Island based kettle safety controls manufacturer and supplier, Strix, announced a ‘solid’ performance in its half yearly results.

The Aim listed business reported a ‘solid first half performance and trading in line with full year market expectations.’

The company based at Forrest House, Ronaldsway, generated a 1.5 per cent increase in revenues for the six months to June 30.

In addition gross profit margin increased to 37.9 per cent from 37.2 per cent the same period last year.

Adjusted EBITDA [earnings before interest, tax, depreciation and amortisation] was£14.8m, an increase of 4.3 per cent.

Shareholders will receive an interim dividend of 2.3p per share to be paid on October 26.

Strix chief executive Mark Bartlett said: ‘We are pleased to report a solid six months of trading for Strix in 2018.

‘We have made positive progress with our strategic priorities, continued to invest in the growth of our business and maintained our global market share.

‘The global market has remained positive with an overall volume growth of six per cent.

‘The North American market has been particularly strong, growing at 20 per cent. As anticipated the China domestic market also experienced a positive recovery with volume growth of 6 per cent.’

Mr Bartlett has previously told Business News of his high hopes for expanded business in America.

Mr Bartlett added: ‘We have continued to invest in our facilities, through innovation, additional automation and lean manufacturing processes, resulting in a further six per cent increase in efficiency.

‘Product development remains a core focus of the group with positive progress on the U9 series of controls.

‘We have secured a number of collaborations with key brands within the hot water and coffee on demand categories using our mature, patented heating technology to fulfil key consumer insights identified from independent research.’