,930) (5,877)
------------------------------------- -------- ----------- --------- --------
Transition to IFRS 16 (note 2) - - (270) (270)
------------------------------------- -------- ----------- --------- --------
Other transactions recognised
directly in equity - - (270) (270)
------------------------------------- -------- ----------- --------- --------
Balance at 30 June 2019 1,900 9,957 (23,515) (11,658)
------------------------------------- -------- ----------- --------- --------
Condensed INTERIM consolidated cash flow statement
for the PERIOD ended 30 June 2019 (unaudited)
(unaudited) (unaudited)
Period Period
ended ended
30 June 30 June
2019 2018
Note GBP000s GBP000s
--------------------------------------------- ----------- -----------
Cash flows from operating activities
Cash generated from operations 19a 11,272 15,490
Tax paid (359) (253)
--------------------------------------------- ----------- -----------
Net cash generated from operating activities 10,913 15,237
--------------------------------------------- ----------- -----------
Cash flows from investing activities
Purchase of property, plant and equipment
9 (4,646) (2,588)
Capitalised development costs 8 (900) (852)
Purchase of HaloSource Inc assets 12 (953) -
Purchase of intangibles 8 (253) (12)
Proceeds on sale of property, plant and
equipment 2 1
Finance income 11 7
--------------------------------------------- ----------- -----------
Net cash used in investing activities (6,738) (3,444)
--------------------------------------------- ----------- -----------
Cash flows from financing activities
New borrowings/(Repayment of borrowings)
19b 1,000 (8,000)
Finance costs paid 5 (556) (299)
Principal elements of lease payments (600) -
Dividends paid 17 (8,930) (3,610)
--------------------------------------------- ----------- -----------
Net cash used in financing activities (9,086) (11,909)
--------------------------------------------- ----------- -----------
Net decrease in cash and cash equivalents (4,911) (116)
Cash and cash equivalents at the beginning
of the period 13,521 10,111
Effects of foreign exchange on cash and
cash equivalents (18) 94
--------------------------------------------- ----------- -----------
Cash and cash equivalents at the end of
the period 8,592 10,089
--------------------------------------------- ----------- -----------
Notes to the condensed INTERIM cONSOLIDATED financial
statements
for the PERIOD ended 30 June 2019 (unaudited)
1. General information
Strix Group Plc ('the Company') was incorporated and registered
in the Isle of Man on 12 July 2017 as a company limited by shares
under the Isle of Man Companies Act 2006 with the name Steam Plc
and with the registered number 014963V. The Company changed its
name to Strix Group Plc on 24 July 2017. The address of its
registered office is Forrest House, Ronaldsway, Isle of Man, IM9
2RG.
The Company's shares were admitted to trading on AIM, a market
operated by the London Stock Exchange on 8 August 2017.
The principal activities of Strix Group Plc and its subsidiaries
(together 'the Group') are the design, manufacture and supply of
kettle safety controls and other components and devices involving
water heating and temperature control, steam management and water
filtration.
These condensed interim consolidated financial statements
('interim financial statements') were approved for issue on 18
September 2019. The interim report will be available 18 September
on the Group's website www.strixplc.com and from the registered
office. These interim financial statements are unaudited.
2. Principle accounting policies
The Group's principle accounting policies, all of which have
been applied consistently to all of the periods presented, are set
out below.
Basis of preparation
The Group's annual financial statements are prepared in
accordance with International Financial Reporting Standards
('IFRS') and International Financial Reporting Standards
Interpretation Committee ('IFRS IC') as adopted by the European
Union.
These interim financial statements have been prepared in
accordance with IAS 34 "Interim Financial Reporting". They do not
include all the information required for a complete set of
financial statements prepared in accordance with International
Financial Reporting Standards as adopted by the European Union.
However, explanatory notes are included to explain events and
transactions that are significant to an understanding of the
changes in the Group's financial position and performance since the
last annual consolidated financial statements as at and for the
year ended 31 December 2018. These interim financial statements
should be read in conjunction with the last annual consolidated
financial statements as at and for the year ended 31 December
2018.
The preparation of Group financial statements in conformity with
IFRS requires the use of certain critical accounting estimates. It
also requires management to exercise its judgement in the process
of applying the Group's accounting policies. The areas involving a
higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the consolidated
financial statements, are disclosed in note 3.
Accounting policies
The interim financial statements have been prepared in
accordance with the accounting policies set out in the Group's
Annual Report and Accounts for the year ended 31 December 2018,
which is available at www.strixplc.com.
New and amended standards adopted by the Group
A number of new or amended standards became applicable for the
current reporting period, and the Group made an adjustment to
retained earnings as a result of adopting IFRS 16 'Leases'. The
impact of the adoption of the leasing standard and the new
accounting policies are disclosed below in this note. Other
amendments to IFRSs effective for the financial period ended 30
June 2019 have not had a material impact on the Group.
Adoption of IFRS 16 'Leases'
This section explains the impact of the adoption of IFRS 16
'Leases' on the Group's financial statements. The Group has adopted
IFRS 16 retrospectively from 1 January 2019, and has not restated
comparatives for the 2018 reporting period, as permitted under the
specific transitional provisions in the standard. The
reclassifications and the adjustments arising from the new leasing
rules are therefore recognised in the opening balance sheet on 1
January 2019.
Adjustments recognised on adoption of IFRS 16
On adoption of IFRS 16, the Group recognised lease liabilities
in relation to leases which had previously been classified as
'operating leases' under the principles of IAS 17 'Leases'. These
liabilities were measured at the present value of the future lease
payments, discounted using the lessee's incremental borrowing rate
as of 1 January 2019. The weighted average lessee's incremental
borrowing rate applied to the lease liabilities on 1 January 2019
was 2.7%.
The following table reconciles the difference between the
operating lease commitments disclosure in the 2018 Annual Report
and the future lease liability recognition on 1 January 2019:
Operating lease commitments as disclosed
at 31 December 2018 3,922
Discounted using the lessee's incremental
borrowing rate (270)
Other adjustments at date of acquisition (19)
Lease liability recognised as at 1 January
2019 3,633
The Group has no leases which were previously classified as
finance leases under IAS 17 'Leases'.
The right-of-use assets for property leases were measured at the
amount equal to the lease liability, adjusted by the amount of any
prepaid or accrued lease payments relating to those leases
recognised in the balance sheet at 31 December 2018. Other
right-of-use assets for one lease were measured on a retrospective
basis as if the new rules had always been applied. There were no
onerous lease contracts that would have required an adjustment to
the right-of-use assets at the date of initial application.
The recognised right-of-use assets all relate to building
leases. The change in accounting policy affected the following
items on the condensed interim consolidated balance sheet on 1
January 2019:
Property, plant and equipment (right-of-use
assets) 3,363
Future lease liabilities (3,633)
Retained earnings 270
Impact on earnings per share
Adjusted EBITDA increased as a result of the change in
accounting policy. Basic Earnings per share was unchanged for the
six months to 30 June 2019 as a result of the adoption of IFRS 16
as the impact is not significant to one decimal place.
Practical expedients applied
In applying IFRS 16 for the first time, the Group has used the
following practical expedients permitted by the standard:
-- the use of a single discount rate to a portfolio of leases
with reasonably similar characteristics
-- the accounting for operating leases with a remaining lease
term of less than 12 months as at 1 January 2019 as short-term
leases
-- the exclusion of initial direct costs for the measurement of
the right-of-use asset at the date of initial application, and
-- the use of hindsight in determining the lease term where the
contract contains options to extend or terminate the lease.
Business combinations
Subsidiaries are fully consolidated from the date on which
control is transferred to the Group, and are deconsolidated from
the date that control ceases.
The acquisition method of accounting is used to account for
business combination by the Group, regardless of whether equity
instruments or other assets are acquired. The consideration
transferred for the acquisition of a subsidiary comprises the:
-- fair values of the assets transferred
-- liabilities incurred to the former owners of the acquired
business
-- equity interests issued by the Group
-- fair value of any asset or liability resulting from a
contingent consideration arrangement; and
-- fair value of any pre-existing equity interest in the
acquired business
Identifiable assets acquired and liabilities and contingent
liabilities assumed in a business combination are, with limited
exceptions, measured initially at their fair values at the
acquisition date. The Group recognises any non-controlling interest
in the acquired entity on an acquisition-by-acquisition basis
either at fair value or at the non-controlling interest's
proportionate share of the acquired entity's net identifiable
assets.
Acquisition-related costs are expensed as incurred. The excess
of the:
-- consideration transferred,
-- amount of any non-controlling interest in the acquired
entity, and
-- acquisition-date fair value of any previous equity interest
in the acquired entity
over the fair value of the net identifiable assets acquired is
recorded as goodwill. If those amounts are less than the fair value
of the net identifiable assets of the business acquired, the
difference is recognised directly in profit or loss as a bargain
purchase.
Going concern
These interim financial statements have been prepared on the
going concern basis.
The Directors acknowledge that the Group is in a net liability
position, as a consequence of the group reorganisation and the
Company's admission to AIM which occurred during 2017 which
included the distributions made to the former shareholders funded
in part by a revolving credit facility (see note 15). In assessing
the Group's going concern status, the Directors have made
additional enquiries as to the appropriateness of continuing to
adopt the going concern basis. In making this assessment they have
considered:
-- the strong historic trading performance of the Group;
-- the current and past profitability of the Group;
-- budgets and cash flow forecasts for the period to December
2021;
-- the current financial position of the Group, including
its cash and cash equivalents balances of GBP8.6m (2018:
GBP13.5m);
-- the availability of further funding should this be required
(including the headroom of GBP9.0m (2018: GBP12.0m)
on the revolving credit facility and the access to the
AIM market afforded by the admission to AIM);
-- the current and past ability of the Group to meet its
debt covenants;
-- the low liquidity risk the Group is exposed to; and
-- the Group operates within a sector that is experiencing
relatively stable demand for its products.
Based on these considerations, the Directors have concluded that
there is a reasonable expectation that the Company and the Group
have adequate resources to continue in operational existence for
the foreseeable future. The key entities in the Group have traded
profitably for a long period of time. As a result, the Directors
continue to adopt the going concern basis of accounting in
preparing the interim financial statements and there are no
material uncertainties about the Group's ability to continue as a
going concern.
As a Company the dividend-paying entity, Strix Group Plc, has
significant reserves from which to make distributions to
shareholders, although the retained reserves of the Group show a
deficit.
Standards, amendments and interpretations which are not
effective or early adopted:
At the date of approval of the interim financial statements,
there are no new standards and interpretations which are relevant
to the Group which were in issue but not yet effective.
EBITDA and adjusted EBITDA - non-GAAP performance measures
Earnings before interest, taxation, depreciation and
amortisation ('EBITDA') and adjusted EBITDA are non-GAAP measures
used by management to assess the operating performance of the
Group. EBITDA is defined as profit before finance costs, finance
income, taxation, depreciation and amortisation. Exceptional items
are excluded from EBITDA to calculate adjusted EBITDA.
The Directors primarily use the adjusted EBITDA measure when
making decisions about the Group's activities. As these are
non-GAAP measures, EBITDA and adjusted EBITDA measures used by
other entities may not be calculated in the same way and hence are
not directly comparable.
Seasonality of operations
The Group's revenue and profit after tax is subject to a degree
of seasonality due primarily to the occurrence of the Chinese New
Year public holiday during the first half of the year ('H1'), when
the Group's major customers and suppliers based in China cease
operations for a period. In the financial year ended 31 December
2018, 45.7% (2017: 46.3%) of the Group's revenue and 36.6% (2017:
40.9%) of the Group's profit after tax accumulated in H1.
Foreign currency translation
Functional and presentational currency
Items included in the financial information of each of the
Group's entities are measured using the currency of the primary
economic environment in which the entity operates ('the functional
currency'). The functional currency of the Company, and most
entities within the Group, is Sterling. This is also the Group's
presentational currency. The functional currency of the following
subsidiaries are currencies other than Sterling: Strix Hong Kong,
which is the Hong Kong dollar; Strix USA, which is the United
States Dollar; and HaloSource Shanghai, which is the Chinese
Renminbi.
Transactions and balances
Foreign currency balances are translated into the functional
currency using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation at year
end exchange rates of monetary assets and liabilities denominated
in foreign currencies are recognised in the condensed interim
consolidated statement of comprehensive income within cost of
sales.
Group companies
The results and financial position of Strix Hong Kong, Strix USA
and HaloSource Shanghai are translated into the presentation
currency as follows:
-- assets and liabilities for each balance sheet presented
are translated at the closing rate at the date of that
balance sheet, or historic rates for certain line items;
-- income and expenses for each condensed interim consolidated
statement of comprehensive income are translated at average
exchange rates (unless this is not a reasonable approximation
of the cumulative effect of the rates prevailing on the
transaction dates, in which case income and expenses
are translated at the dates of the transactions), and
-- all resulting exchange differences are recognised in
the condensed interim consolidated statement of comprehensive
income.
Leases
This note discloses the new accounting policy for leases that
has been applied from 1 January 2019 as a result of the adoption of
IFRS 16.
The leasing activities of the Group and how these are accounted
for
The Group leases office space, workshops, warehouses and factory
space. Rental contracts are typically made for periods of 3 - 10
years, but may have extension options. Lease terms are negotiated
on an individual basis and contain a wide range of different terms
and conditions. The lease agreements do not impose any covenants,
but leased assets may not be used as security for borrowing
purposes.
Until the 2018 financial year, leases of property, plant and
equipment (including buildings) were classified as operating
leases. Payments made under operating leases (net of any lease
incentives received from the lessor) were charged to profit or loss
on a straight-line basis over the period of the lease.
From 1 January 2019, leases are recognised as a right-of-use
assets and a corresponding liability at the date at which the
leased asset is available for use by the Group. Each lease payment
is allocated between the liability, finance costs and foreign
exchange (where the lease is denominated in a foreign currency).
The finance cost is charged to profit or loss over the lease period
so as to produce a constant periodic rate of interest on the
remaining balance of the liability for each period. The
right-of-use asset is depreciated over the shorter of the asset's
useful life and the lease term on a straight line basis.
Measurement of future lease liabilities
Assets and liabilities arising from a lease are initially
measured on a present value basis. Future lease liabilities include
the net present value of the following lease payments:
-- fixed payments (including in-substance fixed payments),
less any lease incentives receivable
-- variable lease payments that are based on an index or
a rate
-- amounts expected to be payable by the lessee under residual
value guarantees
-- the exercise price of a purchase option if the lessee
is reasonably certain to exercise that options, and
-- the payment of penalties for terminating the lease, if
the lease term reflects the lessee exercising that option.
The lease payments are discounted using the interest rate
implicit in the lease. If that rate cannot be determined, the
lessee's incremental borrowing rate is used, being the rate that
the lessee would have to pay to borrow the funds necessary to
obtain an asset of similar value in a similar economic environment
with similar terms and conditions.
Measurement of right-of-use assets
Right-of-use assets are measured at cost comprising the
following:
-- the amount of the initial measurement of lease liability
-- any lease payments made at or before the commencement
date less any lease incentives received
-- any initial direct costs, and
-- restoration costs
Payments associated with short-term leases and leases of
low-value assets are recognised on a straight-line basis as an
expense in profit or loss. Short-term leases are leases with a
lease term of 12 months or less. Low-value assets comprise
primarily IT equipment.
Extension and termination options
Extension and termination options are included in a number of
property leases across the Group. These terms are used to maximise
operational flexibility in terms of managing contracts.
3. Critical accounting judgements and estimates
The preparation of these interim financial statements under IFRS
requires the Directors to make estimates and assumptions that
affect the reported amounts of assets and liabilities and the
disclosure of contingent assets and liabilities. Estimates and
judgements are continually evaluated and are based on historical
experience and other factors including expectations of future
events that are believed to be reasonable under the
circumstances.
In preparing these interim financial statements, the significant
judgements made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty are the same
as those that applied to the Group's Annual Report and Accounts for
the year ended 31 December 2018.
The key judgements and estimates relevant to the application of
IFRS 16 and the business combination under IFRS 3 which took place
in the period are disclosed in note 2 and note 12 respectively.
4. Segmental reporting
Management has determined the operating segments based on the
operating reports reviewed by the Board of Directors that are used
to assess both performance and strategic decisions. Management has
identified that the Board of Directors is the chief operating
decision maker in accordance with the requirements of IFRS 8
'Operating segments'. The Group's activities consist of the design,
manufacture and sale of thermostatic controls, cordless interfaces,
and other products such as water jugs and filters, primarily to
Original Equipment Manufacturers ('OEMs') based in China. It is
managed as one entity and management have consequently determined
that there is only one operating segment.
Products and services
Revenue is generated by the Group on the sale of thermostatic
controls, cordless interfaces, and other products such as water
jugs and filters. Whilst under IFRS 8 there is only one segment,
the information used to prepare the condensed interim consolidated
financial statements is disaggregated into three product families,
being 'Kettle controls', 'Water Category' and 'Other'. 'Other'
relates to new technology products and other appliances which do
not fit into 'Kettle controls' or 'Water Category'. An analysis of
revenue by product family is provided in note 7. 'Water Category'
includes the activities of 'Aqua Optima' plus the specified assets
acquired from HaloSource in the period as disclosed in note 12.
Geographical
A geographical analysis of revenue from external customers has
not been presented, as the OEMs to whom sales are made are
primarily based in China.
5. finance costs
Period Period
ended ended
30 June 30 June
2019 2018
GBP000s GBP000s
-------------------------------- -------- --------
Letter of credit charges 26 31
Pension scheme interest - 1
Future lease liability interest 44 -
Borrowing costs 607 898
-------------------------------- -------- --------
Total finance costs 677 930
-------------------------------- -------- --------
Further information about the Group's borrowings is provided in
note 15.
6. Earnings per share
The calculation of basic and diluted earnings per share is based
on the following data.
Period Period
ended ended
30 June 30 June
2019 2018
--------------------------------------------------- -------- --------
Earnings (GBP000s)
Earnings for the purpose of basic and diluted
earnings per share 6,865 8,253
--------------------------------------------------- -------- --------
Number of shares (000s)
Weighted average number of shares for the purposes
of basic earnings per share 190,000 190,000
Weighted average dilutive effect of conditional
share awards 10,679 9,170
--------------------------------------------------- -------- --------
Weighted average number of shares for the purposes
of diluted earnings per share 200,679 199,170
--------------------------------------------------- -------- --------
Earnings per ordinary share (pence)
Basic earnings per ordinary share 3.6 4.3
Diluted earnings per ordinary share 3.4 4.1
--------------------------------------------------- -------- --------
Adjusted earnings per ordinary share (pence)
(1)
Basic adjusted earnings per ordinary share 5.7 5.6
Diluted adjusted earnings per ordinary share 5.4 5.3
--------------------------------------------------- -------- --------
The calculation of basic and diluted adjusted earnings per share
is based on the following data:
Period Period
ended ended
30 June 30 June
2019 2018
GBP000s GBP000s
---------------------- -------- --------
Profit for the year 6,865 8,253
---------------------- -------- --------
Add back:
Share-based payments 3,053 2,393
Strategic projects 936 -
Reorganisation costs 65 -
---------------------- -------- --------
Adjusted earnings (1) 10,919 10,646
---------------------- -------- --------
(1. Adjusted results exclude exceptional items, including
share-based payments. Adjusted results are non-GAAP metrics used by
management and are not an IFRS disclosure.)
The denominators used to calculate both basic and adjusted
earnings per share are the same as those shown above for both basic
and diluted earnings per share. GBP910k of the GBP936k of
'Strategic projects' relate to the acquisition of HaloSource in H1
2019 (H1 2018: nil).
7. REVENUE
The following table shows a disaggregation of revenue into
categories by product line:
Period Period
ended ended
30 June 30 June
2019 2018
GBP000s GBP000s
------------------ -------- --------
Kettle controls 38,408 37,525
Water Category(*) 4,964 5,060
Other(*) 558 283
------------------ -------- --------
Total revenue 43,930 42,868
------------------ -------- --------
(*) The Group has reclassified a certain product line totalling
GBP1.3m previously reported under 'Other' as part of 'Water
Category' when compared to the revenue disaggregation table
reported at H1 2018. This reclassification has been applied to the
period ended 30 June 2018 in the table above in order to follow a
change to the internal reporting of this product line and match the
disclosure in the 2018 Annual Report.
8. Intangible assets
2019
-----------------------------------------------------------
Development Software Intellectual Goodwill Total
costs Property
------------ --------- ------------- --------- --------
GBP000s GBP000s GBP000s GBP000s GBP000s
At 1 January
Cost 12,886 579 - - 13,465
Accumulated amortisation
and impairment (8,324) (337) - - (8,661)
-------------------------- ------------ --------- ------------- --------- --------
Net book value 4,562 242 - - 4,804
-------------------------- ------------ --------- ------------- --------- --------
Period ended
30 June
Additions 900 240 - - 1,140
HaloSource acquisition - - 316 384 700
Amortisation
charges (585) (103) - - (688)
Exchange differences - - 12 - 12
Closing net book
value 4,877 379 328 384 5,968
-------------------------- ------------ --------- ------------- --------- --------
At 30 June
Cost 10,957 1,262 328 384 12,931
Accumulated amortisation
and impairment (6,080) (883) - - (6,963)
-------------------------- ------------ --------- ------------- --------- --------
Net book value 4,877 379 328 384 5,968
-------------------------- ------------ --------- ------------- --------- --------
All amortisation charges have been treated as an expense, and
charged to cost of sales (GBP633,000) and administrative expenses
(GBP55,000) in the condensed interim consolidated statement of
comprehensive income.
There were no reversals of prior year impairments during the
year. During the period, GBP2,828,000 of development cost assets
with a net book value of zero were derecognised in line with the
de-recognition policy and GBP443,000 of software assets with a net
book value of zero were transferred in.
2018
Development Software Total
costs
------------ --------- --------
GBP000s GBP000s GBP000s
At 1 January
Cost 12,716 511 13,227
Accumulated amortisation
and impairment (7,877) (171) (8,048)
-------------------------- ------------ --------- --------
Net book value 4,839 340 5,179
-------------------------- ------------ --------- --------
Period ended
30 June
Additions 852 12 864
Amortisation
charges (1,142) (78) (1,220)
Closing net book
value 4,549 274 4,823
-------------------------- ------------ --------- --------
At 30 June
Cost 13,568 523 14,091
Accumulated amortisation
and impairment (9,019) (249) (9,268)
-------------------------- ------------ --------- --------
Net book value 4,549 274 4,823
-------------------------- ------------ --------- --------
All amortisation charges have been treated as an expense, and
charged to cost of sales in the comparative condensed interim
consolidated statement of comprehensive income.
There were no reversals of prior year impairments during the
comparative period.
9. Property, plant and equipment
2019
--------------------------------------------------------------------------- ----------
Plant & Fixtures, Motor Production Land & Right-of-use Assets Total
machinery fittings vehicles tools Buildings assets under
& (note 18) construction
equipment
--------- ----------- --------- ------------ --------- ------------ ------------ ----------
GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s
At 1 January
Cost 20,624 3,673 141 13,484 - - 1,889 39,811
Accumulated
depreciation (14,695) (2,595) (51) (11,377) - - - (28,718)
-------------- --------- ----------- --------- ------------ --------- ------------ ------------ ----------
Net book value 5,929 1,078 90 2,107 - - 1,889 11,093
-------------- --------- ----------- --------- ------------ --------- ------------ ------------ ----------
Period ended
30
June
Additions - 502 - - 1,720 4,794 2,016 9,032
HaloSource
acquisition 135 93 1 49 - - 23 301
Transfers 409 59 - 44 - - (512) -
Disposals (9) - - - - - - (9)
Depreciation
charge (532) (365) (12) (492) (6) (622) - (2,029)
Exchange
differences (4) (35) (1) - - (4) - (44)
Closing net
book
value 5,928 1,332 78 1,708 1,714 4,168 3,416 18,344
-------------- --------- ----------- --------- ------------ --------- ------------ ------------ ----------
At 30 June
Cost 21,160 4,326 142 13,577 1,720 4,794 3,416 49,135
Accumulated
depreciation (15,232) (2,994) (64) (11,869) (6) (626) - (30,791)
-------------- --------- ----------- --------- ------------ --------- ------------ ------------ ----------
Net book value 5,928 1,332 78 1,708 1,714 4,168 3,416 18,344
-------------- --------- ----------- --------- ------------ --------- ------------ ------------ ----------
Depreciation charges are allocated to cost of sales
(GBP1,584,000), distribution costs (GBP212,000), and administrative
expenses (GBP233,000) in the condensed interim consolidated
statement of comprehensive income.
2018
----------------------------------------------------------------------------------------------------- ----------
Plant & Fixtures, Motor vehicles Production Assets Total
machinery fittings tools under construction
& equipment
---------- -------------- -------------- ------------ ------------------- ----------
GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s
At 1 January
Cost 19,440 5,037 104 13,678 1,668 39,927
Accumulated
depreciation (14,552) (4,078) (35) (11,884) - (30,549)
----------------------- ---------- -------------- -------------- ------------ ------------------- ----------
Net book value 4,888 959 69 1,794 1,668 9,378
----------------------- ---------- -------------- -------------- ------------ ------------------- ----------
Period ended 30
June
Additions - 394 - - 1,788 2,182
Transfers 1,184 10 - 427 (1,621) -
Depreciation charge (743) (252) (8) (632) - (1,635)
Closing net book
value 5,329 1,111 61 1,589 1,835 9,925
----------------------- ---------- -------------- -------------- ------------ ------------------- ----------
At 30 June
Cost 20,625 5,440 104 14,105 1,835 42,109
Accumulated
depreciation (15,296) (4,329) (43) (12,516) - (32,184)
----------------------- ---------- -------------- -------------- ------------ ------------------- ----------
Net book value 5,329 1,111 61 1,589 1,835 9,925
----------------------- ---------- -------------- -------------- ------------ ------------------- ----------
Depreciation charges are allocated to cost of sales
(GBP1,197,000), distribution costs (GBP361,000), and administrative
expenses (GBP77,000) in the condensed interim consolidated
statement of comprehensive income.
10. Inventories
30 June 31 December
2019 2018
GBP000s GBP000s
------------------------------------ -------- -----------
Raw materials and consumables 6,514 5,993
Finished goods and goods in transit 4,525 4,525
------------------------------------ -------- -----------
11,039 10,518
------------------------------------ -------- -----------
The cost of inventories recognised as an expense and included in
cost of sales amounted to GBP16,738,000 (H1 2018: GBP15,781,000).
The charge for impaired inventories was GBP442,000 (H1 2018:
GBP119,000). There were no reversals of previous write-downs.
11. PRINCIPAL SUBSIDIARY UNDERTAKINGS OF THE GROUP
A list of all subsidiary undertakings controlled by the Group,
which are all included in the interim financial statements, is set
out below.
Subsidiary % of ordinary % of ordinary
Country shares held shares held
Nature of business of incorporation by the Company by the Group
-------------------------- ------------------------------- ------------------- ---------------- --------------
% %
Sula Limited Holding company IOM 100 100
Manufacture and sale
Strix Limited of products IOM - 100
Strix Guangzhou Manufacture and sale
Ltd of products China - 100
Group's sale and distribution
Strix (U.K.) Limited centre UK - 100
Strix Hong Kong Sale and distribution
Ltd of products Hong Kong - 100
Construction of manufacturing
Strix (China) Limited facility China - 100
HaloSource Water
Purification Technology Manufacturing and sales
(Shanghai) Co. Ltd of products China - 100
Research and development,
sales, and distribution
Strix (USA), Inc of products USA - 100
Acquisition of specified assets from HaloSource
On 7 March 2019, the Group completed the acquisition of
specified assets from HaloSource Corporation, the details of which
are disclosed in note 12. HaloSource Water Purification Technology
(Shanghai) Co. Ltd was acquired by the Group as part of this
transaction and is a wholly owned subsidiary of Strix (Hong Kong)
Ltd.
Incorporation of Strix (USA), Inc
On 14 February 2019 Strix (USA), Inc was incorporated in the
state of Washington, United States of America. Strix (USA), Inc is
a wholly owned subsidiary of Strix (U.K.) Limited. The US-based
assets acquired as part of the acquisition of specified assets from
HaloSource were transferred into this entity.
Incorporation of Strix (China) Limited
On 20 February 2019, Strix (China) Limited was granted a
business licence. Strix (China) Limited, a company incorporated in
China, is a wholly owned subsidiary of Strix (Hong Kong) Ltd. Strix
(China) Limited owns the land use right acquired by the Group in
the Zengcheng District of Guangzhou, China in respect of the site
of the new manufacturing facility.
12. ACQUISITION OF SPECIFIED ASSETS FROM HALOSOURCE
On 7 March 2019, the Group completed the acquisition of
specified assets from HaloSource Corporation ("HaloSource"),
following approval by HaloSource shareholders at a general meeting
held on 26 February 2019. The Group entered into an asset purchase
agreement with HaloSource, pursuant to which it has acquired
specified assets relating to HaloSource's HaloPure division and its
Astrea product, for total consideration of US$1.33 million
(GBP1.01m) payable in cash.
The Board of Strix considered that the acquisition represented
an opportunity to acquire extensively developed technology, which
complemented its Water Category, at an attractive price, as well as
gaining access to skilled research and development resource in the
USA. Strix will continue the process of commercialising the
technology and products that it has acquired, leveraging its
experience of operating in the water filtration sector and bringing
to market new consumer products.
The fair value of the assets and liabilities acquired were as
follows:
GBP000s
------------------------------ -------
Non-current assets
Intangible assets 316
Property, plant and equipment 301
Total non-current assets 617
-------------------------------- -------
Current assets
Inventories 251
Trade and other receivables 448
Other assets 100
Cash and cash equivalents 61
Total current assets 860
-------------------------------- -------
Total assets 1,477
-------------------------------- -------
Current liabilities
Trade and other payables (847)
-------------------------------- -------
Total current liabilities (847)
-------------------------------- -------
Net assets acquired 630
-------------------------------- -------
The fair value of the intangibles assets was calculated based on
a discounted cash flow model, based on the expected future income
the patents and brand names will generate. The discount rate
applied was the Group's Weighted Average Cost of Capital, and a
growth rate of 5.0% was assumed in perpetuity, based on the CAGR
the Group has experienced with similar products in the same sector
over the past few years.
Acquisition costs included within 'Administration expenses -
exceptional items' in the condensed interim consolidated statement
of comprehensive income amounted to GBP0.9m. This included GBP0.4m
of bridging loans made available to HaloSource to ensure the
company continued to operate during the due diligence period. These
have been designated as 'separate transaction' per IFRS 3 and
therefore not included as part of the purchase consideration. The
bridging loans did not constitute effective settlement of a
pre-existing relationship.
The acquired business contributed revenues of GBP273,000 and a
loss of (GBP704,000) to the Group for the period from 7 March 2019
to 30 June 2019. The Group revenues and profit if the acquisition
had occurred on 1 January 2019 has not been calculated as the
supporting information is not available given the status of the
acquired assets at the date of acquisition. The Directors believe
the amount would be insignificant to the Group as due to a shortage
of funds under the previous ownership, it is unlikely the assets
would generate any significant revenues, profit or loss prior to
the acquisition date.
The goodwill of GBP384,000, calculated as the purchase
consideration of GBP1,014,000 less the fair value of the net assets
acquired of GBP630,000 is attributable to the cumulative skills and
knowledge of the members of staff who became employees of the Group
at the date of acquisition, together with the synergies expected to
be generated by the Group following the acquisition, particularly
within the Water Category.
13. Trade and other receivables
30 June 31 December
2019 2018
GBP000s GBP000s
------------------------------------- -------- -------------
Amounts falling due within one year:
Trade receivables 7,057 3,336
Trade receivables past due 197 131
Loss allowance (10) (26)
------------------------------------- -------- -------------
Trade receivables - net 7,244 3,441
------------------------------------- -------- -------------
Prepayments 850 987
Advance purchase of commodities 2,522 1,483
Other receivables 1,047 1,343
------------------------------------- -------- -------------
11,663 7,254
------------------------------------- -------- -------------
Trade and other receivables are all current and any fair value
difference is not material.
The amount of trade receivables past due is not material,
therefore an aging analysis has not been presented (2018: same).
The amount of trade receivables impaired at 30 June 2019 is equal
to the loss allowance provision (2018: same).
The advance purchase of commodities relates to a payment in
advance to secure the purchase of certain key commodities at an
agreed price to mitigate the commodity price risk.
GBP822,000 of prepayments were capitalised in 2017 in relation
to transaction costs for non-current borrowings put in place as
part of the Group reorganisation and admission to trading on AIM.
At 30 June 2019, GBP506,000 (2018: GBP587,000) of these transaction
costs were included within prepayments.
Other receivables include government grants due of GBP201,000
(2018: GBP355,000). There were no unfulfilled conditions in
relation to these grants at the period end, although if the Group
ceases to operate or leaves the Isle of Man within 10 years from
the date of the last grant payment, funds may be reclaimed.
Movement on the Group's provision for impairment of trade
receivables and the inputs and estimation technique used to
calculate expected credit losses have not been disclosed on the
basis the amounts are not material.
The creation and release of a provision for impaired receivables
is allocated to cost of sales in the condensed interim consolidated
statement of comprehensive income. For the period ended 30 June
2019, the amount allocated to cost of sales was an income of
GBP16,000 (2018: charge of GBP9,000). Amounts charged to the loss
allowance account are written off when there is no expectation of
recovering additional cash.
14. Trade and other payables
30 June 31 December
2019 2018
GBP000s GBP000s
----------------------------------- -------- -------------
Trade payables 7,011 4,881
Current income tax liabilities 1,824 1,575
Social security and other taxes 119 108
Other liabilities 6,174 5,737
Payments in advance from customers 828 1,961
Accrued expenses 4,741 4,137
----------------------------------- -------- -------------
20,697 18,399
----------------------------------- -------- -------------
The fair value of financial liabilities approximates their
carrying value due to short maturities.
15. Borrowings
30 June 31 December
2019 2018
GBP000s GBP000s
----------------------- -------- -------------
Non-current bank loans 42,000 41,000
----------------------- -------- -------------
Term and debt repayment schedule
30 June
Interest Maturity 2019 carrying
Currency rate date value (GBP000s)
------------------ ---------- ---------------- ---------- -----------------
Revolving credit LIBOR + 27 July
facility GBP 1.50% - 2.50% 2022 42,000
------------------ ---------- ---------------- ---------- -----------------
On 27 July 2017, the Company entered into an agreement with The
Royal Bank of Scotland Plc (as agent), and the Royal Bank of
Scotland International Limited and HSBC Bank Plc (as original
lenders) in respect of a revolving credit facility of
GBP70,000,000.
The proceeds of the first drawdown of GBP60,774,000 were used to
(among other things) repay previously existing banking facilities
prior to the group reorganisation and the Company's admission to
trading on AIM including the payment of fees, costs and expenses in
relation to the process and to fund the distribution paid to former
group company related parties. Additional amounts will be drawn
under the agreement for financing working capital and for general
corporate purposes of the Group.
All amounts become immediately repayable and undrawn amounts
cease to be available for drawdown in the event of a third party
gaining control of the Company. The Company and its subsidiaries,
Strix Limited and Sula Limited, have entered into the agreement as
guarantors, guaranteeing the obligations of the borrowers under the
agreement.
The agreement contains representations and warranties which are
usual for an agreement of this nature. The agreement also provides
for the payment of a commitment fee, agency fee and arrangement
fee, contains certain undertakings, guarantees and covenants
(including financial covenants) and provides for certain events of
default. During the period to 30 June 2019, the Group has not
breached any of the financial covenants contained within the
agreement.
On 30 June 2018, the total facility available reduced by
GBP5,000,000, and will continue to reduce by a further GBP2,000,000
every 6 months thereafter. The Group voluntarily cancelled
GBP10,000,000 of the facility on 19 June 2018. As at 30 June 2019
the total facility available is GBP51,000,000 (2018:
GBP53,000,000).
Interest applied to the loan is calculated as the sum of the
margin and LIBOR (or EURIBOR for any loan denominated in Euros).
The margin is a calculated based on the Group's leverage as
follows:
Leverage Annualised margin
%
------------------------------- ------------------
Greater than or equal to 2.0x 2.5%
Less than 2.0x but greater
than or equal to 1.5x 2.2%
Less than 1.5x but greater
than or equal to 1.0x 2.0%
Less than 1.0x 1.5%
16. CAPITAL Commitments
Capital commitments
30 June 31 December
2019 2018
GBP000s GBP000s
------------------------------------------------------------------------------------------ ---------- -----------
Contracted for but not provided in the interim financial statements - Property, plant and
equipment 2,115 1,005
------------------------------------------------------------------------------------------ ---------- -----------
See note 21 in relation to further (post Balance Sheet) capital
commitment.
17. Dividends
The following amounts were recognised as distributions in the
period:
Period Period
ended ended
30 June 30 June
2019 2018
GBP000s GBP000s
------------------------------------------------ -------- ----------
Final 2018 dividend of 4.7p per share (H1 2018:
1.9p) 8,930 3,610
------------------------------------------------ -------- ----------
Total dividends recognised in the period 8,930 3,610
------------------------------------------------ -------- ----------
In addition to the above dividend, since the end of the period
the Directors have approved the payment of an interim dividend of
2.6p per share. The aggregate amount of the interim dividend
expected to be paid on 26 October 2019 out of retained earnings at
30 June 2019, but not recognised as a liability at the period end,
is GBP4,940,000. The payment of this dividend will not have any tax
consequences for the Group.
18. FUTURE LEASE LIABILITIES
The table below shows the split of future leases payable between
current and non-current in the condensed interim consolidated
balance sheet:
30 June 31 December
2019 2018
GBP000s GBP000s
-------------------------------------------- -------- -------------
Current future lease liabilities (due within 1,333 -
12 months)
Non-current future lease liabilities (due in 3,087 -
more than 12 months)
-------------------------------------------- -------- -------------
Total Future Lease Liabilities payable 4,420 -
-------------------------------------------- -------- -------------
The Group has adopted IFRS 16 from 1 January 2019. The rationale
and impact of the transition is explained more fully in note 2 to
the financial statements.
19. Cash flow statement notes
a) Cash generated from operations
Period Period
ended ended
30 June 30 June
2019 2018
Note GBP000s GBP000s
----------------------------------------------- --------- ---------
Cash flows from operating activities
Operating profit 8,138 9,554
Adjustments for:
Depreciation of property, plant and equipment
9 1,401 1,635
Depreciation of right-of-use assets 9 628 -
Amortisation of intangible assets 8 688 1,220
Loss/(profit) on disposal of property,
plant and equipment 6 (1)
Pension contributions made (19) (19)
Share based payment transactions 6 3,053 2,393
Net exchange differences 13 109
----------------------------------------------- --------- ---------
13,908 14,891
Changes in working capital:
Increase in inventories (269) (981)
Increase in trade and other receivables (4,053) (753)
Increase in trade and other payables 1,686 2,333
----------------------------------------------- --------- ---------
Cash generated from operations 11,272 15,490
----------------------------------------------- --------- ---------
b) Movement in net debt
Non-cash movements
At 1 January Cash flows Currency At 30 June
2019 movements 2019
GBP000s GBP000s GBP000s GBP000s
------------ ---------- ------------------ ------------
Non-current borrowings (41,000) (1,000) - (42,000)
-------------------------- ------------ ---------- ------------------ ------------
Total liabilities from
financing activities (41,000) (1,000) - (42,000)
-------------------------- ------------ ---------- ------------------ ------------
Cash and cash equivalents 13,521 (4,911) (18) 8,592
-------------------------- ------------ ---------- ------------------ ------------
Net debt (27,479) (5,911) (18) (33,408)
-------------------------- ------------ ---------- ------------------ ------------
In the condensed interim consolidated cash flow statement, the
cash paid in exchange for the assets and liabilities acquired at
fair value as disclosed in note 12 have been adjusted to reflect
the consideration paid less the cash received as a single line,
'Purchase of HaloSource Inc assets'.
20. RELATED PARTY TRANSACTIONS
Key management compensation
The following table details the aggregate compensation paid in
respect of key management, which includes the Directors and the
members of the Trading Board, representing members of the senior
management team from all key departments of the Group.
Period Period
ended ended
30 June 30 June
2019 2018
GBP000s GBP000s
------------------------------------------ --------- ---------
Salaries and other short-term employment
benefits 885 1,105
Post-employment benefits 74 162
Share-based payment transactions 2,125 1,988
------------------------------------------ --------- ---------
3,084 3,255
------------------------------------------ --------- ---------
There are no defined benefit schemes for key management.
21. Post balance sheet events
On 2nd September 2019 Strix entered into a contract with
Shanghai Installation Engineering Group Co. Ltd. to build a new
factory in Zengcheng district at a cost of RMB128m (approximately
GBP14.5m). Costs and project completion schedule are in line with
previously reported business expectations.
The Group has no other post balance sheet events to
disclose.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR LRMPTMBBBBTL
(END) Dow Jones Newswires
September 18, 2019 02:00 ET (06:00 GMT)
Strix (LSE:KETL)
Historical Stock Chart
From Apr 2024 to May 2024
Strix (LSE:KETL)
Historical Stock Chart
From May 2023 to May 2024