Updates

Strix - Strategy to double sales by 2025

May 2021

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Despite H1 revenue down 21%, H2 saw a material recovery with revenue increasing by 14%, to leave FY20 sales broadly in line with that achieved in FY19 at £95.3m. This led to pretax profit 3% ahead at £29.2m (eps 14.9p). Net debt was £37.2m or 1x EBITDA.Much more interesting than these numbers is the future strategy, which is to diversify away from kettle safety controls into the adjacent water filtration & small domestic appliances segment, which it says will be 40% of profit by 2025 vs 15% in these numbers. Controls is obviously a totally unique thing - management will struggle to find those almost exceptional 30.5% ebit margins anywhere else (margins +2.5% due to full automation this year; time to make a con ...

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