Notwithstanding the unchanged guidance on the outlook for profitability, we see areas of optimism within the statement. The chief reason is the reduction of the net debt/EBITDA ratio to ‘comfortably below 2x cover’, in view of the previous concern on indebtedness. We would also highlight the burgeoning recovery within the Group’s kettle controls market, which declined 18% in the two years to end-2023. Product launches into less developed/Chinese markets of a new range of low-cost kettle controls combined with new taps emanating from Billi improve the outlook for H2.
Strix Group: Equity Development
Jul 25, 2024Disclaimer & Declaration of Interest
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