AIM listed kettle safety control giant Strix delivered a ‘solid trading performance’ in the first half of this year, says its boss.

Island based Strix reported half-year revenues to June 30 down 21% to £34.7 million and operating profits down 12.5% to £10.6 million.

The company also announced it has entered into an agreement to buy LAICA, an Italian water purification and small household appliance company for an initial €19.6 million. (about £17,756m). This is the first acquisition that Strix has made since listing on the London Stock Exchange’s AIM market in 2017, and represents the firm’s first cross border transaction.

Mark Bartlett, chief executive Officer of Strix Group plc, said in a statement: ‘The first half of 2020 has been an extraordinary period with substantial economic challenges inflicted by the Covid-19 pandemic. I am immensely appreciative of the efforts of our people during these uncertain times, who have continued to work diligently to support not only our customers, but also our local communities and governments.

‘Strix has delivered a solid trading performance in H1 (the first six months of 2020) given the continued headwinds faced as a result of the global pandemic.

‘Our performance shows the resilience of our business model, which benefits from geographical and product diversification, and is strengthened further by our prudent control of our balance sheet.’

Mr Bartlett added: ‘Given the Board’s confidence in the future outlook and with profitability remaining on track to achieve a flat performance year on year, an interim dividend of 2.6p will be paid on October 30 in line with our 2019 interim dividend.’