Strix Group Plc
(“Strix”, the “Company” or the “Group”)
AGM Statement and New Banking Facilities
Strix Group Plc (AIM: KETL), the global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components provides an update ahead of its Annual General Meeting (“AGM”) at 9 a.m. today. As noted in the Company's Notice of AGM announcement, the meeting is being convened with the minimum quorum in attendance. S hareholders must not attend the meeting in person.
At the meeting, Mark Bartlett, Chief Executive Officer of Strix, will make the following statement:
“I'm pleased to report that Strix has continued to make a solid start to 2020, given the global macroeconomic disruption caused by the COVID-19 pandemic and the continued uncertainty. We have successfully implemented a range of efficiency measures and strategic initiatives to limit the impact on the full year forecast and continue to monitor consumer demand carefully as lockdown restrictions are eased.
“I am also pleased to announce today a refinancing of the Group's debt facilities with RBS International Limited and Bank of China providing a £60 million revolving credit facility with improved financial flexibility that provides significant additional headroom to the Group for the medium term. We have a robust balance sheet that places us in a strong position to manage through this period and continue to invest in the business.
“The Company has continued to make significant strides in its product development roadmap as planned. We remain on target to release 14 new products this year, the majority of which will be launched during the second half of the year in line with our original schedule. We will provide shareholders with further detail in our mid-year trading update on 23rd July.
“We have also continued to make positive progress with the new factory in China and the second-floor construction is now complete. We remain on budget and on schedule to complete all construction work by the end of January 2021 and to be fully operational by August 2021 as planned.
“Management continues to monitor COVID-19 closely, implementing appropriate measures to ensure all production sites and offices can continue to operate fully and with minimal disruption. Despite the impact on the global economy, we remain confident in the future prospects of the Company and following the implementation of efficiency measures and strategic initiatives will emerge as a stronger business well-positioned for a market recovery.”