Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Strix Group PLC on Wednesday said it maintained its interim dividend, despite suffering a fall in both interim profit and revenue.
Shares were down 15% at 120.20 pence on Wednesday morning in London.
For the six months that ended on June 30, the Isle of Man-based kettle safety controls provider said pretax profit fell 12% to £11.6 million from £13.2 million a year ago, as revenue declined by 7.3% to £50.7 million from £54.7 million.
Strix said the decline in revenue was mainly caused by a ‘drop in sales’ in its kettle controls category, impacted by the ongoing conflict in Ukraine.
Administrative expenses widened to £6.0 million from £5.4 million, and distribution costs rose 15% to £4.5 million from £3.9 million a year earlier, mainly due to ‘higher outward carriage and freight costs’.
Chief Executive Officer Mark Bartlett said: ‘Despite the challenging macroeconomic and geopolitical environment, Strix has delivered a robust performance across its three product categories and remains on track to deliver medium-term targets to double the Group's revenues primarily through growth in its water and appliances categories.’
Adjusted earnings before interest, tax, depreciation and amortisation decreased by 8.6% to £15.9 million from £17.4 million.
Strix declared an interim dividend of 2.75 pence per share, unchanged from a year prior.
Looking ahead, Strix said it's on track to deliver medium-term targets to double its revenue.
Copyright 2022 Alliance News Limited. All Rights Reserved.