Strix Group Plc (LON:KETL), the AIM listed global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components, has today announced the following trading update for the 6 month period ended 30 June 2018.
The Group continued to perform well during H1 2018 and the Board confirms that the Company is on track to report results in line with market expectations for the full year. Cash flow conversion remains strong, continuing to support our dividend policy.
During the period, the Group maintained its global market leading share of c.38% with particularly strong performance in North America. The new U9 series of controls has performed positively with more than 60 specifications, securing order volumes of c.1m during the period with more than 20% destined for the less regulated market as we target further share growth within this segment.
Focus continued on the development of new products within the hot water on demand category using our mature, patented heating technology to fulfil key consumer insights identified from independent research.
Aqua Optima experienced a strong performance with market share in the key UK market achieving c.20%, a record level, due to increased coverage in the UK retail sector and additional distribution in Central Europe.
Strix Group Plc continued to defend its intellectual property rights and successfully settled an infringement claim in China for 19 electronic appliances during the period and had five webpages taken down on Amazon across their European platform for products that infringed Strix electronic kettle patent.
The Group will be announcing full interim results for the 6 month period ending 30 June 2018 on Wednesday 19 September 2018.