As capital allocation decisions prioritise debt reduction, the Strix Group Board is proposing a final dividend of 3.25p per share (2021: 5.60p) which would represent a total dividend of 6.00p per share (2021: 8.35p).
Other financial highlights include:
The Group reported revenue of £106.9m, a decrease of 10.5% versus the same period in prior year driven predominantly by a reduction in Kettle Controls due to market environment.
Adjusted EBITDA was £32.1m, a decrease of 20.7% versus the same period in prior year driven by a reduction in revenue.
Adjusted PAT was £23.0m which was in line with previous guidance given at the trading update on 30 November 2022 (2021: £31.4m), representing a 26.8% decrease compared to the same period last year driven by a reduced EBITDA and an increase in SONIA through the year coupled with higher net debt post the acquisition of Billi.
Net debt increased to £87.4m (FY 2021: £51.2m).This represents a net debt/adjusted EBITDA ratio (calculated on a trailing twelve-month basis) of 2.2x.
Adjusted basic earnings per share and adjusted diluted earnings per share were 10.9p (2021: 15.2p) and 10.8p (2021: 14.9p) respectively.
