Highlights

  • Strix Group received Buy ratings from both Berenberg and Stifel Europe, each setting a target price of GBX 75.
  • The analyst ratings might have followed the publication of Strix’s interim financial results for the first half of 2025.
  • Coverage highlights continued analyst engagement with Strix despite a mixed operating environment during the period.

Strix Group Plc (LSE:KETL) has received positive analyst coverage, with Berenberg and Stifel Europe issuing Buy ratings on the company, assigning target prices of GBX 75.

The ratings might follow the company’s interim results for the six months ended 30 June 2025, providing the market with updated financial and operational information across its business segments.

Interim Financial Snapshot for H1 2025

For the first half of 2025, Strix reported adjusted revenue of GBP 60.5 million, representing an 8.5% decrease on an actual exchange rate basis compared with the prior corresponding period. On a constant exchange rate basis, adjusted revenue declined by 6.4%.

Adjusted gross margin for the period was reported at 36.3%, down 360 basis points year-on-year. Adjusted profit before tax declined to GBP 6.1 million, compared with GBP 7.8 million in the first half of 2024. Operating cash conversion for the period was 51.8%, below the company’s stated target range.

Net debt at the end of the period increased to GBP 68.8 million, compared with GBP 63.7 million at the end of FY24. The net debt leverage ratio stood at 2.21 times, remaining within covenant limits of 2.75 times.

Segment Performance Overview

During the reporting period, Strix’s Billi division recorded revenue growth on a constant exchange rate basis, supported by ongoing geographic expansion and increased production capacity following a relocation of its headquarters site.

The Consumer Goods segment returned to growth during the half, following restructuring actions undertaken in the prior financial year. In contrast, the Controls segment recorded lower revenues amid external macroeconomic and geopolitical factors, although operational developments continued, including the implementation of a next-generation control production line at its facility in China.

Forward Schedule and Corporate Updates

Following the reporting period, Strix outlined a series of planned corporate updates, including a trading and debt reduction plan update scheduled for November 2025. The company also confirmed a change to its financial year-end to 31 March 2026, aligning reporting with industry cycles and key events such as the Canton Fair.

The company is scheduled to attend the Canton Fair in October 2025 as part of its ongoing engagement with original equipment manufacturers and broader market participants.