Strix Group (KETL) AGM 2024 Presentation summary

Company history and market position

• Founded as Castletown Thermostats, evolving into a global leader in kettle safety controls and water filtration technologies.

• Achieved significant milestones including multiple Queen's Awards and production of over 2 billion controls.

• Expanded through acquisitions such as HaloSource, Billi, and Laica, and global product launches.

• Headquartered in the Isle of Man, recognized for innovation and sustainability.

Value proposition and innovation

• Focuses on quality, safety, and sustainability, with products used over a billion times daily worldwide.

• Holds over 2,000 patents and delivers award-winning designs.

• All products undergo rigorous compliance and compatibility testing.

• Achieved net zero status at its factory in 2023, with new products emphasizing sustainable materials.

Financial performance and highlights

• Revenue for 2023 was £106.9m, with adjusted PAT of £20.1m and adjusted EBITDA margin of 27.3%.

• Adjusted gross margin increased by 80bps to 39.6%, and operating cash flow conversion ratio improved by 1,200bps to 106%.

• Net debt reduced to £51.2m, with a clear plan to further reduce leverage.