London Stock Exchange welcomes Strix Group plc
Strix Group plc, the designer, manufacturer and supplier of kettle safety controls and other complementary water temperature management components, was this morning welcomed to London Stock Exchange (LSE) to celebrate its successful admission to AIM.
Strix, headquartered on the Isle of Man and established in 1982, is a global leader in the design, manufacture and supply of kettle safety controls and other components. It is estimated that the Company has a market share in excess of 38% by volume of the global kettle safety control market. The Company's core product range comprises a variety of safety controls for small domestic appliances, primarily kettles. Kettle safety controls are responsible for disconnecting the power to the heating element when either water has boiled, operated with no water present, or in some products when the kettle is lifted off its base. The kettle control is also designed to act as a safety device, disconnecting the power during abnormal operations such as when there is no water in the appliance, to prevent the element from overheating.
Strix’s main direct customers for safety controls are original equipment manufacturers involved in the manufacture of kettles and other small domestic appliances. Strix also has indirect customers in the form of appliance brands and retailers, who often work with Strix to select the best OEM for a product and specify the product to meet their quality and price point requirements. Strix has relationships with over 400 brands and retailers globally, who often rely on them to ensure consistency of compliance with applicable regulations and with their own standards, which are often higher, as well as to troubleshoot any manufacturing issues at an appliance level.
The Company has successfully placed £190 million through an institutional placing of new investors. New funds raised will be used to enhance the profile of the business and to provide permanent capital, enabling the Company to take long term investment decisions and strengthen its new product development capabilities, for the long-term benefit of the business and its customers. Upon Admission, the Company had a market capitalisation of £190 million at the placing price of 100 pence and the shares trade under the symbol KETL.
Mark Bartlett, CEO of Strix Group Plc, commented:
"Today marks a key milestone in the Company's rich and long history which started in 1982. Admission to AIM will support us through our next phase of growth as we look to penetrate new markets, continue to offer the highest quality products and grow our market share, whilst most importantly maintaining strong relationships with our key customers.
"The support we have seen from investors who recognise the significant opportunities of our growing and global market has been very encouraging. We are very much looking forward to life as a public company and reporting on the continued progress of the business in the months and years to come."