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Strix Group (KETL) investor relations material
Strix Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Adjusted group revenue declined 6.4% year-over-year to £61.9m, with Controls division revenue down 24.2% due to tariffs and macroeconomic uncertainty, while Billi delivered double-digit growth and Consumer Goods rebounded 7% post-restructuring.
Strategic initiatives included Billi's HQ relocation, new product launches, and the launch of a Next Generation Control production line in China.
The board changed the financial year-end to 31 March 2026 to better align with industry cycles and improve forecasting accuracy.
Board remains confident in the medium-term outlook, expecting trading for the 15 months to March 2026 to align with management expectations.
Financial highlights
Adjusted revenue fell 6.4% to £61.9m, with Controls down 24.2%, Billi up 10.4%, and Consumer Goods up 7.0%.
Adjusted gross margin declined 360 bps to 36.3%, with Controls and Consumer Goods most affected.
Adjusted EBITDA margin was 22.5%, and adjusted profit before tax dropped to £6.2m.
Net debt increased to £68.8m (up £5.1m), with leverage at 2.21x, above the target range but within covenant limits.
Operating cash conversion dropped to 51.8% due to inventory build, and working capital as a percentage of sales rose to 15.4%.
Outlook and guidance
Trading for the 15 months to 31 March 2026 is expected to be in line with management expectations, with H2 2025 more heavily weighted due to anticipated Controls recovery and seasonality.
Accelerated debt reduction programme in development, with updates scheduled for November 2025.
Anticipates partial recovery in Controls as tariff situation stabilizes.
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