TIDMKETL

RNS Number : 0974K

Strix Group PLC

31 August 2021

31 August 2021

Strix Group Plc

("Strix", the "Company" or the "Group")

New Chinese factory now fully operational

Strix Group Plc (AIM: KETL), the global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components, is pleased to announce that the opening ceremony for its new factory within Zengcheng district in Guangzhou, China, took place on Friday 27 August 2021 and that manufacturing is fully operational. The new factory will double the Group's current manufacturing capacity enabling it to grow the business and deliver its stated strategy of doubling revenues over the next five years. Efficiencies and further in-sourcing arising from the new manufacturing facility are expected to have a positive effect on margins.

The decision to invest in the construction of a new factory was taken by the Board in 2018. The land was successfully purchased in the summer of 2019 and external construction work began in late 2019 completing in December 2020. Production and assembly lines were then installed facilitating the commencement of operations. The project has been completed on budget and to timetable.

Mark Bartlett, Chief Executive Officer, said:

"This is a landmark moment in the history of Strix. I would like to thank everyone who helped in the construction of this factory , it is an outstanding achievement that has been accomplished, and all executed during a global pandemic, remaining on time and budget. I also want to thank all of our associates for ensuring our manufacturing, customer service and our quality never once deteriorated during the transition.

"I am extremely proud of what Strix has achieved since we listed on AIM in 2017 and this marks a significant milestone to support our commitment to double the Group's revenues over the next five years."

To view the factory opening visit: https://player.vimeo.com/video/594392884

 
 For further enquiries, please contact: 
 Strix Group Plc 
  Mark Bartlett, CEO 
  Raudres Wong, CFO                                  +44 (0) 1624 829829 
 
  Zeus Capital Limited (Nominated Advisor 
   and Joint Broker) 
   Nick Cowles / Jamie Peel / Jordan Warburton 
   (Corporate Finance)                              +44 (0) 20 3829 5000 
 
 
 
   Stifel Nicolaus Europe Limited (Joint 
   Broker) 
   Matthew Blawat / Francis North                   +44 (0) 20 7710 7600 
 
 
   IFC Advisory Limited (Financial PR and 
   IR) 
   Graham Herring / Tim Metcalfe / Florence 
   Chandler                                         +44 (0) 20 3934 6630

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 admitted to trading on the AIM Market of the London Stock Exchange (AIM: KETL).

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDBBGDIRXXDGBG

(END) Dow Jones Newswires

August 31, 2021 02:00 ET (06:00 GMT)

Strix (LSE:KETL)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Strix Charts.
Strix (LSE:KETL)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Strix Charts.