Strix Group Plc has announced the sale of its Billi business to a newly formed Australian entity for £110 million in cash—a move that nearly triples its original investment and supports the company’s strategy to reduce debt.
The AIM-listed technology firm, renowned globally for its kettle safety controls and water-heating components, confirmed that the transaction values Billi at an enterprise value of £110 million on a cash-free, debt-free basis. The sale remains subject to shareholder approval.
Strix originally acquired Billi in November 2022 for £38 million. The divestment now delivers an estimated 3x return on that investment, translating to approximately 47.8 pence per Strix share—an 18% premium over the company’s recent share price.
This strategic move underscores Strix’s commitment to strengthening its balance sheet while sharpening its focus on core operations
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Strix hit major milestone
Strix Group Plc the global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components, is delighted to announce that it has achieved a major milestone, having surpassed the manufacture of 3 billion products worldwide.
Strix estimates that its controls are used approximately 1.2 billion times per day, in more than 100 countries, by over 10% of the world’s population. The Company has successfully cultivated a leading market value share of the global kettle control industry and occupies the number one position in the manufacturing of controls. A truly international business, Strix has c. 1000 employees and partners all over the world
Strix AGM
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 £25.8m
Visione Kettle
Visione from Strix the only induction hob top kettle with intuitive auto switch off technology
Visione is a world first. It is totally cord free. There is no electric base making the kitchen worktop look untidy as this space-saving design is compatible with induction hobs. No cord means no clutter, it even goes in a dishwasher!
The intelligent auto stop technology automatically switches off at boil and has integrated boil dry protection making it the safest kettle of its kind. No more close watching, no more boiling over and with no need for a whistle Visione is the quietest boil ever.Strix is the global leader in the design, manufacture and supply of kettle safety controls
as well as other complementary water temperature management components, appliances and water filtration products.
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