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(Sharecast News) - Kettle safety controls manufacturer Strix revealed on Wednesday that chief executive Mark Bartlett would step down in May 2026 after nearly two decades with the firm and more than ten years in the top job.
Strix said the decision was reached by "mutual agreement" and comes as it cancelled its fullyear dividend and accelerates efforts to cut net debt leverage, with the group restructuring production volumes at its China factory in an effort to reduce inventories by around 8m, while extending nonrecourse debt factoring to speed up cash collection and bring receivables down to 2m.
Plans to reinstate the dividend in December 2025 have been shelved, with Strix citing the need to prioritise balance sheet repair, blaming its financial strain on macroeconomic and geopolitical headwinds, including Donald Trump's so-called "reciprocal tariffs" and US dollar weakness.
Strix stated conditions had "partially stabilised" in the third quarter, with early signs of improvement in the final months of the year.
Looking ahead, Strix expects to trade broadly in line with market forecasts for 2026, assuming posttariff improvements continue.
Bartlett said: "While market conditions have remained challenging, we are pleased to see early indications of improvement in the controls division. Billi continued to deliver a strong performance and the consumer goods division returned to growth following its restructuring last year. Alongside this, we have made substantial progress on our accelerated debt reduction programme and are targeting to reduce net debt leverage to c.1.5x in the next 12-18 months."
As of 1000 GMT, Strix shares were down 3.12% at 34.39p.
Reporting by Iain Gilbert at Sharecast.com
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