Strix Group Plc

("Strix", the "Group" or the "Company")

Trading Update and Capital Return

Strix Group Plc (AIM: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, announces a trading update for the 15-month period ended 31 March 2026 ("FY26"), along with a capital return and CEO update.

Trading Update

The Group reiterates that it expects to report revenue of c.£150m and adjusted profit before tax in the range of £9.8m to £10.2m for FY26.

Whilst market conditions remain challenging, Strix is encouraged to report that the early indications of post-tariff improvement in the Controls division that it experienced in the three months to December 2025, have continued to build in the first three months of 2026. Trading volumes, outside of the China domestic market, are now consistently ahead of the comparable period in 2025.

As had been widely reported, copper and silver prices remain significantly higher than the start of 2025. In line with its Chinese competitors in the market, the Group initiated a product surcharge in February, ahead of Chinese New Year. As expected, this was executed for the majority of Controls customers ahead of the financial period end, with discussions continuing into Q1 FY27 for a small number of strategic customers.

Following its restructuring in 2024, the Consumer Goods division has returned to growth. Despite ongoing challenges in the small domestic appliance market, the division delivered a number of important operational and product innovation initiatives, strengthening the division's competitive position. This included the launch of new products and a targeted marketing campaign in the UK to support further expansion in a key strategic market.

Outlook

The roll-out of the Low-Cost and Next Generation controls continues to progress well for the Controls division, focused on expanding into additional market segments, defending against copyist manufacturers and increasing Strix's overall addressable market. These solutions were well received at the Spring Canton Fair, with multiple OEMs already developing new products incorporating the technology, contributing to early success in reclaiming market share with further opportunities expected to follow. Alongside this, the Group remains strongly focused on production efficiency and cost optimisation to protect margins and maintain competitiveness, particularly in more price-sensitive and less regulated markets.

The Consumer Goods division is increasing its focus on water filtration, both through the continued development of the LAICA brand and the expansion of bespoke OEM solutions, addressing a market growing at an estimated 7-8%¹ annually. Leveraging its extensive design expertise and deep sector experience, the Group is well positioned to capitalise on this opportunity through advanced filtration capabilities, including innovation in the reduction of Perfluoroalkyl and Polyfluoroalkyl Substances ("PFAS"), commonly referred to as "forever chemicals", as well as anti-bacterial solutions and additive technologies.

Looking ahead, whilst it is difficult to predict the full impact of the Middle East conflict on consumer demand, the resultant increases in oil prices mean the Group has seen a marked increase in the underlying commodity costs of plastics used in both its controls and water filters. The Group will continue to monitor developments in both these areas as it moves through the new financial year.

¹Modor intelligence: Water Purifier/Filter Market Size and Share Analysis - Growth Trends and Forecast (2026 - 2031)

Capital Return Update

On the 9 April 2026, the Group launched a proposed Tender Offer, considering it to be the most appropriate and efficient mechanism of returning capital, enabling all eligible shareholders to participate on an equitable basis. It was subsequently announced on 5 May 2026, that the Tender Offer had been fully taken up at the Tender Offer Price of 43 pence, therefore successfully returning £10m to shareholders.

On 4 February 2026, the Group also commenced a £10m share buyback programme. Up until 9 April 2026, 8,357,417 Ordinary Shares have been purchased under that programme for an aggregate consideration of c.£3.4m, at an average price of c.41.2 pence per share.

As announced on 9 April 2026, the Company paused the Buyback Programme until after completion of the Tender Offer on 14 May 2026.

CEO update

The Company's process to recruit a new CEO, which is being led by Gary Lamb, Chairman is progressing well. Mark Bartlett will be stepping down as planned at the end of May 2026. Gary Lamb will support an orderly transition covering the period between Mark Bartlett stepping down and the new CEO joining the Board. A further announcement will be made in due course.

For further enquiries, please contact:

The person responsible for arranging release of this announcement on behalf of the Company is Mark Bartlett, Chief Executive Officer.

Information on Strix

Founded in 1982, Isle of Man based Strix is a 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.

Strix has built up market leading capability and know-how, expanding into complementary products and technologies. The Group's brands include Aqua Optima and LAICA providing our customers with market leading water solutions on a global basis.

Strix is quoted on the AIM Market of the London Stock Exchange (AIM: KETL).