Strix, the island-based kettle components company, has reported good results.

The company, which is based at Ronaldsway and has a factory in Ramsey and employs about 850 worldwide, has reported increased revenue and profit.

Revenue is up 2.5% in the first half of the year compared with the same time in 2018. It stands at £43.9m. Profit before tax is up 4.6% to £11.5m.

Debt has dropped by nearly 12% to £33.4m.

Earnings before interest, tax, depreciation and amortisation are up 0.7% to £14.9m.

It’s good news for shareholders. The basic dividend per share is up 2.6% to 5.7p, while interim dividend per share is up 13%.

Strix designs, makes and supplies kettle safety controls and other complementary water temperature management components.

The accounts for the six months to the end of June are unaudited interim accounts.

The adjusted profit before tax was driven by lower interest charges being incurred as a result of an improved leverage ratio and a lower average outstanding facility balance, the company says.

Net debt in line with expectations the company says.

Kettle control volumes were flat during the first half of the year and anticipated to grow by about 0.3% for the full year due to the commercial contracts and incremental specifications secured during year to date.

Average selling price for the full year is anticipated to be 0.2% down on the year before.

The board says it remains committed to delivering a 10% increase in the full year dividend to 7.7p (2018: 7.0p)

Mark Bartlett, the chief executive officer of Strix Group plc, said: ’Strix has achieved another solid performance despite continued challenges presented by the macro-economic environment.

’In particular, maintenance of the group’s market share in the regulated and less regulated markets, combined with modest growth in China, demonstrates the strength and resilience of our core business model.

’We have maintained our margins due to continued focus on operational enhancements and cost improvements in our core products whilst remaining on track with key strategic projects.

’These include the construction of the new facility in China and the integration of the assets acquired from HaloSource in March 2019. We have made further progress toward our strategic objectives and continue to invest in the growth of our business, funded by our existing resources.

’With the acquisition of HaloSource, we have strengthened the water category which includes Aqua Optima, Astrea, and HaloPure.

’This provides us with the right blend of products to deliver success in this growing category and, together with our investment in R&D capabilities, we have the right ingredients to create and commercialise exciting new innovative products within the water category.

’These include working closely with AquaShield to develop a Philips co-branded Astrea one filtration bottle; the launch of the Zwilling Water Dispenser in April 2019 into the hot water appliance market; discussions with a major Asian mother and baby brand to bring new and innovative products to the market; and a collaboration with Mr Coffee to launch a new single serve coffee appliance in the North American market during September 2019 using our patented Hot Cup Technology.

’The board is confident with the future outlook and profitability remains in line with full year market expectations.

’As a board, we have committed to increase the full year dividend by 10% to 7.7p per share, an indication of our confidence in achieving the group’s business objectives for 2019.’