Strix Group (AIM:KETL), the maker of kettle safety controls and water filtration products, posted group revenue of £153.2m at constant exchange rates for the 15-month period ended 31 March, up 6.2% and benefiting from the longer reporting period after the company shifted its year end.
Adjusted profit before tax came in at £10.1m at constant exchange rates, which the company said was firmly within its forecast range.
The disposal of Billi, sold to Crescent Capital Partners at an enterprise value of £110m, generated net cash proceeds of £102m, around three times Strix's original £38m investment when it acquired the business in November 2022. That transaction moved Strix to a net cash position of £38.7m, funding £13.7m of capital returned to shareholders so far through a tender offer and share buyback.
For the 12 months to March 2026, Controls revenue fell 23.8% at constant exchange rates to £52.9m, which the company attributed to a challenging macro environment and increased competition, while Consumer Goods revenue rose 12% to £34.4m on higher bespoke filter and appliance volumes.
Andy Rainforth joined as chief executive on 13 July, succeeding Mark Bartlett, who stepped down in May after almost 20 years at the company.
"Strix has entered FY27 with positive momentum," said chairman Gary Lamb, adding that Controls volumes are stabilising and new product platforms are helping recapture market share.
The board plans to present a strategic update and capital allocation framework at a Capital Markets Day later in the financial year.
News Intelligence what this means for the company
Strix swung to net cash of £38.7m after selling Billi to Crescent Capital Partners for £110m enterprise value, netting £102m in proceeds—roughly 2.7× its original £38m investment. The company has already returned £13.7m to shareholders and reported adjusted pre-tax profit of £10.1m for its 15-month transition period, though Controls revenue fell 23.8% due to macro headwinds and competition, offset partly by 12% growth in Consumer Goods. With a new CEO in place and a Capital Markets Day planned, the board now has dry powder and clarity to articulate capital allocation strategy.
The Billi exit crystallizes a material gain and eliminates a drag on group profitability, leaving Strix with net cash to deploy or return. However, the 23.8% Controls revenue decline signals structural pressure in the core business that capital alone cannot solve; the investment case now hinges on whether new product platforms and the incoming CEO can stabilize volumes and recapture share.
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