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Strix Group PLC on Wednesday said it maintained its interim dividend, despite suffering a fall in both interim profit and revenue.
Shares were down 15% at 120.20 pence on Wednesday morning in London.
For the six months that ended on June 30, the Isle of Man-based kettle safety controls provider said pretax profit fell 12% to £11.6 million from £13.2 million a year ago, as revenue declined by 7.3% to £50.7 million from £54.7 million.
Strix said the decline in revenue was mainly caused by a ‘drop in sales’ in its kettle controls category, impacted by the ongoing conflict in Ukraine.
Administrative expenses widened to £6.0 million from £5.4 million, and distribution costs rose 15% to £4.5 million from £3.9 million a year earlier, mainly due to ‘higher outward carriage and freight costs’.
Chief Executive Officer Mark Bartlett said: ‘Despite the challenging macroeconomic and geopolitical environment, Strix has delivered a robust performance across its three product categories and remains on track to deliver medium-term targets to double the Group's revenues primarily through growth in its water and appliances categories.’
Adjusted earnings before interest, tax, depreciation and amortisation decreased by 8.6% to £15.9 million from £17.4 million.
Strix declared an interim dividend of 2.75 pence per share, unchanged from a year prior.
Looking ahead, Strix said it's on track to deliver medium-term targets to double its revenue.
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