Strix Group plc (LON:KETL), the 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, has reported audited final results for the 15-month period ended 31 March 2026.
Financial Summary
Total Group – PE26 vs FY24 (CER)¹
| PE26 | FY24 | ||||||||
| Adjusted results² | Continuing | Discontinued | Total | Total Change | Continuing | Discontinued | Total | ||
| £m | £m | £m | £m | £m | £m | ||||
| Revenue | 102.6 | 50.6 | 153.2 | 6.2% | 100.9 | 43.3 | 144.2 | ||
| Gross Profit | 28.2 | 22.3 | 50.5 | (5.7)% | 33.7 | 19.8 | 53.5 | ||
| Gross profit % | 27.5% | 44.0% | 32.9% | (420)bps | 33.4% | 45.7% | 37.1% | ||
| EBITDA | 17.7 | 10.7 | 28.4 | (19.2)% | 24.7 | 10.4 | 35.1 | ||
| EBITDA % | 17.3% | 21.0% | 18.5% | (590)bps | 24.5% | 24.0% | 24.4% | ||
| Overheads | (18.8) | (13.5) | (32.3) | 21.7% | (15.5) | (11.0) | (26.5) | ||
| Operating profit | 9.4 | 8.8 | 18.2 | (32.6)% | 18.2 | 8.8 | 27.0 | ||
| Interest | (7.4) | (0.7) | (8.1) | (9.7)% | (8.7) | (0.3) | (9.0) | ||
| Profit before tax | 2.0 | 8.1 | 10.1 | (43.9)% | 9.5 | 8.5 | 18.0 | ||
| Profit after tax | (0.5) | 6.9 | 6.4 | (56.7)% | 8.3 | 6.4 | 14.7 | ||
Total Group – PE26 vs FY24 (AER)
| PE26 | FY24 | ||||||
| Adjusted Results | Continuing£m | Discontinued£m | Total£m | Total Change | Continuing£m | Discontinued£m | Total£m |
| Revenue | 102.9 | 48.2 | 151.1 | 4.8% | 100.9 | 43.3 | 144.2 |
| Gross profit | 28.4 | 21.4 | 49.8 | (7.0)% | 33.7 | 19.8 | 53.5 |
| Gross profit % | 27.6% | 44.3% | 32.9% | (420)bps | 33.4% | 45.7% | 37.1% |
| EBITDA | 17.9 | 10.3 | 28.2 | (19.8)% | 24.7 | 10.4 | 35.1 |
| EBITDA % | 17.4% | 21.3% | 18.6% | (580)bps | 24.5% | 24.0% | 24.4% |
| Overhead | (18.8) | (12.9) | (31.7) | 19.7% | (15.5) | (11.0) | (26.5) |
| Operating profit | 9.5 | 8.5 | 18.0 | (33.2)% | 18.2 | 8.8 | 27.0 |
| Interest | (7.4) | (0.6) | (8.0) | (10.8)% | (8.7) | (0.3) | (9.0) |
| Profit before tax | 2.1 | 7.9 | 10.0 | (44.7)% | 9.5 | 8.5 | 18.0 |
| Net cash/(debt)3 | 38.7 | 102.4 | (63.7) | ||||
| Net debt leverage | N/A | N/A | 1.88x | ||||
| Operating cash conversion | 119.7% | 95.3% | 110.8% | (550)bps | 114.3% | 121.0% | 116.3% |
| Diluted earnings per share (pence) | (0.1) | 2.9 | 2.8 | (56.9)% | 3.7 | 2.8 | 6.5 |
| GAAP Measures | |||||||
| Revenue | 102.9 | 48.2 | 151.1 | 6.6% | 98.7 | 43.1 | 141.8 |
| Operating profit | 3.5 | 68.5 | 72.0 | 413.2% | 5.8 | 8.2 | 14.0 |
| Profit before tax | (4.4) | 67.9 | 63.5 | 2230.4% | (2.9) | 5.6 | 2.7 |
| Diluted earnings per share (pence) | (3.0) | 29.2 | 26.2 | N/A | (1.8) | 1.2 | (0.6) |
| ¹”CER”, being Constant Exchange Rate, is calculated by translating the PE26 figures by the average FY24 rate, and “AER” being Actual Exchange Rate. |
| ²Adjusted results from continuing operations exclude adjusting items and results from discontinued operation, see Notes 6(b) and 28. |
| 3Net debt as defined by the Group’s bank facility agreement and excludes the impact of IFRS 16 lease liabilities and accrued interest. |
Financial Highlights
| · | Group revenue for PE26 increased 6.2% to £153.2m at CER, benefitting from longer trading period. | ||
| · | For the 12 months ended 31 March 2026: | ||
| o | Controls revenue declined by (23.8)% to £52.9m at CER (Mar25: £69.4m), due to the challenging macro environment and increased competition. | ||
| o | Consumer Goods growth accelerated, up 12.0% to £34.4m at CER (Mar25: £30.7m), driven by higher bespoke filters and appliance volumes. | ||
| o | Billi delivered pre-Disposal growth of just under 10.0% to £47.3m at CER (12 months to Dec 25). | ||
| o | Group adjusted PBT for PE26 of £10.1m at CER, firmly within forecast range. | ||
| · | The disposal of Billi generated £102.0m of net cash proceeds, c.3x original investment. | ||
| · | Net cash of £38.7m provides financial flexibility to invest and ability to return funds to shareholders. | ||
| · | Returned £13.7m of capital to shareholders to date. | ||
| · | Cost optimisation programme remains on track to deliver gross annualised savings, before investment, ahead of initial £2.0m target. | ||
Operational Highlights
| · | Changed the financial year end to 31 March to better reflect end-market seasonality and improve forecasting accuracy. |
| · | Andy Rainforth joined Strix as new Chief Executive Officer on 13 July 2026. |
| · | Disposal of Billi created a more focused business with a stronger balance sheet and enhanced financial flexibility. |
| · | Roll-out of new Low-Cost and Next Generation controls ranges to support market share recovery, long-term competitiveness, and addressable market expansion. |
| · | Launched a patent-pending PFAS (“forever chemicals”) filter range. |
| · | Expanded LAICA water and wellbeing brand into the UK, supported by targeted marketing campaign. |
Outlook
| · | Entering FY27 with positive momentum, with Controls volumes stabilising against 2025. |
| · | New Controls product platforms gaining traction, with key project wins starting to recapture market share. |
| · | Ongoing geopolitical developments create commodity, currency and consumer demand uncertainty. |
| · | Heightened competition and pricing pressures in the Controls market expected to continue. |
| · | Price increase/surcharge programme successfully implemented to help offset commodity cost inflation. |
| · | Consumer Goods continues shift towards higher margin routes to market, underpinning margin strength. |
| · | Ongoing investment into water filtration technologies, including anti-bacterial and additive solutions. |
| · | Continued focus on production efficiency and cost optimisation initiatives. |
| · | New CEO, provides a renewed commercial focus, to build an aligned and refocused medium-term growth strategy. |
| · | Comprehensive capital allocation framework under development, balancing investment for growth, capital discipline and shareholder returns. |
| · | Capital Markets Day planned for later in the financial year. |
Gary Lamb, Chairman of Strix Group Plc, commented: “The stabilisation of Controls volumes, continued progress in Consumer Goods and the delivery of key operational initiatives provide a stronger platform for the Group as we look ahead. Whilst the external environment remains challenging, particularly given ongoing geopolitical uncertainty and pressures across consumer markets, Strix has entered FY27 with positive momentum.
“Under Andy Rainforth’s leadership, the Group is undertaking a period of commercial reassessment as part of its wider strategic planning process. The Board looks forward to presenting a comprehensive strategic update and capital allocation framework at the Capital Markets Day later this financial year.
“With a strong financial position, market leading Controls brand and established expertise in water filtration, the Board remains confident in Strix’s ability to deliver sustainable long-term growth.”
Chairman’s Report
The period under review for this set of results covers the 15-month period from 1 January 2025 to 31 March 2026, (the “Period” or “PE26”).
The Period was one of significant transformation for Strix, characterised by decisive strategic action, organisational change and continued resilience in the face of a challenging macroeconomic environment. Against a backdrop of geopolitical uncertainty, inflationary pressures and evolving global trade dynamics, the Board took a number of important steps to strengthen the Group’s financial position including the disposal of the Billi business. This transitioned the Group into a strengthened net cash position and enabled the return of excess capital to shareholders through a Tender Offer and share buyback programme, alongside changes to the Group’s leadership and Board composition.
While market conditions remain challenging, particularly across certain consumer markets, the Board believes these actions have strengthened the Group’s platform for future growth, enabling continued investment in strategic opportunities and innovation while supporting sustainable long-term shareholder value.
Disposal of Billi (the “Disposal”)
A significant strategic milestone during the Period was the successful disposal of the Billi business in January 2026. The transaction represented an important step in strengthening the Group’s balance sheet, reducing leverage and sharpening the strategic focus of the business. Acquired in November 2022 for approximately £38.0m, Billi developed significantly under Strix’s ownership by expanding its production capacity in Australia, strengthening its management structure, enhancing customer service capability, launching a flagship showroom in London and accelerating expansion opportunities across international markets. During the Period, Billi continued to report strong growth rates, building momentum across both residential and commercial channels.
The Disposal to Crescent Capital Partners at an enterprise value of £110.0m represented an approximate threefold return on the Group’s original investment. Following closing adjustments, the transaction generated net proceeds of £102.0m (net of cash disposed).
The Board’s decision to divest was made against the backdrop of ongoing macroeconomic and geopolitical challenges, including softer consumer demand within the Controls division, indirect tariff impacts, US dollar weakness and broader market volatility, all of which heightened the importance of deleveraging and strengthening the Group’s financial position.
The proceeds from the Disposal were used immediately to repay the Group’s existing multi-bank debt facilities in full. The Group retains a smaller undrawn £25.0m revolving credit facility, with annual net interest costs expected to fall below £1.0m compared to approximately £7.5m in the prior calendar year.
Following the Disposal, the Group is now more streamlined, financially secure and strategically focused.
Board changes
During the Period, the Board continued to ensure the Group maintains the appropriate balance of commercial, operational and strategic expertise to support its ongoing development and long-term objectives.
The Board announced that, by mutual agreement, Mark Bartlett would step down as CEO and a Director of the Group with effect from 29 May 2026. Mark joined Strix in 2006 and served as Chief Executive Officer since 2015, playing a significant role in the development and growth of the Group. The Board would like to thank Mark for his contribution both as a member of the Strix Board and to the wider Strix business for almost 20 years, and wish him all the best for the future.
Rachel Pallett, who joined Strix in 2023 as Chief Commercial Officer of Controls and Billi, was in July 2025 appointed to the Board as an Executive Director. In February 2026 Rachel informed the Board of her decision to step down to pursue the role of CEO at Billi. The Board would like to thank Rachel for her contribution to Strix and wish her every success for the future.
New CEO appointment
In June 2026 the Group announced the appointment of Andy Rainforth as the new CEO of Strix. Andy brings over 30 years of international business leadership experience, having successfully led multi-country product and technology businesses across manufacturing, hardware, SaaS, and channel-led models. His proven track record includes P&L leadership, driving operational improvements, and delivering value creation plans across complex, regulated, and global marketplaces.
The Board was delighted to welcome Andy on 13 July 2026 and believes that his extensive experience in driving growth, operational excellence, and value creation makes him the ideal leader to guide Strix through the next phase of its evolution.
The market
The Period was characterised by continued macroeconomic uncertainty and challenging trading conditions. Consumer demand within the SDA sector remained subdued throughout much of the Period, influenced by inflationary pressures, higher interest rates, weaker consumer confidence and ongoing geopolitical instability. In addition, evolving global trade dynamics, indirect tariff impacts and currency volatility, particularly the weakening of the US dollar, continued to create headwinds for the Group’s Controls division.
As has been widely reported, since the last quarter of calendar year 2025, copper and silver prices have remained significantly higher than prior-year levels. The ongoing Middle East conflict is also impacting consumer sentiment and contributing to higher oil prices, resulting in increased volatility in the underlying commodity costs of plastics used in both Strix’s controls and water filters.
For Controls, where the majority of sales are made to Chinese OEMs, US tariff related pressures were experienced during the Period as evidenced through reduced OEM order volumes, increased competitor activity from Chinese controls manufacturers and the weakening of the US dollar. These factors, alongside the challenging macroeconomic backdrop, contributed to heightened pricing pressure across markets and a reduction in the Group’s regulated market share, particularly within the growing US end market.
Trading pressures started to ease during the final months of 2025 and have continued to show improvement in the first half of 2026.
Controls
The Controls division generated revenues of £62.4m (FY24: £69.5m) at CER. Trading conditions remained challenging during the Period, with a marked slowdown in demand during the middle of 2025, particularly in regulated markets as customers remained cautious around inventory levels and ordering patterns.
Encouragingly, the division saw trading momentum start to recover towards the end of the Period following the easing of certain tariff-related pressures. In the final three months of the Period, trading volumes outside the China domestic market were consistently ahead of the comparable prior year period, supported by improving order books and stronger demand. This positive momentum has continued into the new financial year, albeit trading volumes remain lower than pre-2025 comparatives.
In response to copper and silver prices remaining significantly higher, the Group successfully implemented a price surcharge/increase programme during the Period, with discussions continuing into Q1 FY27 for a small number of strategic customers which have now been successfully concluded. While these actions have helped mitigate the impact of higher input costs, commodity price volatility continues to present a headwind to divisional margins.
The division also continued to advance its Low-Cost and Next Generation control platforms, which are designed to enhance competitiveness, preserve and regain regulated and less regulated market share and increase the Group’s addressable market. These products have demonstrated encouraging initial commercial success following their launch and are supporting the Group’s ability to compete effectively in an increasingly price-sensitive environment. However, the ongoing roll-out of these lower priced products is expected to result in a shift in overall product mix, resulting in lower average selling prices (“ASP”) and an ongoing pressure on divisional margins.
Alongside these commercial initiatives, the Group continues to maintain a disciplined approach in the highly price-sensitive China domestic market, choosing to exit non-profitable business where appropriate. Ongoing production efficiency and cost optimisation programmes also remain focused on protecting margins and strengthening the division’s competitive
position.
Consumer Goods
The Consumer Goods division delivered an encouraging performance during the Period, reporting double digit growth following the successful restructuring undertaken in 2024. Adjusted revenues increased to £40.2m (FY24: £31.4m) at CER. Growth was supported by the ongoing rollout of appliance manufacturing in China for the division’s leading global baby brand customer, alongside continued progress in expanding bespoke OEM water filtration volumes.
A key strategic focus for the division was the continued development of its water filtration capabilities. The launch of a patent-pending filter series designed to address PFAS substances, also known as “forever chemicals”, that contaminate household water supplies, positions the business at the forefront of an increasingly important health and environmental category. This enhanced filtration offering, together with developments in anti-bacterial and additive technologies, supports the Group’s ambition to capitalise on the growing water filtration market.
The division also continued to invest in strengthening the LAICA brand and expanding its presence in strategic markets. September 2025 marked the launch of the LAICA brand in the UK, supported by a marketing campaign aimed at increasing consumer awareness and supporting future growth opportunities. In parallel, the division expanded its operational capabilities through the planned installation of new automated assembly and packaging lines for anti-bacterial filters in its Italian manufacturing site.
Overall, the progress achieved during the Period reflects the division’s successful repositioning towards higher value growth categories and provides a stronger platform for sustainable long-term growth.
Cost optimisation
As part of the Group’s cost optimisation programme announced in March 2026, the Board approved the planned closure of the Group’s manufacturing operations in Ramsey, Isle of Man, following a comprehensive review of the long-term viability of the site. While the Isle of Man remains central to the Group’s identity, with its head office and research and development functions continuing to be based on the Island, the decision reflects Strix’s ongoing commitment to continuous improvement, operational efficiency and disciplined capital allocation. The closure of the Ramsey manufacturing facility, alongside the planned closure of the Group’s small US operation, reductions in PLC-related costs and the implementation of lean manufacturing initiatives across its Chinese site, is expected to deliver annualised cost savings that exceed the original targets established under the programme.
IP & protection strategy
Strix continues to monitor the competitive landscape closely, responding through product innovation, technology development and active intellectual property protection. During the Period, increased Chinese competitor activity, particularly in products serving the US market, reinforced the importance of protecting the Group’s technology, quality and market position. Strix continues to pursue IP enforcement and patent infringement actions while working with authorities to remove unsafe and noncompliant products from the market. The global market leadership position remains supported by long-standing relationships with global brands, retailers and OEMs, together with the value the Group can add via product design, engineering and manufacturing.
The Group continued to make progress against its ESG priorities in line with its Purpose, People, Planet framework. Energy consumption reduced on an annualised basis, reflecting lower production volumes and ongoing efficiency initiatives, with improvements in energy intensity on a revenue basis, across operations. Scope 1 and 2 emissions also declined on an annualised basis, and the Group remains significantly ahead of its Paris aligned reduction pathway, having achieved a 93% reduction versus its base year. The Group remains carbon neutral through the use of certified carbon credits.
Waste and water usage both decreased, with high recycling rates maintained and minimal landfill contribution (for continuing operations). Health and safety performance remained stable, with a continued focus on reducing incident severity. Investment in R&D continued, reinforcing the Group’s commitment to sustainable innovation.
Outlook
Whilst uncertainty surrounding the Middle East conflict continues to make the consumer demand and commodities outlook more difficult to predict, Strix has started FY27 with positive momentum. Controls volumes are continuing to stabilise and the roll-out of the new Low-Cost controls range is aiding the Group in starting to recapture lost market share, albeit at lower pricing and marginality. For Consumer Goods, the positive product mix changes the division saw in PE26 have continued into Q1 of FY27, with a shift towards higher margin routes to market.
The Controls price increase programme finalised in Q1 of FY27, is helping to offset the impact of silver and copper prices. Already identified cost optimisation initiatives are expected to secure savings ahead of the previously reported £2.0m gross annualised target, with further work continuing via the Group’s embedded culture of continuous improvement.
Under the leadership of the Group’s new CEO, Andy Rainforth, Strix is undertaking a period of commercial reassessment as part of a wider strategic planning process. Following this, Strix will present a full strategic update at its Capital Markets Day later in the financial year. This update will include a comprehensive capital allocation framework, outlining how the Group plans to balance investment in strategic growth opportunities with capital discipline and shareholder returns, while ensuring the Group remains well positioned to deliver sustainable long-term value.
The Board would like to thank all Strix employees for their hard work, commitment and resilience throughout what has been a transformational period for the Group. Against a challenging macroeconomic and geopolitical backdrop, the dedication of our teams across all regions has enabled Strix to navigate significant change while continuing to support customers and execute on a number of key strategic priorities.
The Board would also like to thank shareholders for their continued support and engagement during this important period for the Group. Despite ongoing macroeconomic challenges and competitive pressures, particularly within the Controls division, the Board remains confident in the Group’s long-term prospects. Supported by a strong financial position, a market-leading Controls brand, established expertise in the growing water filtration market and an experienced leadership team, the Group is well positioned to return to a period of sustainable growth and continue creating long-term value for shareholders.
Gary Lamb
Non-Executive Chairman
3 August 2026
