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KETL Strix Group Plc

68.60
2.20 (3.31%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Strix Group Plc KETL London Ordinary Share
  Price Change Price Change % Share Price Last Trade
2.20 3.31% 68.60 16:35:10
Open Price Low Price High Price Close Price Previous Close
66.80 66.80 68.50 68.60 66.40
more quote information »
Industry Sector
HOUSEHOLD GOODS & HOME CONSTRUCTION

Strix KETL Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date
21/09/2023InterimGBP0.00916/11/202317/11/202329/12/2023
29/03/2023FinalGBP0.032529/06/202330/06/202311/08/2023
21/09/2022InterimGBP0.027506/10/202207/10/202228/10/2022
30/03/2022FinalGBP0.05612/05/202213/05/202210/06/2022
22/09/2021InterimGBP0.027530/09/202101/10/202107/10/2021
24/03/2021FinalGBP0.052506/05/202107/05/202102/06/2021
23/09/2020InterimGBP0.02608/10/202009/10/202030/10/2020
18/03/2020FinalGBP0.05107/05/202011/05/202003/06/2020
18/09/2019InterimGBP0.02626/09/201927/09/201925/10/2019
21/03/2019FinalGBP0.04709/05/201910/05/201903/06/2019

Top Dividend Posts

Top Posts
Posted at 28/3/2024 11:50 by edmonda
Strix Group - Management interview & Investor Presentation (FY23 results)

Mark Bartlett, CEO, and Clare Foster, CFO, of Strix Group plc answered a series of questions following publication of FY23 results for the 12 months ended 31st December 2023. Subjects ranged from growth in kettle controls to the dividend and Billi, as well as the outlook for the company. The interview is available to see below.

In a separate video, the team conducted an Investor Presentation where they discussed highlights of the period, provided a Financial review, and went into detail on performance and prospects for each of the Group's business categories.

Both videos have been divided into chapters for ease of viewing:
Posted at 27/3/2024 08:45 by dr biotech
Axing the dividend is the right thing to do in the circumstances, but its always going to hit the share price Increasing the covenant to 2.75 is sensible and that should ease fears of breaking them. Results pretty much inline, no further deterioration of trading but no rapid comeback either.

Nothing about Halosource, I guess that has been axed
Posted at 08/2/2024 08:24 by masurenguy
Liberum: Debt reduction at Strix improves valuation discount
Liberum has reduced the valuation discount to peers that it placed on kettle component maker Strix (KETL) after stronger-than-expected debt reduction.

Analyst Edward Maravanyika retained his ‘buy’ recommendation and target price of 100p on the stock, which was trading sideways at 66.8p on Wednesday after a full-year 2023 trading update highlighted stronger than expected net debt reduction, with the leverage multiple falling within the year-end bank covenant limit. "The kettle controls market is still trading 20% below 2021 level as the recovery of this market is now slower than previously anticipated. Consequently, the company stated that full-year profit after tax came in modestly below previous expectations." he said. With the balance sheet improved, Maravanyika reduced the valuation discount to the peer group, ‘helping to offset the impact of cutting estimates’.
Posted at 19/12/2023 10:05 by darrin1471
21/09/2023 "The continued macro headwinds have resulted in a reduction in demand in kettle controls in the key export regulated markets of UK and Germany during H1 and a slower than anticipated recovery."
I think KETL have a good idea about where their products end up.
Posted at 27/10/2023 08:19 by stevenlondon3
My reading of the announcement is that the bank's are closely monitoring the cash flow. Ketl has agreed to reduce the limit to 2.25x by the end of the year. If the banks had not been happy the dividend would have been cancelled.
Posted at 25/9/2023 11:21 by thorpematt
I have done some maths on this. I doubt it will need placing.

It should edge past the pinch point, represesented by the convergence of the covenant coming down to 2.25x and the interest rates going up. There's qute a big drop on the agreed term loans once below 2.5x (.65%) so that will help. If the SONIA rate is at or near peak things should be OK!

Controls division is strange in its fluctuation. On the one hand kettles are "essential" on the other they are "consumer discrectionary" (depends on if you are having a new kitchen for some, in leaner times it depends if its broke....in even leaner times it depends if you are!). The dynamics (along side the C19 wipsaw and UKR/RUS thing, makes a real mess of forecasting.

Strix were always reliant on the cash machine and they thought the 3.8x EBITDA purchase of a high Q business like Billi was a no brainer. In fairness it was. But debt control in this environment is everything and Mr. Market has punished the share price

I have priced in a lacklustre growth dynamic in my fair valuation model (instead of the management view). This gives me a "poor-case-scenario". From there I calculated a fair value of 96p and a divi of 3p for the forseeable. The discount the market is presently giving is a wide margin of safety in my view. It has lost confidence in the BoD.

Should the management hit their targets, the debt comes down reasonably quickly and then at least 2 of the 3 segments looks high quality....but we'll worry about the upside when we come to it.

In the meantime it is worth noting that in some respects the Controls divi and Billi fit into the category of "a business that any idiot can run" (I will let others on this BB throw the isults that come to mind). FWIW I am giving the BoD the benefit of the doubt...for now.
Posted at 21/9/2023 13:42 by kalai1
Strix Group plc posted Interims for the 6 months ended 30th June 2023 this morning. The Group reported revenue of £65.2m an increase of 28.6%, adjusted EBITDA was £15.6m a decrease of 1.9% versus the same period in prior year, adjusted PAT was £5.7m, a decrease of 50.9% versus the same period in prior year (£11.9m) mainly attributable to interest and finance fee costs due to an increase in the net debt to fund the Billi acquisition and a higher interest rates environment. Net debt increased to £93.1m (FY 2022: £87.4m) due to the strategic acquisition of Billi, this represented a net debt/adjusted EBITDA ratio of 2.66x. Valuation looks attractive with forward PE ratio at 7.2x and dividend yield nearly 7%, but share price remains in a 2-year correction and lacks positive momentum accordingly. Monitor for now...

...from WealthOracle
Posted at 21/9/2023 10:38 by dr biotech
Shares in Strix Group PLC (AIM:KETL) melted 42% to 52.3p after it reported a large fall in first-half earnings and cut its dividend as a recent acquisition pushed its debt ratios higher.

Revenue of £65.2 million was up 28.6% year on year, helped by the £38 million purchase of instant-boiling and sparkling-water taps manufacturer Billi in October 2022 offsetting a reduction in organic sales, particularly in kettle controls.

Profit after tax declined 51% to £5.7 million in the six months ended 30 June 2023, mainly attributable to interest and finance fee costs due to an increase in the net debt to fund the Billi acquisition amid the higher interest rates environment.

The company expects full-year adjusted profit after tax to be in excess of £21 million, compared with the Bloomberg consensus of £25.9 million.

Strix cut its interim dividend to 0.9p from 2.75p last year, noting that the increase in net debt due and high interest rates meant it "continues to take precautions to balance the capital allocation priorities".

Broker Shore Capital said it saw a risk of a further cut to forecasts and puts its rating under review, though said it does not expect debt covenants to be breached.

"We expect net debt to remain within the 2.75x covenant threshold. The company delivered £15.6m in H1 and would only need to deliver EBITDA roughly in line with H1 in the second half to be within the limit if net debt remains close to £87m (we expect some reduction in net debt)."

Analysts at Stifel said the results were disappointing too and reduced its full year forecasts "materially".

"There is a lot to digest here, and the weak near-term news is likely to dominate the initial reaction, but the group is working hard to secure a sustainable base for long-term expansion, building on the foundations created through years of heavy investment in the core business, and the strategic acquisition of Billi (which is trading strongly, with its integration into Strix on track)."
Posted at 21/9/2023 08:37 by edmonda
Tough update from Strix (LON:KETL) today as profitability has declined on all measures.

- customers ordering frequently but in lower volumes

- dividend reduced to focus on reduction of debt

- The £6m reduction in Kettle Controls EBITDA offset the £5.2m contribution of Billi.

There is a CMD to accommpany results and this includes several new strategic objectives, with a plan to the end of FY26. The goals are:

- an uplift in revenues between FY22 and FY26 of 93% to £206m

- gross profit to £80m, equating to an unchanged margin of 38.8%.

Full note here:
Posted at 14/8/2023 15:03 by darrin1471
My KETL shares are held with Halifax and the dividend showed up as cash on Friday and can be invested.

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