Strix, the world leader in kettle safety controls, is continuing to grow.

And the island-based company is on course for more busy times as it continues to tap into markets and develops new products.

Mark Bartlett, chief executive officer of Strix Group Plc, said: ’Trading during 2017 was strong and I am pleased to report we have seen a healthy start to the current year.

’We remain focused on delivering another year of growth in line with market expectations.’

He was in London to announce the business’s preliminary results for the year ended December 2017.

The company was admitted to trading on to the AIM market of the London Stock Exchange and both Mr Bartlett and chief financial officer Raudres Wong said that was the right decision.

Mr Bartlett, who drinks up to 12 cups of tea a day, has always insisted to Business News that going on to the Stock Exchange’s AIM market would be a springboard for growth.

He said: ’Our IPO (initial public offering) during the year was a great success and we look forward to our life as a public company.

’Strix has continued to enhance its market leading position by continuing to implement its strategy, with the successful launch of a new range of "best in class" controls designed to deliver competitive, high quality products across all market segments.

’The company is strongly positioned to continue to capitalise on the growth of the global kettle market and we look forward to working to realise the full potential of the company as a listed group.’

Highlights of the results include:

lStrong performance delivered in first period as a quoted company, with results in line with market expectations

lRevenues of £91.3m (2016: £88.7m), an increase of 2.9%

lAdjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) of £35.1m (2016: £33.5 m), an increase of 4.8%

lAdjusted profit before tax of £28.3m (2016: £26.8m), an increase of 5.6%

lAdjusted basic earnings per share of 14.5p

lNet cash generated from operating activities, £33.8m (2016: £32.0m), an increase of £1.8m or 5.6%

lNet debt at year end of £45.9m, a significantly improved position resulting in a net debt/adjusted EBITDA ratio of 1.3x

lLaunch of U9 series controls providing cost competitive, best in class safety controls

lInstallation of automated production line for the U9 series allowing a 15% increase in throughput

lSuccessful admission to trading on AIM on August 8, 2017

lProposed final dividend of 1.9p, with total dividends of 2.9p for the five month period from IPO to 31 December 2017.

Gary Lamb was appointed as chairman of Strix Plc earlier this month after being interim chairman since the admission to AIM.

In his report Mr Bartlett said Mr Lamb ’has brought a wealth of experience to the Board based on his current position as CEO of Manx Telecom, in addition to his knowledge of AIM and his relationships in the Isle of Man.

’His history with Strix has allowed him to be an excellent sounding board on current and future initiatives and I look forward to working closely with him and the board to realise the full potential of Strix going forward.’

The group will host its first annual meeting since the admission to AIM on May 24 at headquarters, Forrest House, Ronaldsway, and all shareholders are welcome to attend.

Strix also has a manufacturing facility in Ramsey. It is at Ramsey that many millions of components are made by a team of highly skilled technicians.

Last year it was announced Strix had sold more than two billion products across the globe.

Safety awareness and associated actions within the market continue to be a ’key focus, protecting the market from unsafe or poor quality products,’ says Mr Bartlett in his report.

He points out that during 2017 ’we have maintained active relationships with market surveillance authorities which led to the formal recall of two competing products in Germany, fitted with copy controls and removal from shelves of 20 appliances globally.’

Mr Bartlett added that the company had also secured amendments to enhance the international safety standards for cordless connectors within regulated markets.’

And Strix will be continuing to defend its intellectual property rights.

Mr Bartlett stresses that since the admission to AIM there has been ’renewed focus and investment in to our patented, mature technologies within the hot water on demand category’ and there will be increased focus oninnovative products for the future.

Strix CEO Mark Bartlett says the company has never looked back since going on to the AIM market

Forrest House will be the base for the annual general meeting in May