Strix Group Plc , the AIM quoted 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
At the meeting, Mark Bartlett, Chief Executive Officer of Strix, will make the following statement:
We are pleased to report an improved trading performance and can confirm that profit after tax for the full year remains in line with market expectations*.
“At our full year results, we highlighted that, following a period of uncertainty across a number of Strix’s key export markets, sales data in 2023 indicated some green shoots were appearing. I can report that this trend has continued with Group performance in Q2 improving versus Q1. We are continuing to receive increased frequency of orders from customers, albeit with smaller quantities as they manage their cash balances prudently.
“We also continue to make successful progress on the integration of Billi which is in line and remains on track with our plan for the full year. This is another step that will propel Strix into a new growth phase, further diversifying away from the core Kettle Controls business.
Alongside this, we are continuing to implement a range of strategic initiatives across the business which include a functional streamlining programme to minimise the impact of the ongoing headwinds Strix is facing.
We will prioritise debt reduction with a clear plan to get net debt / EBITDA to below 2.0x during 2023 and to below 1.5x during 2024. As capital allocation decisions prioritise this, the Board, as previously announced, has decided after reviewing the level of net debt to propose a final dividend of 3.25p per share which would represent a total dividend of 6.00p per share.”
Current profit after tax consensus for year ended 31 December 2023 is ยฃ25.8m
Category Archives: Financial
Groupe SEB announces the acquisition of FORGE ADOUR
Groupe SEB announces the acquisition of FORGE ADOUR and becomes a european leader in planchas Established in 1978, FORGE ADOUR is a French family-owned company that specializes in the design, manufacture and marketing of planchas, accessories and outdoor kitchens for the Consumer market. With a presence mainly in France, the iconic Basque brand which this year celebrates its 45th anniversary ๐, has also gained a foothold in Spain ๐ช๐ธ, Germany ๐ฉ๐ช, Switzerland ๐จ๐ญ and the Benelux region in recent years, opening up opportunities for business development. ” ๐ช๐ต๐ช๐ฐ๐ฏ ๐ฐ๐ง ๐๐๐๐๐ ๐๐๐๐๐ ๐ธ๐ฉ๐ช๐ค๐ฉ ๐ฆ๐ฏ๐ข๐ฃ๐ญ๐ฆ๐ด ๐๐ณ๐ฐ๐ถ๐ฑ๐ฆ ๐๐๐ ๐ต๐ฐ ๐ฃ๐ฆ๐ค๐ฐ๐ฎ๐ฆ ๐ข ๐๐ถ๐ณ๐ฐ๐ฑ๐ฆ๐ข๐ฏ ๐ญ๐ฆ๐ข ๐ฆ๐ณ ๐ช๐ฏ ๐ฑ๐ญ๐ข๐ฏ๐ค๐ฉ๐ข๐ด, ๐ข๐ด ๐ธ๐ฆ๐ญ๐ญ ๐ข๐ด ๐ต๐ฐ ๐ฆ๐น๐ฑ๐ข๐ฏ๐ฅ ๐ช๐ต๐ด ๐ณ๐ข๐ฏ๐จ๐ฆ ๐ฐ๐ง ๐ฐ๐ถ๐ต๐ฅ๐ฐ๐ฐ๐ณ ๐ฑ๐ณ๐ฐ๐ฅ๐ถ๐ค๐ต๐ด ๐ข๐ฏ๐ฅ ๐ข ๐ค๐ค๐ฆ๐ด๐ด ๐ฏ๐ฆ๐ธ ๐ฅ๐ช๐ด๐ต๐ณ๐ช๐ฃ๐ถ๐ต๐ช๐ฐ๐ฏ ๐ค๐ฉ๐ข๐ฏ๐ฏ๐ฆ๐ญ๐ด. ๐ ๐ฎ๐ถ๐ด๐ต-๐ฉ๐ข๐ท๐ฆ ๐ด๐ถ๐ฎ๐ฎ๐ฆ๐ณ ๐ค๐ฐ๐ฐ๐ฌ๐ช๐ฏ๐จ ๐ข๐ฑ๐ฑ๐ญ๐ช๐ข๐ฏ๐ค๐ฆ, ๐ฑ๐ญ๐ข๐ฏ๐ค๐ฉ๐ข๐ด ๐ณ๐ฆ๐ฑ๐ณ๐ฆ๐ด๐ฆ๐ฏ๐ต ๐ข ๐ฃ๐ถ๐ฐ๐บ๐ข๐ฏ๐ต ๐ฎ๐ข๐ณ๐ฌ๐ฆ๐ต. ๐๐ฐ๐ณ๐ฆ๐ฐ๐ท๐ฆ๐ณ, ๐๐๐๐๐ ๐๐๐๐๐ ๐ฑ๐ณ๐ฐ๐ฅ๐ถ๐ค๐ต๐ด ๐ธ๐ช๐ญ ๐ญ ๐ค๐ฐ๐ฎ๐ฑ๐ญ๐ฆ๐ฎ๐ฆ๐ฏ๐ต ๐ต๐ฉ๐ฆ ๐ด๐ต๐ข๐ช๐ฏ๐ญ๐ฆ๐ด๐ด ๐ด๐ต๐ฆ๐ฆ๐ญ ๐ญ๐ข๐ฏ๐ค๐ฉ๐ข ๐ฐ๐ง๐ง๐ฆ๐ณ ๐ฐ๐ง ๐ต๐ฉ๐ฆ ๐๐ณ๐ฆ๐ต๐ฐ๐ฏ ๐ฃ๐ณ๐ข๐ฏ๐ฅ, ๐๐ ๐๐๐๐๐๐ก, ๐ธ๐ฉ๐ช๐ค๐ฉ ๐๐ณ๐ฐ๐ถ๐ฑ๐ฆ ๐๐๐ ๐ข๐ค๐ฒ๐ถ๐ช๐ณ๐ฆ๐ฅ i๐ฏ 2019
Korean home appliance firms struggle for foothold in China
Samsung and LG have repeatedly been knocking on the door of Chinaโs home appliance market, but progress has been thwarted by intensified rivalry from local brands and escalating tensions between the two countries.
Korean TVs from Samsung Electronics and LG Electronics accounted for a mere 4.1 percent of Chinaโs TV market in 2022, according to market tracker Omdia.
That represents 3 percentage points drop from 2019.In terms of refrigerators, the number of Korean refrigerators imported to China shrunk by 21.8 percent in 2022 year-on-year.
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Neither Samsung nor LG were included in the top 10 refrigerator brands sold in the country last year, according to global market tracker AVC.Haier, a value-for-money Chinese consumer electronics brand, accounted for 32.7 percent of the market taking the lead. Germany’s Siemens was the only foreign brand included in the list.
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Haier inaugurates its European headquarters
Haier Europe has inaugurated the new European headquarters in the Energy Park of Vimercate, on the Green Building Campus. From here Haier Europe directly manages more than 45 commercial subsidiaries in Europe, the Middle East and Africa, for a total of more than 10,000 employees.
The inauguration ceremony of the new headquarters was held in the presence of the Senior Leadership Team of Haier Europe, the Consul General of China in Milan Liu Kan, the Mayor of Vimercate Francesco Cereda, and Alessandro Spada, Alessandro Scarabelli and Gianni Caimi of Assolombarda. The Minister of Enterprise and Made in Italy Adolfo Urso sent a congratulatory video message.
The new headquarters were designed with sustainability and high energy efficiency in mind, in an entirely plastic-free environment and certified according to the highest standards of energy management and environmental resourcesThe new Haier Europe headquarters will also have a dedicated product display area where visitors can discover and experience IoT solutions and connectivity in kitchen, laundry and home scenarios.
Amica
The term of office of the current Management Board of Amica S.A. expires at the end of June. Therefore, on June 27, 2023, during the Regular Meeting of Shareholders, a vote was held on the candidates for the President of the Management Board and individual Members.
Jacek Rutkowski was appointed President of the Management Board. He has been performing this function continuously for 20 years. The four of vice-presidents were also approved during the meeting:
ยท Robert Stobiลski
ยท Adrianna Harasymowicz-Stajkowska
ยท Paweล Biel
ยท Michaล Rakowski
The term of office of the newly elected Management Board will last four years (2023-2027). The detailed division of responsibilities within the Management Board will be approved at the meeting in early July.
Frasers getting into appliance retail
Frasers has upped its stake in AO World and Currys as it continues its acquisition spree.
The Mike Ashley owned group raised its holdings in the Bolton-based online electrical retailer for the third time this month to 22.2% from 21.3%.
It also lifted its shareholdings in Currys to 10.4%, which it said last week was part of a โstrategic investmentโ as it looks to increase its โfoothold in the electricals industryโ.
Amazon-iRobot: the EU Antitrust
Amazon’s $1.7 billion acquisition of iRobot is subject to an antitrust investigation by the European Union. iRobot which first introduced its Roomba robot vacuum cleaner in 2002 is of interest to Amazon which is already on the market with its products and which could integrate iRobots with the popular Alexa voice assistant.
The British antitrust recently examined the agreement giving its go-ahead but the European Commission’s investigation risks further postponing the effects of the acquisition. The preliminary investigation will conclude in early July, the Antitrust could carry out a supplementary investigation and ask for another 4 months. Amazon announced the deal in August 2022
Haier Europe growth strategy
The partnership with the ATP Tour is part of Haier Europe’s growth strategy, which aims to become one of the Top 3 household appliances in Europe by 2026. , what is most impressive is how quickly the group manages to grow. Since acquiring Candy-Hoover in 2019, we have seen the strongest market growth in Europe over the past four years.โ
Last year, Haier Europe achieved a turnover of 3.2 billion euros, up 20%,Haier is the appliance group that has invested the most in Europe over the past 30years, The three manufacturing sites, tumble dryers in Turkey, Refrigeration in Romania and dishwashers in Turkey created over the past two years represent an investment of more than 180 million euros. In 2023 and 2024, the increase in our production capacities will continue with three new industrial investments in high-end cooking (Turkey), washing machines (Turkey) and large-capacity cold (Romania).This rapprochement with the ATP provides Haier with exceptional coverage in Europe and internationally. Haier is growing in turnover and production capacity
Midea Drops Pursuit Electrolux
Midea Group Co. has dropped its pursuit of Electrolux AB after finding the Swedish home appliance maker unreceptive to a deal,While plans are on ice for now, Midea has been interested in Electrolux for years and it canโt be ruled out that the Chinese firm revisits the deal in the future,
Bosch factory Russia
Bosch’s two idle manufacturing sites near St. Petersburg are set to be purchased by Chinese household appliances manufacturer Hisense, German multinational previously said that Ukraine-related sanctions had either interrupted most of its business in Russia, or brought it to a standstill for many months.
Hisense has already purchased some Russian assets belonging to Bosch, one of the sources told the media.
Bosch reportedly announced an internal tender earlier this year, with Hisense and another Chinese appliance maker, Midea, as well as an unnamed Turkish investor, emerging as potential bidders.The German corporation used to produce refrigerators and washing machines at its two production sites in the suburbs of St. Petersburg. Bosch’s Russian division received most of its components from EU countries.
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