Strix Group PLC Annual Report 2024

FY2024 Annual Report · Strix Group PLC

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Innovative &
Sustainable
Technology
Annual Report and
Accounts 2024

Strix Group Plc Annual Report and Accounts 2024

Contents
Strategic Report
1
Company Overview

3
2024 Highlights
5
Business Model
7
Divisions: Controls
9
Divisions: Billi
11
Divisions: Consumer Goods
13
Chairman’s Statement
15
Chief Executive Officer’s Statement
19
Investment Case
21
Chief Financial Officer’s Statement
25
KPIs
27
Capital Allocation Framework
29
Responsible Business
30
ESG: KPIs
31
ESG: Planet, People & Purpose
39 ESG: TCFD
47
Engaging With Stakeholders
49
Risk Management Approach
Governance
57
Board of Directors
58
Senior Management Team
59
Board Activities
60 Chairman’s Introduction to Governance
61
How Strix Governs
65
Audit Committee Report
67
Nomination Committee Report
69
Directors’ Remuneration Report
77
Directors’ Report
79
Statement of Directors’ Responsibilities
Financial Statements
80 Independent Auditor’s Report
83
Consolidated Income Statement
84
Consolidated Statement of Comprehensive Income
85
Consolidated Statement of Financial Position
86
Consolidated Statement of Changes in Equity
87
Consolidated Statement of Cash Flows
88
Notes to the Consolidated Financial Statements
135 Other Supplementary Information
138 Other company information and Advisors
P15
CEO
Statement
P19
Investment
Case
P25
Key Performance
Indicators

Strix Group Plc Annual Report and Accounts 2024
1
Company Overview
Strix is a unique global supplier of sustainable
technologies, on a mission to give ready
access to innovative water, beverage, and
wellbeing technology everywhere people
come together.
• Manufacturing expert with precision engineering
capabilities and comprehensive know-how on
complex designs and production applications.
• Adheres to stringent quality and safety
standards.
• Experience in developing products that meet
end users’ needs.
• Competence in go-to-market routes through
own brands and with key partners globally.
• Renowned for innovation, sustainability, quality
manufacturing and service.
Our Mission: To give ready
access to innovative water,
beverage, and wellbeing
technology everywhere
people come together.
Our Vision: To have Strix
products and technology at
the heart of every home and
workplace across the world.

2
Strategic report
Governance report
Financial statements
Controls
Billi (previously PFS*)
Consumer Goods
Core product line of safety
controls for kettles and
small domestic appliances
with a leading market share
of approximately 50%.
Premium instant boiling,
chilled and sparkling
filtered water systems with
customers in commercial,
institutional, retail and
hospitality sectors.
Dedicated to pioneering
sustainability and
innovation, creating
products that enhance
wellbeing in homes
worldwide.
of adjusted Group revenue
£69.5m
of 2024 CER revenue
of adjusted Group revenue
£44.2m
of 2024 CER revenue
of adjusted Group revenue
£32.0m
of 2024 CER revenue
Safer by Design
Premium Instant
Filtered Water
Wellness at Home
for Over 50 Years
New Zealand
Strix has a global presence across Asia,
Australasia, Europe and the US:
Isle of Man (HQ)
Italy
Spain
UK (Wolverhampton
UK (Wolverhampton
& London)
& London)
China
Hong Kong
Taiwan
Australia
47.7%
30.3%
22.0%
*PFS - Premium Filtration Systems
UK (Wolverhampton
& London)

3
Strix Group Plc Annual Report and Accounts 2024
2024 Highlights1
(All figures at CER)2
Revenue
£145.7m
1.3%
Adjusted
EBITDA margin
24.5%
(310bps)
Adjusted
earnings per share
6.7p
(27.7%)
Net debt
£63.7m
(23.9%)
Adjusted profit
before tax
£18.7m
(16.3%)
FY23
FY24
£145.7m
£143.8m
FY23
FY24
£18.7m
£22.3m
FY23
FY24
24.5%
27.6%
FY23
FY24
6.7p
9.2p
FY23
FY24
£63.7m
£83.7m
1.Adjusted results from continuing operations exclude adjusting items and results from discontinued operations, see notes 6(b) and 28.
2.“CER”, being Constant Exchange Rate, is calculated by translating the FY24 figures by the average FY23 exchange rate, and “AER” being
Actual Exchange Rate.

4
Strategic report
Governance report
Financial statements
2024 Highlights
Welcomed Clare Foster
as Chief Financial Officer,
alongside additional key
strategic hires across the
business, bringing breadth
of skills and experience to
the Group.
Further rationalisation
of Consumer Goods
division, with a focus on
more profitable products,
geographic expansion and
new product development.
Management has
maintained its focus
on net debt reduction
and cash generation,
reporting a £20.0m
reduction in net debt
position during the year
to £63.7m, with net debt
leverage reduced to 1.87x,
within Strix’s announced
target range of 1x-2x.
Structural drivers in Strix’s
key markets remain strong,
led by growth in less
regulated markets,
rising salience of health
and wellness trends and
sustainability concerns and
increasing urbanisation.
Delivered adjusted
profit before tax of
£18.7m, ahead of market
consensus and comfortably
within previously
announced range of
£18.0m-£19.0m.
The integration of Billi
was completed successfully
with division returning to
double-digit growth rates in
Q424.
The Group continued to
leverage its market leading
position in kettle controls,
particularly in less regulated
markets with launch of
new Low-Cost control.
Comprehensive
restructure and rebasing
of the business to support
the Group’s medium-term
opportunities for profitable
growth.

Strix Group Plc Annual Report and Accounts 2024
5
Business Model
With a consistent focus on new innovation, and optimisation, the
Group is well positioned to help streamline operations, reduce
costs, and enhance productivity for itself and its customers while
staying ahead of emerging trends.
This enables Strix to deliver access to innovative water, beverage,
and wellbeing technology everywhere people come together
through its three operating divisions:
Controls
Billi (previously PFS)
Consumer Goods
Strix’s Controls division
holds c. 50% value share
of the global control
market for kettle safety
controls that are used
over 1 billion times around
the world, every day.
Customers include Original
Equipment Manufacturers
(“OEMs”), brands and
retailers all over the world.
These relationships are
supported by the Group’s
manufacturing expertise
with precision engineering
capabilities and wide
know-how on complex
designs and production
applications. Patent-
protected technology,
appliance concept ideation
and in-house industrial
design services make Strix
the strategic partner of
choice for global brands
and small domestic
appliance manufacturers.
Acquired in 2022 and
now fully integrated,
Billi designs and
manufactures instant
boiling, chilled and
sparkling premium
filtered water systems.
Billi’s products include
proprietary water-cooled
technology and cutting-
edge filtration, coupled
with distinctive design,
premium service and
support. The division’s
easy-to-install under-
bench units offer
substantial energy
efficiency savings,
generating revenues
derived from product
sales and maintenance
services.
The Consumer Goods
division has multiple
go-to-market channels
with its two core brands,
LAICA and Aqua Optima,
offering innovative
consumer products to
multiple market segments
globally across online and
off-line channels. The
division also produces
private label products for
multiple large retailers
and brands. Consumer
Goods combines a global
sourcing operation and
strong manufacturing
capabilities with
exceptional facilities in
both Italy and China and
produces convenient,
simple and sustainable
product solutions across
water filtration and small
appliances.
The foundations of Strix’s model leverages expertise and
insights from across its diverse global footprint to provide
best in class, high quality products.

6
Strategic report
Governance report
Financial statements
This model creates value for all of the Group’s stakeholder groups:
Investors
Strix’s strategy to diversify its revenue stream in addition to its
strengthened balance sheet means that the Group is resilient when it
comes to macro headwinds. Flexibility in its divisions means that Strix
can adapt to the changing markets in which it operates, supporting the
Group’s growth year on year.
Employees
Strix focuses on recruiting and retaining top talent who are aligned with
its vision, mission, and values. Strix also invests in employee training,
development and engagement initiatives to empower its workforce
and foster a culture of excellence and agility, to adapt and respond
to constantly changing market dynamics, customer preferences and
competitive pressures.
Communities
As a financially successful business, Strix is in a strong position to give back
and acknowledge its responsibility to the communities in which it operates.
Strix aims to strengthen its position as a global, socially responsible
employer, whilst reinforcing its corporate culture and employee pride in its
positive contribution to all of its local communities across the Group.
The Environment
Human impacts on the environment are increasingly recognised as
harmful to the long-term sustainability of society and the planet. Not only
is managing the environmental impact the right thing to do, but delivering
environmentally friendly products is key to Strix’s growth strategy.
Customers
Strix operates as a strategic partner and consultant within its markets,
sharing its knowledge across the value chain to help its customers succeed.
Besides finished products, Strix offers manufacturing, quality, and design
services along with world-class expertise in water and heating technologies.
It provides significant added value to the lives of customers, and consumers
globally. Forward-looking innovation within Strix allows the Group to bring new
technologies and ideas to partners, to take advantage of emerging trends.
Suppliers
Strix works closely with its suppliers to build strong relationships which
brings value to both parties. In addition to supporting suppliers with
compliance and regulation, Strix and its suppliers work together to
devise solutions and innovation for improving supply chain and logistics
processes, as well as solving technology challenges.

Strix Group Plc Annual Report and Accounts 2024
7
About Strix – Divisions
Controls
Market
Strategy
Growth opportunities
• Leading market position, holding c.50% of the global control market by value for
kettle safety controls, used over 1 billion times around the world, every day.
• Strong direct relationships with OEMs, brands and retailers globally.
• Extensive expertise and global presence builds and maintains market share while
acting as a barrier to entry for competitors.
• Patent-protected technology, appliance concept ideation and in-house industrial
design services make Strix the strategic partner of choice for global brands and small
domestic appliance manufacturers.
• Global Change to Small Domestic Appliances (“SDA”)
market to reach 4.1 billion units in 2029
(c. 1.5% CAGR growth 2024-2029).*
• Strix categorises the controls market into three main
segments:
- Regulated markets
The goal is to uphold and improve majority share
through the development of innovative new
products with features that enhance customer
value and more widely promote the Strix Global
Support Service.
- Less regulated markets
Strix has the opportunity to grow more aggressively
in this market, through leveraging established OEM
partnerships, enhancing Strix brand recognition and
introducing a new range of Low-Cost controls.
- China domestic market
China consumers demand new solutions where
traditional products are being left behind. A rigorous
value-based approach to product development and
automation process improvements will drive Strix’s
share in this extremely cost-competitive market,
supported by the launch of new Low-Cost controls.
• Profitably grow revenue through the introduction of
innovative new products focused on sustainability,
safety and convenience.
• Leveraging the Group’s global manufacturing footprint
to drive cost efficiency and improve sustainability.
• ‘Good’, ‘Better’ and ‘Best’ range classification ensures
Strix products are aligned to match customer need
and price points.
• Expanded range of design options with a focus on
aesthetic trends, consumer energy saving and OEM
cost benefits.
• Commercialise new applications for controls in
emerging high growth appliance categories.
• New product development including Next Generation
Series Z control range provides brands and appliance
designers with considerably more freedom to expand
their product ranges.
• Ongoing focus on defending Strix’s intellectual
property and identifying counterfeit or non-compliant
kettles that may pose safety risks, particularly on sale
through online platforms.
• New applications of controls in SDA markets such as milk
frothers, healthy eating appliances, travel kettles and
flasks.
• Expansion of market share in less regulated markets
through increased penetration of kettles and rising
consumer demand for new features.
• Next Generation of innovative controls is making
good progress, with OEMs qualifying their use in new
appliances, the first of which will be ready for launch in
2025.
• Market share growth in China driven by increased
adoption of Strix Low-Cost controls.
*Source: Statista

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Strategic report
Governance report
Financial statements
Launched in H224,
tailored to the China
domestic and selected
less regulated market
requirements, to
increase Strix’s target
addressable market.
Product spotlight – Low Cost Control

Strix Group Plc Annual Report and Accounts 2024
9
About Strix – Divisions continued
Billi (previously PFS)
Market
Strategy
Growth opportunities
• Billi designs and manufactures instant boiling, chilled and sparkling premium
filtered water systems.
• Acquired in 2022 and successfully integrated into wider operations in support of
Strix’s strategy of new product development and geographic expansion.
• Proprietary, water-cooled technology and cutting-edge filtration are coupled with
distinctive design, premium service and support.
• Billi’s easy-to-install and use under-bench units are space saving in design, virtually
silent in operation and offer substantial energy efficiency savings.
• Now emerging as a global player with expanding geographical reach.
• Billi Eco, Quadra and Quadra Plus products are certified Gold Level under Global
GreenTag standards.
• Estimated market growth forecasts for the global
boiling water tap market from 2024 to 2030 range
between CAGR 5.9% and 7.5%.*
• Consumers actively moving away from sugary
beverages and towards healthier alternatives, such as
filtered water.
• Increasing awareness regarding water quality and
collective consciousness around sustainability, health
and wellbeing.
• Growing preferences for more environmentally-friendly
solutions continue to drive the adoption of under-
bench drinking water systems, with the emphasis on
reducing single-use plastics and energy efficiency.
• Established market presence in Australia, New Zealand
and the UK, with Singapore and Hong Kong also
performing well. Few geographies represent saturated
markets today, with Europe, China and the wider
South-East Asia region considered as high potential
growth opportunities.
• Utilise existing and newly developed technology to
enter the larger residential tap market, with the ‘Billi
at Home’ sub brand, and leverage synergies with the
existing consumer goods footprint.
• European partnership agreements supporting
geographical growth into new territories, supported
by Billi UK.
• Strong new product development to significantly
increase addressable target market, driving sales in
new geographies and sectors.
• Expand geographical distribution in residential and
commercial markets, with a particular focus on roll-out
in Europe. Southeast Asia and Middle East are also key
growth markets.
• Other growth drivers within this segment include
custom tapware finishes and design profiles, and the
ability to conserve space requirements.
• Recurring revenue streams from Billi include rental,
servicing contracts and filter replacements.
*Source: STATS Market Research

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Strategic report
Governance report
Financial statements
Product spotlight - Multifunction Mixer Tap
• One multifunctional fixture to match Billi’s
range of instant filtered boiling, chilled,
sparkling and mains fed hot and cold
water systems.
• Over two years of innovation and rigorous
testing to ensure optimal user experience.
• Billi’s Multifunction Mixer Tap won a
prestigious Good Design Award (in
2023). The award recognised the tap for
its outstanding design and innovation,
highlighting its functionality and
aesthetic appeal.
Launched
in H224

Strix Group Plc Annual Report and Accounts 2024
11
About Strix – Divisions continued
Consumer Goods
Market
Strategy
Growth opportunities
• Consumer-focused approach across multiple go-to-market channels.
• Two core brands, LAICA and Aqua Optima, offer innovative consumer products to
multiple market segments globally across online and off-line channels.
• Private label and trade brand agreements with multiple large retailers and brands.
• Convenient, simple and sustainable product solutions across water filtration and
small appliances.
• Strong manufacturing capability with exceptional facilities in both Italy and China to drive
branded and OEM businesses across both appliance and water filtration categories.
• The global water purifier market size is projected to
grow from US$35 billion in 2024 to US$63 billion by
2032, exhibiting a CAGR of 7.6%.*
• Changing purchasing habits and disposable income
challenges mean less consumer loyalty and a rise in
private label and challenger brands.
• Strix’s high quality LAICA brand is well positioned to
take market share versus the competition in water
filtration.
• Despite cost of living crisis, sustainability remains a
key concern and consideration in many consumer
purchase journeys.
• Concerns over waterborne diseases and contaminants
propel demand for affordable drinking water solutions
that offer superior filtration and purification capabilities.
• Increasing consumer appetite for high-quality coffee
machines is accompanied by growing demand for
water filtration systems required to maximise taste and
machine lifespan.
• Divisional restructure during 2024, rationalising
product lines, moving to higher automation levels for
filters manufacturing in Italy and extending specific
appliance manufacturing in Strix’s factory in China,
improving medium term margins.
• Focus will be on geographical expansion and launch of
new higher margin products to maximise profitability.
• Manufacturing appliances for the UK’s leading baby
brand in its China factory with further products
scheduled to be introduced in H225.
• The Strix roadmap for new water products aims to
enhance filtration capabilities, expanding into new
channels and addressing rising demands linked to
the worldwide pollution of specific contaminants
and evolving preferences for filtered water
characteristics.
• Strix continues to develop products to address
sustainability concerns.
• Strix holds significant contracts within the private
label water filtration market which is poised to grow
as many consumers trade down to private label
alternatives.
• Focus on
functioning as
an OEM partner,
a technology
provider and a
higher margin
consumer
products
enterprise.
• Expand OEM contracts and partnerships in water
filtration and appliance manufacture.
• Grow brand awareness concentrating investment on
the LAICA brand across key target territories.
• Introduce new, health and wellness home focused
products across water filtration and small appliances.
• Focused expansion and growth in European markets,
and the UK leveraging manufacturing in Italy.
• Further expansion into Asian markets.
• Strategically targeting incremental market segments
addressing customer needs and adding value.
• Grow trade brand manufacturing agreements with
multiple large retailers both for filters and appliances.
*Source: Fortune Business Insights

12
Strategic report
Governance report
Financial statements
Product spotlight - LAICA New Handheld Vacuum Machine (VT-3402)
Product spotlight - LAICA Healthexpert
LAICA’s most balanced filter ever:
Removes up to 92.0% of PFAs
(emerging ‘forever chemicals’)
and other contaminants whilst
enhancing magnesium content, to
support a healthy lifestyle.
LAICA’s first ever filter compatible
with all Brita jugs; launching this
new filtration solution to target
emerging water contaminants whilst
addressing consumer health trends,
with the ultimate objective of gaining
market share in core markets.
Compatible with LAICA’s
premium range of vacuum
containers.
Addressing consumer needs
and frustrations surrounding
food waste, and desires to
eat more fresh, healthy food.
Objective is to increase
category penetration with a
convenient, easy to use and
simple to store solution that
helps consumers conserve
fresh food for up to five
times longer.
Introducing LAICA’s new mini vacuum pump

Strix Group Plc Annual Report and Accounts 2024
13
Looking back on 2024, it is pleasing to
say that Strix is now in a much stronger
and more robust position than it was 12
months ago. The Group has undergone
significant restructuring and rebasing
efforts which have helped build strong
foundations and support an accelerated
growth profile.
During the year, macroeconomic and
geopolitical conditions in key markets
remained challenging. However, as
a result of the proactive measures
undertaken by the Group over the last
12 months and with a stronger balance
sheet, Strix is now excellently placed
for future growth, profitability and
cash generation. The Group remains
singularly focused on delivering against
its strategic objectives, as the Group
progresses in its mission to provide
ready access to innovative water,
beverage and wellbeing technology
wherever people come together.
Reducing Strix’s net debt position has
remained a key priority in 2024 and
through a combination of prudent capital
controls and other cash conservation
methods, debt leverage has been
retained at 1.87x. This is comfortably
within the Group’s specified forward-
In 2024, Strix conducted further restructuring and rebasing efforts,
substantially reduced its debt position and refocused the Group for
medium-term profitable growth.
Chairman’s Statement
Delivering Against Strategic Objectives
Gary Lamb
Non-Executive Chairman
“With a highly experienced
management team, a
streamlined and refocused
business and strong demand
drivers in the Group’s
underlying markets, the
Board is confident in its ability
to deliver value against its
strategic objectives.”

14
Strategic report
Governance report
Financial statements
looking appetite of between 1.0-2.0x.
With lower net debt debt levels, the Group
is able to make measured and focused
capital investment in innovation and new
product development, helping to drive
strategic expansion across the business.
It has been encouraging to see the
effects of Strix’s divisional restructure
driving efficiency improvements across
the business. Completing the disposal
of Halosource, further streamlining
the Consumer Goods division
and the relocation of some of the
manufacturing at the Ramsey factory to
the Group’s facility in China, has driven
efficiency and cost savings, which has
been a key part of Strix’s strategy over
the last 12 months.
The restructuring efforts in Consumer
Goods over this year have resulted
in a more streamlined and refocused
division that is now excellently placed
to deliver sustainable growth. This has
involved a rationalisation of product
lines and simplifying brand architecture
across Strix’s divisions.
The focus now is driving geographical
expansion and continuing to launch
innovative new products to address
increasingly diverse consumer
demands. The Group is also focused
on enhancing its function as an
OEM and expanding its contracts
and partnerships in this area. Strix’s
brands are excellently placed to
secure increased market share moving
forward and the Board is excited for the
progress this leaner, refocused division
can deliver throughout 2025.
Last year, the Group discussed its
intention to grow LAICA as a centre
of excellence and this has been
progressing well. Strix has established
new key distribution agreements and
is continuing to further position LAICA
as a European leader in products
for consumers wanting to achieve
“wellness at home”. During the year
the Group was also able to celebrate
LAICA’s 50-year anniversary, a key
milestone for Strix and highlights the
rich history of innovation of one of the
Group’s key brands.
In the Controls division, Strix continues
to leverage its leading market position
in the industry, holding c. 50% of the
global kettle control market by value.
The Group is now focused on growing
revenue through innovation, with a key
drive on new product development and
expansion in the breadth of the Group’s
offerings, alongside continuing to
aggressively defend its IP globally. The
Group expects to see an improvement
in market penetration over 2025,
particularly in less regulated markets
where products like Strix’s new
Low-Cost and Next Generation controls
are expected to help drive future
expansion.
Billi is performing well, returning to
double-digit growth in Q424. Customers
continue to actively move away from
sugary beverages towards other
alternatives such as filtered water which
is driving market adoption. Billi continues
to provide an excellent energy saving,
small footprint, quiet operation and
easy-to-install value proposition that
fits well with both high-end residential
and commercial requirements. Strix will
capitalise on this opportunity through
new product development, benefitting
from its core engineering expertise, to
increase the addressable market, as well
as expanding the Group’s geographical
distribution.
This year Strix was delighted to
welcome Clare Foster as its new CFO.
Clare has over 25 years of experience
working in international businesses.
Having Clare on board has strengthened
the management team during this
pivotal moment for the Group and her
knowledge and experience has been
essential to the Group’s rebasing efforts
this year. Following Clare’s appointment,
Mark Kirkland returned to his role as a
Non-Executive Director on the Board.
The Board would like to thank Mark for
his invaluable contribution as interim
CFO during the transition period.
The Group was also pleased to welcome
a number of key strategic hires in
2024, evidencing Strix’s continued
commitment to excellence.
These key hires were made across the
business and strengthened the senior
leadership, including enhancing the
treasury function, Billi management
and bolstering the commercial and
business teams.
In common with Strix’s peers, 2024
presented a challenging business
environment for the Group’s global
operations, but despite the various
headwinds, Strix has made strong
strategic progress.
The Board would like to thank the Strix
team for their hard work. The Group
is in a much stronger position than it
was 12 months ago, the balance sheet
has been strengthened, the net debt
position significantly improved and
divisional restructuring activities are
now bearing fruit.
The Board would also like to take this
opportunity to thank its shareholders
for their continued support. With a
highly experienced management team,
a streamlined and refocused business
and strong demand drivers in the
Group’s underlying markets, the Board
is confident in its ability to deliver and
create value for its shareholders.
Gary Lamb
Non-Executive Chairman
29 April 2025

Strix Group Plc Annual Report and Accounts 2024
15
Introduction
2024 was a year of refocus for Strix,
during which significant changes were
made to the leadership team and the
structure of the business and it is
pleasing to report that each of these
initiatives are beginning to deliver
results. The Board’s priority has been to
cement strong foundations for Strix’s
medium-term growth. Despite the
continued global market volatility, the
Group remains resilient and is now in a
stronger position to execute against its
growth strategy.
While much of the restructuring carried
out this year has been with cost savings
in mind, selective investment has
also been made in areas and projects
that produce higher returns for the
Group. This flexibility, in addition to the
strengthened balance sheet, allows
Strix to focus on its market leading
technology and innovation which
supports the Group’s future growth.
In addition to the structural
improvements made across the Group,
Strix has further strengthened its
senior leadership by enhancing the
treasury function and Billi leadership,
as well as the commercial and business
development teams to support its long-
term growth ambitions.
Chief Executive Officer’s Statement
2024: A Year of Refocus
Mark Bartlett
Chief Executive Officer
“Alongside carefully
managing debt reduction,
management has ensured
appropriate investment has
continued to be made across
the Group to protect new
product development and
other projects to support
the long term growth
prospects of the Group.”
Adjusted revenue (CER)
£145.7m
1.3%
2023: £143.8m
Adjusted profit before tax
£18.7m
(16.3%)
2023: £22.3m

16
Strategic report
Governance report
Financial statements
Deleveraging
Net debt reduction and cash
generation has remained a priority
for the Board in 2024 and the Group
is pleased to report a £20.0m
reduction in the net debt position
to £63.7m. This has been achieved
through the implementation of
a number of self-help actions to
conserve cash, via enhanced working
capital management and a careful
deceleration of capital expenditure.
This was bolstered by an equity
placing raising gross £8.7m as
announced on 12 June 2024.
Alongside carefully managing the debt
reduction, management has ensured
appropriate investment has continued
to be made across the Group to
protect new product development and
other projects to support long-term
growth prospects.
Restructuring
As part of its rebasing efforts, Strix
undertook several initiatives in the
year to support a more efficient
and effective structure. Medium-
term growth aspirations have
been prioritised with a focus on
commerciality across the Group to
better support sustainable revenues
and improved margins.
Strix relocated parts of its
manufacturing capabilities, primarily
the press production lines, from its
Ramsey factory to its China facility,
with the core technology of blades
production, a key part of the Group’s
heritage, remaining on the Isle of Man.
This allows for more cost effective
and efficient transportation of raw
materials, as well as being more
environmentally friendly, thereby
aligning with Strix’s robust ESG
strategy.
The Consumer Goods division has
refocused its commercial priorities to
support projects with higher returns,
namely high margin product launches.
This has resulted in structural
improvements through further
rationalisation of product lines and
optimising headcount. This provides
greater flexibility to selectively invest
time and resources for the short and
medium-term.
As stated in the H124 interim results
announced in September 2024, the
Group concluded a comprehensive
review of its HaloSource unit (the
smaller part of the formerly named
Premium Filtration Systems (“PFS”)
division) and agreed that the Group
would dispose of the business on
the open market as the HaloSource
technology did not align with the
rest of the Group’s focus on smaller
scale domestic filtration products.
The business had been loss making
since acquisition and was forecast to
continue to be so for the medium term,
whilst requiring additional investment
to support ongoing growth. The
HaloSource unit was sold for a nominal
value on 30 November 2024.
There have been a number of
write-off/impairments and other
adjusting items that have been
booked during 2024 (see note 6(b)),
as a result of the restructuring and
rebasing of the business through the
activities described above.
The segmental reporting structure,
as outlined in the Group’s H124 interim
results, now comprises:
1. Controls
2. Billi
3. Consumer Goods
Market
Despite macroeconomic and
geopolitical headwinds causing much
market volatility in 2024, the Group’s
structural growth drivers remain
constant.
Political and economic uncertainty
in key regulated markets such as the
UK, Germany and the US impacted
on consumer spending. However,
the Group has seen significant initial
interest in the launch of the new
Low-Cost control products tailored
for customers in less regulated
markets, further supporting Strix’s
commercial decision to invest in this
new technology.
Another key driver of Strix’s markets is
the growing popularity of health and
wellness and the increasing consumer
focus on using sustainable products,
which is particularly pertinent to all
divisional product suites.
Urbanisation and the return to
office refurbishment post Covid
are also key drivers for the Group
as both consumers and corporate
organisations look to upgrade their
appliances, this change is particularly
relevant to Billi.
Overall, Strix expects the global Small
Domestic Appliance (“SDA”) market to
reach 4.1 billion units in 2029 (c. 1.5%
CAGR growth 2024-2029).
Controls
The Controls division contributed
£69.5m (CER) in adjusted revenue for
the year, after experiencing relatively
lower trading for parts of H224,
particularly in regulated markets,
namely the UK and Germany. Sales
in H124 were stronger as a result of
a pipeline refill, however underlying
consumer demand into H224
declined due to cost price inflation,
cautious discretionary spending and
international political uncertainty.
Positively, the Controls division saw the
launch of the new Low-Cost control,
which has been well received by the
Group’s customers in less regulated
markets, and sales commenced in
China in the second half of the year.
Following planned capital investments
in H224, which has continued into the
new financial year, the development
of the Next Generation of innovative
controls is making good progress.
OEMs are qualifying their use in new
appliances, which will be ready at
the end of H125, further protecting
Strix’s market-leading position and
supporting barriers to entry.

Strix Group Plc Annual Report and Accounts 2024
17
Billi
Billi returned to double-digit growth
rates in Q424, following on from
the successful launch of the new
multifunction mixer tap and OmniOne
under-bench unit, contributing £44.2m
(CER) in adjusted revenue to the Group.
The division has seen an increase in sales
in Europe following successful progress
on the division’s geographical roll-out
strategy focused on Europe, securing
seven distribution contracts at the time
of this announcement. New products
continue to gain traction in in Australia,
with expected UK launch dates in H125.
Billi’s key growth areas are focused on
developing recurring revenue streams;
product sales, rental, servicing contracts
and filter replacements, expanding
international distribution in residential
and commercial markets and developing
custom tapware finishes and design
profiles.
Consumer Goods
The Consumer Goods division reported
£32.0m (CER) in adjusted revenue.
The rationalisation of product lines
has allowed for a better focus on more
profitable revenue streams, including
extending successful product ranges and
deepening relationships with key OEMs.
New product launches include the first
Brita-compatible filter to target emerging
water contaminants whilst addressing
consumer health trends and LAICA’s new
Handheld Vacuum Machine to increase
category penetration with a convenient,
easy to use and simple to store solution
that helps consumers conserve fresh
food for up to five times longer.
A number of incremental retail
contracts have been secured for
2025, the Group began manufacturing
appliances for an existing baby brand
OEM customer out of its China factory
and further products are scheduled
to be introduced in H225. This new
revenue stream is relatively lower
margin than other routes to market,
however it is offset by the much
higher quality customer engagement,
after-sale consumables and retention
opportunities it provides to the Group.
IP & protection strategy
Strix continuously monitors risks and
threats from the competitive landscape,
resulting in constantly evolving
innovative technology. New products
and solutions are protected by a robust
IP strategy and sustainable investment,
and the Group retains consumer safety
at the core of its product development
strategy.
Strix continues to work with regulatory
enforcement authorities to identify
and remove unsafe and poor quality
products from its major markets. Strix
has successfully taken actions against
patent infringement throughout the
year, including cases in South Africa,
India and China.
Strix’s market leading position is
built on its unique relationships with
its brands, retailers and OEMs. The
Group’s comprehensive know-how
on complex design and production
applications allows it to provide valuable
support across the production chain,
including product design and advice
on specification and manufacturing
solutions, as well as the product’s
ongoing lifecycle. Strix’s reputation
for customer focused services and
solutions cements strong relationships,
ensuring brand strength and
positioning Strix as a trusted partner in
the market.
Sustainability
Sustainability has always been at the
core of Strix’s purpose driven strategy
for growth. 2024 was another year
of solid progress for the Group’s
sustainability journey, which is built
around Strix’s Planet, People, Purpose
philosophy, aligned to the UN’s
Sustainable Development Goals.
All of the Group’s primary operations
were carbon neutral in the year,
including Billi for the first time.
Energy consumption for the Group
increased by 7.0% to 15,930MWh, due
to expansion of the Chinese facility.
The Group’s on-site solar installations
generated 1,318MWh of electricity, a
2.1% increase. This accounted for 9.0%
of total Group power consumption,
down slightly on the 9.6% of the
previous year, reflecting higher overall
energy consumption with no further
solar capacity added in the period.
Sustainability is embedded into Strix’s
new product roadmap. The Group
continued with prudent spending in the
year, supporting strategic research and
development costs to ensure positive
future growth. The Group invested
in the Next Generation control as it
enters commercialisation, and in the
increased level of co-development with
the Group’s western branded partners
as they look for innovative new products
and solutions.
Dividend
Strix has continued to make strong
progress on achieving its goals for the
year, in particular the transformative
restructuring and rebasing of the
business and reduction of the net debt
position to well within the targeted
range of 1.0x-2.0x. The Company also
continues to see opportunities in its key
markets and appropriate investment
across the Group remains ongoing
to protect new product development
and other projects to support growth
aspirations over the medium-term.
Macroeconomic conditions continue to
be challenging and it still remains too
early to determine the global net impact
of the evolving tariff arrangements on
the Group. To be prudent, the Board
has decided to reinstate the FY24 final
dividend of 1.28p per share but for
payment to take place in December
2025 alongside the FY25 interim
dividend. A resolution to seek approval
for the FY24 final dividend payment will
be sought in a general meeting to be
scheduled in Q425.
Outlook
Following the rebasing and
restructuring activities undertaken in
FY24, and with leverage remaining within
the medium-term stated range of 1.0x to
2.0x, Strix is now in a stronger position
to focus on medium-term growth.
In April 2025, management once again
attended the Canton Fair, China’s
Chief Executive Officer’s Statement continued

18
Strategic report
Governance report
Financial statements
premier international export event.
This provides Strix with valuable
opportunities to engage with existing
customers and partners. Despite the
obvious uncertainty surrounding US
tariffs, there was plenty of activity, with
more than 3,000 models of kettles on
display and Strix visibly holding market
share. The show was well attended by
OEMs and brands alike, and the Group
was particularly pleased to see a strong
pull for the Next Generation controls
and new technology offering.
While it is still too early to be definitive
about the global net impact of the
evolving tariff arrangements on the
Group, Strix’s direct sales into the USA
are limited to c. £7.0m, with no material
sales from Consumer Goods and
none from Billi. Strix remains attentive
to navigate the broader inflationary
effects of rising global tariffs and any
potential indirect consequences.
In the Controls division, initial sales of
the new Low-cost control have been
positive, expanding Strix’s target
addressable market. The division’s Next
Generation control remains on track to
be formally launched in H125. The newly
launched Industrial Design service
proved to be of particular interest at
the fair, with multiple projects signed
up to and more to follow. Despite a
strong start to the year, there is some
evidence that macro-uncertainties
could weigh on Q225 sales volumes. If
this does continue, then Strix expects
to see trading volumes in our Control’s
division normalise back to a greater H2
weighting in FY25.
Billi’s double-digit growth has continued
into H125 as it gains further traction with
customers across its key target markets
in Australasia and Europe. Scheduled
product launches are underway in the
UK and Europe as planned supported by
strong customer appetite.
Consumer Goods has seen its
white label retail contracts continue
production for its leading OEM
customer in the global baby brand, and
has ramped up manufacturing in the
Group’s China facility. The division has
seen some initial weakness in certain
sectors, including online sales in Q125.
However, with the recruitment of a
new dedicated ecommerce sales lead,
the division is already implementing
appropriate strategies to improve sales
for the remainder of the year. Following
the division’s restructure, it is now in a
stronger and better focused position to
execute on the sale of more profitable
products, geographic expansion and
new product innovation.
With a strengthened balance sheet,
growth prospects for Strix and its
divisions remain compelling and as a
market leader, Strix continues to be
well positioned to capitalise on these
opportunities. Looking ahead, there can
be no doubt that the macroeconomic
and geopolitical environment will
continue to present challenges.
However, notwithstanding this, the
strong foundations of the Group
mean the Board remains confident in
the Group’s outlook, with its full year
expectations unchanged.
Mark Bartlett
Chief Executive Officer
29 April 2025

Strix Group Plc Annual Report and Accounts 2024
19
Investment Case
Strix is focused on its highly cash generative model, balancing debt
reduction with strategic capital allocation into R&D and product
development – increasing the Group’s target addressable market in
the coming year.
• Strix’s high value market share in controls gives it attractive margin and cash
characteristics, generating cash flow to further cement its leading position
through strategic investment into R&D and new product development.
• Global market value share of kettle controls remained stable in Strix’s
regulated and less regulated markets, despite trading volatility in Q424 in its
key regulated end consumer markets, such as the UK and Germany. Strix’s
dominant position means it is well placed for when these markets stabilise.
• The Group holds extensive patented IP, with measures in place to report
infringement and remove copyist products from the market.
• Successful launch of Low-Cost controls tailored to less regulated and
Chinese markets to protect market share and increase target addressable
market. The Group has already secured a significant new customer in China.
• Key initiatives going forward include new patent protected “Next Generation”
controls, which are already undergoing customer testing with preparations
for volume manufacture underway.
• Following on from a successful product launch, Billi returned to double-digit
growth at the end of 2024, and Strix anticipates this momentum to continue
as it uses its international reach to expand Billi into new markets and
geographies.
• Billi product launches in Australia and New Zealand provide a strong
foundation upon which the division is executing its geographical roll-out
strategy.
• European expansion for Billi via strategic sales and service partners
continues to progress with new distribution contracts into 2025.
• Successful divisional restructuring in 2024 streamlined and refocused
Consumer Goods division to drive ongoing profitable growth.
• Extended key OEM relationships and newly secured private label customers,
expand market access.
1.
Dominant position in
global controls with
high barriers to entry
2.
Diversified market
focus with a global
footprint
3.
Significant growth
opportunities
presented by Billi
and restructured
Consumer Goods
division

20
Strategic report
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Financial statements
• Chinese Controls customers generally operate on a cash in advance basis,
with close working capital management across the rest of the Group driving
strong operating cash conversion of >100% in FY24 and FY23.
• Significant prior investment into capacity and automation provide a strong
foundation for growth, with a relatively low ongoing capital expenditure
requirement.
• All key management are invested in Strix via direct share ownership and LTIP
schemes to ensure appropriate alignment with shareholders’ interests.
• The appointment of Clare Foster to the Board and Executive team, bringing a
wealth of knowledge and experience, having spent 25 years in international
business.
• Strong strategic hires across the Group including key hires in Treasury, Billi,
Operations and Commercial teams.
• Sustainability and wellbeing for all society remains at the heart of Strix’s
mission.
• Comprehensive Board-led sustainability strategy embedded within core
business activities and aligned with key and relevant UN’s Sustainable
Development Goals.
• Range of initiatives focused on full spectrum of Environmental, Social
and Governance considerations with baselines established to track
improvements and monitor progress year on year.
• Strix’s Capital Allocation Framework is designed to maximise long-term
shareholder value creation by prioritising the investment of free cash into
high-value growth initiatives.
• Deleveraging is a key focus of management, and Strix has already achieved
improvements in its leverage position over the year, allowing the Group to
maintain a year end net debt leverage of below 2x.
• Self-help initiatives – prudent cost control and cash conservation actions
have resulted in strong cash generation in 2024.
• Continual implementation of responsible capital allocation and cost cutting
measures will support ongoing organic investments for profitable growth,
including into R&D.
• Management remains committed to creating value for shareholders. Following
successful restructuring and balance sheet strengthening activity, it is Strix’s
intention to reinstate the final dividend for FY24.
4.
Highly cash
generative
operating model
6.
Highly experienced
management team
who are invested in
Strix
7.
Strong ESG
credentials
5.
Disciplined Capital
Allocation Framework
and deleveraging
strategy

Strix Group Plc Annual Report and Accounts 2024
21
Chief Financial Officer’s Statement
Results from continuing operations1
CER3
CER3
AER
AER

Adjusted measures
FY24
Change
FY24
Change
FY23
£m
%/bps
£m
%/bps
£m
Revenue
145.7
1.3%
144.0
0.1%
143.8
Gross profit
54.6
-4.6%
54.0
-5.8%
57.3
Gross profit %
37.5%
-230bps
37.5%
-230bps
39.8%
EBITDA
35.7
-10.0%
35.4
-10.8%
39.7
EBITDA %
24.5%
-310bps
24.6%
-300bps
27.6%
Operating profit
27.6
-15.1%
27.5
-15.6%
32.5
Profit before tax
18.7
-16.3%
18.5
-17.1%
22.3
Net debt2
63.7
-23.9%
83.7
Net debt leverage
1.87x
-14.6%
2.19x
Operating cash conversion
114.0%
910bps
104.9%
ROCE
21.7%
-60bps
22.3%
Diluted earnings per share (pence)
6.7
-27.7%
6.6
-28.0%
9.2
GAAP Measures
Revenue
141.8
-1.4%
143.8
Gross profit
50.9
-10.9%
57.2
Gross profit %
35.9%
-390bps
39.8%
Operating profit
13.9
-50.8%
28.3
Profit before tax
5.0
-72.6%
18.1
Diluted earnings per share (pence)
0.8
-88.7%
7.5
1.Adjusted results from continuing operations exclude adjusting items and results from discontinued operation, see notes 6(b) and 28.
2.Net debt is as defined by the Group’s bank facility agreement and excludes the impact of IFRS 16 lease liabilities and accrued interest.
3.“CER”, being Constant Exchange Rate, is calculated by translating the FY24 figures by the average FY23 exchange rate, and “AER” being Actual Exchange Rate.
Clare Foster
Chief Financial Officer
“Looking ahead, the Group
intends to initiate a full
competitive refinancing
process in the coming
months to provide
appropriate, cost effective
and flexible funding to
support the Group’s
medium-term investment
driven growth aspirations.”

22
Strategic report
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Financial statements
Continuing operations
FY24 (CER)
FY24 (AER)
FY23 (AER)
Adjusted
Revenue
£m
Change
Adjusted
GP%
Change
Adjusted
Revenue
£m
Change
Adjusted
GP%
Change
Adjusted
Revenue
£m
Adjusted
GP%
Controls
69.5
-0.9%
36.3%
-270bps
69.5
-0.9%
36.3%
-270bps
70.1
39.0%
Billi (previously PFS)
44.2
7.0%
46.5%
-40bps
43.1
4.4%
46.6%
-30bps
41.3
46.9%
Consumer Goods
32.0
-1.2%
27.7%
-490bps
31.4
-3.1%
27.6%
-500bps
32.4
32.6%
Group
145.7
1.3%
37.5%
-230bps
144.0
0.1%
37.5%
-230bps
143.8
39.8%
Unless stated otherwise, amounts and comparisons with prior year are calculated at CER, and where we refer to ‘adjusted’ this is defined as being before adjusting items. All
comparisons have been made based on continuing operations only.
Adjusted revenue
Despite challenging macro conditions
in Q424, and the ongoing rationalisation
of the Consumer Goods division, Group
adjusted revenues continued to grow
reaching £145.7m, representing a 1.3%
increase (at CER) against the prior
year. At AER, growth was lower at 0.1%,
reflecting foreign exchange headwinds
in the form of a weaker AUD and EUR.
Reported revenues decreased by (1.4)%
to £141.8m (FY23: £143.8m).
The Controls division remained broadly
in line with prior year, reporting a slight
decrease of 0.9% at CER to £69.5m
(AER: 0.9% to £69.5m, FY23: £70.1m).
Despite the widely publicised year end
macro volatility in key end markets such
as the UK and Germany, the Group has
continued to see some year on year
volume recovery in its higher margin
regulated/less regulated sectors
(averaging 85.0-90.0% of division
revenues). However, as reported in
HY24 this has been offset by a decrease
of c.25.0% in the lower margin China
market, reflecting both a slowdown in
this part of the market, and a market
share reduction as the Group continues
to walk away from non-profitable
business. Looking ahead, the strategic
investments the Group is making into its
Low-Cost control product are already
driving volume recoveries in this highly
price-sensitive market.
Following on from the successful
introduction of new products into the
Group’s established Australian market
in Q324, Billi returned to double-digit
growth, leading to a solid overall year on
year growth of 7.0% at CER to £44.2m
(AER: 4.4% to £43.1m, FY23: £41.3m).
This division continues to offer the
Group significant future opportunities,
through the development of a
residential product and the ongoing
geographical expansion into Europe.
Consumer Goods sales were slightly
down, by (1.2)% at CER to £32.0m
(AER: down (3.1)% to £31.4m, FY23:
£32.4m), predominantly as a result of
the previously announced successful
restructuring and rationalisation
initiatives (see note 6(b)). Looking
ahead, actions taken will see this part of
the Group able to focus more effectively
on its core growth opportunities.
Adjusted trading profit
The Group experienced a decrease of
(230)bps to 37.5% (AER: 37.5%; FY23:
39.8%) at adjusted gross margin level,
predominantly driven by the Controls
and Consumer Goods divisions.
In Controls, adjusted gross margin
decreased by (270)bps at CER (AER:
(270)bps to 36.3%; FY23: 39.0%). This
is largely due to increased commodity
costs and a weaker USD, offset in part
by the favourable market mix noted
above. Looking ahead, currency and
commodity cost volatility is expected
to continue to impact gross margins.
Although where possible, the Group
will work to manage this via appropriate
hedging and pricing strategies. The
introduction of the new Low-Cost
control will increase the Group’s access
to the low margin China market. Whilst
this is expected to drive revenue growth
as volumes recover, it will also have a
dilutive impact on average divisional
gross margins going forward.
Billi continues to report the highest
adjusted gross margin in the Group,
staying broadly in line with the prior
year at 46.5% at CER (AER: 46.6%;
FY23: 46.9%). Looking ahead, the Group
expects adjusted gross margin to
remain at this elevated level, supported
by the high underlying growth and lower
price sensitivity of end markets.
The Consumer Goods division reported
a more marked decrease in adjusted
gross margin of (490)bps to 27.7% at
CER (AER: (500)bps to 27.6%; FY23:
32.6%), to end the year more in line
with HY24 where the division reported
adjusted gross margins of 29.6%.
The main reason for the H224 vs H124
reduction is the start of appliance
manufacturing for a key OEM in the
baby formula sector. This new revenue
stream is relatively lower margin than
other routes to market, however this
is offset by the much higher quality
customer engagement and retention
opportunities it provides. Looking
ahead, as Strix continues to build on its
appliance manufacturing volumes with
new products already in the pipeline, the
Group expects adjusted gross margins
to remain broadly consistent with FY24.
Adjusted net overhead and distribution
costs ran ahead of the prior year at
£27.4m at CER (AER: £26.9m; FY23:
£25.2m) largely as the result of ongoing
investments to support return of
Billi’s double digit growth in Q4 which
is expected to continue in FY25, as
well as key strategic hires at a Group
level into the commercial, finance and
operational teams.
Reflecting the above, adjusted
operating profit at CER has reduced
by (15.1)% at £27.6m (AER:(15.6)% to
27.5m; FY23: £32.5m) and adjusted
PBT by (16.3)% to £18.7m (AER: (17.1)%
to £18.5m; FY23: £22.3m). Reported
operating profit reduced by (50.8)%
to £13.9m (FY23: £28.3m) and reported
profit before tax reduced by (72.6)% to
£5.0m (FY23: £18.1m).
Net finance costs
Net finance costs decreased compared
to the prior year to £9.0m (FY23:
£10.2m) predominantly due to the
reduction in average gross debt. This
decrease is in part due to the strong
cash generation and conservation
actions taken by the Group and the
£8.4m net proceeds from the reverse
equity placing in June 2024, in addition
to the maintenance of a more efficient
cash holding position.
The maintenance of lower net debt
leverage of <2.0x in the second half of
the year has also brought the Group
into a reduced interest rate ratchet.
This has decreased the interest margin
on the Group’s facilities by (50)bps to
2.35% when compared to FY23.

Strix Group Plc Annual Report and Accounts 2024
23
Adjusting items from
continuing operations
As previously announced, the
restructuring and rebasing of the
business has continued in FY24 to
allow Strix to build strong foundations
to support the Group’s medium-term
growth opportunities.
A key part of this process has been the
ongoing commercial review of product
lines/groups (predominantly within
the Consumer Goods division) with
the intention of providing the business
with the flexibility to selectively invest
time and resources in those projects
with higher returns. As a result of this
process, the Group has approved
the cessation of a number of product
lines/groups and associated capital
development projects, which has
resulted in the write-off/impairments
of certain items on the balance sheet
including capital development assets,
stock and some licensing debtors.
As a result of these activities, the Group
has reported non-recurring adjusting
items of £11.9m for the year (FY23:
£2.6m) (see note 6(b)) in continuing
operations.
The largest element of these costs relates
to write-off/impairments in the Consumer
Goods division of £6.4m, including tooling/
intangibles, inventories and licensing
agreements associated with product
lines/groups where the Group does not
intend to place further commercial focus
or allocate resources. These decisions
have been made based on the level of
additional investment in both time and
resources required to ensure specific
product lines/groups can be successfully
marketed, including the provision of
suitable marketing and promotional
strategies, versus the expected timing
and profitability of that product line/
group. Included above, personnel costs
relating to the restructuring of the
Consumer Goods division, have also been
incurred.
Non-recurring adjusting items have
been recognised in the Controls division
of £1.5m. Certain Controls capital
expenditure projects were deferred to
allow the business to retain additional cash
within the Group and reduce net debt
levels. This timing change has resulted
in the £0.9m impairment of specific
fixed-term licensing debtors that related
to this technology. Restructuring costs
related to the announced part-closure of
the Group’s Ramsey manufacturing site
totalled £0.6m (FY23: £0.3m).
Central restructuring costs of £0.6m
(FY23: £nil) relate to personnel changes.
The £3.3m of settlements relate
predominantly to a £2.2m commercial
settlement with one of the Group’s
key OEM customers. As this is a non-
recurring and material amount, it has
been presented as an adjusting item in
the FY24 income statement. The other
£1.1m largely relates to a final settlement
agreement with all parties to the LAICA
acquisition, regarding the transfer of a
Taiwanese property.
Discontinued operations
Following a comprehensive review of
the Group’s business unit HaloSource
(part of the previously named PFS
division), it was concluded that the
Group would look to dispose of this
business on the open market. As an
industrial farming filtration product,
the HaloSource technology did not fit
well with the rest of the Group’s focus
on smaller scale domestic filtration
products. The business had been
loss making since acquisition and was
forecasting to continue to be for the
medium term, whilst requiring additional
investment to support ongoing growth.
The business was sold for a nominal
value (on 30 November 2024) which
led to HaloSource being disclosed as a
Discontinued Operation for the Group.
This resulted in a total loss on disposal
(including impairments) of £2.8m to
reflect the minimal NRV on disposal.
Cash flow
The Group has maintained consistently
high operating cash generation, with
a strong adjusted operating cash
conversion ratio of 114.0% in the current
period (FY23: 104.9%).
Ongoing improvements in working
capital management have reduced net
working capital by £4.4m in the year.
Reflecting the Group’s success in this
area, working capital as a percentage
of sales has reduced significantly to
10.7% (FY23: 16.7%). Measured and
careful monitoring of organic capital
expenditure has allowed the business to
maintain reduced investment outflows
of £8.2m (FY24) vs £8.0m (FY23).
Net proceeds from the reverse equity
placing generated £8.4m of cash
in the first half of the year, allowing
the part repayment of the Group’s
RCF. Additional repayments have
subsequently been made in the second
half of the year, leaving the Group with
access to £10.5m of unutilised RCF
facilities as at 31 December 2024 (FY23:
£nil), providing greater security and
flexibility of funding.
Net debt and capital allocation
Prioritising cash generation and net
debt reduction remains a key focus for
the Group. As a result of that focus, and
reflecting all the successes discussed
above, the Group saw a marked
decrease in its net debt position of
£20.0m to £63.7m (FY23: £83.7m).
Net debt leverage reduced significantly
in the period to 1.87x (FY23: 2.19x),
providing substantial headroom against
a covenant of 2.75x. The Group continues
to prioritise cash retention and net debt
leverage reduction in the short term in
line with its capital allocation framework.
As a result of this process, a target of
initially reducing net debt leverage to
1.5x has been put in place, after which
leverage appetite will remain at between
1.0x to 2.0x for the medium term.
The Group has continued to work
proactively with its banking partners to
enhance flexibility and security of funds
within the existing agreement. Step one
of that process was the March 2024
normalisation of the Group’s net debt
leverage covenant to 2.75x for the duration
of the remaining facility (previously: 2.25x).
This was followed up by the approval of
a one-year extension for the full £80.0m
of RCF facility on 11 September 2024,
providing the Group with funding security
extending to 25 October 2026.
Looking ahead, the Group intends to
initiate a full competitive refinancing
process in the coming months to
provide appropriate, cost effective and
flexible funding to support the Group’s
medium-term investment driven growth
aspirations.
Prior year restatement
The FY23 comparatives have been
restated within these financial
statements to correct a historic
technical accounting error with the
translation of goodwill, acquired
intangibles and deferred tax liabilities
for its subsidiaries Billi Australia and Billi
New Zealand, see note 29. Correction of
this, has had no impact on the Group’s
consolidated income statement,
consolidated statement of cash flows, its
banking covenant or its prior year KPIs.
Clare Foster
Chief Financial Officer
29 April 2025
Chief Financial Officer’s Statement continued

24
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Financial statements

Strix Group Plc Annual Report and Accounts 2024
25
KPIs
Financial and non-financial Key Performance Indicators (“KPIs”)
are used to track and measure Strix’s progress over time.
Financial
Strategic
Sustainability
Adjusted revenue1 2
£145.7m
Billi growth rate
7.0%
FY23
FY24
c. 50%
c. 50%
Undergoing integration
FY24
7.0%
Accident frequency
rate in lost time
per 200,000 hours
0.21
FY23
FY24
0.21
0.89
Adjusted EBITDA margin 1 2 3
24.5%
FY23
FY24
24.5%
27.6%
Energy intensity
MWh / £M
111
FY23
FY24
111
103
Operating cash
conversion 1 3 4
114.0%
FY23
FY24
114.0%
104.9%
R&D expenditure
as a % of revenue
3.0%
4.9%
Revenue growth
from key Consumer
Goods OEMs
FY23
FY24
3.0%
3.1%
FY23
FY24
4.9%
7.9%
Return on capital
employed1
21.7%
FY23
FY24
21.7%
22.3%
in 2024 at CER
Share of the global
kettle controls market
by value
c. 50%
Gender
diversity:
Women in
senior
management
27%
FY23
FY24
27%
27%
Women in
Strix Group
59%
FY23
FY24
59%
51%
1 Adjusted results from continuing operations exclude adjusting items, see note 6(b) and results from discontinued operations see note 28.
2 “CER” being Constant Exchange Rate, is calculated by translating the FY24 figures by the average FY23 exchange rate, and “AER” being Actual Exchange Rate.
3 EBITDA, which is defined as earnings before finance costs, tax, depreciation and amortisation, is a non-GAAP metric used by management and is not an IFRS disclosure.
4 Cash generated from operations as a percentage of adjusted EBITDA.
FY23
FY24
£145.7m
£143.8m

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Financial statements
Definition
Progress
Value of items sold during the year by the Group.
Net cash generated from operating activities is a measure
of the cash generated by the Group’s operating activities,
excluding the cash impacts of longer-term financing and
investing activities.
Adjusted EBITDA margin highlights the underlying
operational performance of the Group excluding the impact
of adjusting items, net finance costs, and depreciation and
amortisation.
Return on capital employed measures how efficiently a
company can generate profits from its capital employed by
comparing net adjusted operating profit to capital employed.
Growth in the value of items sold during the year within the
Billi division.
Maintaining market share provides the foundation for
the Group’s ongoing business resilience. Market share is
calculated as the Group’s global Controls revenues as
a percentage of the total global Controls market.
The total Scope 1 & 2 energy consumption divided by the
Group revenue.
Total R&D expenditure (including capitalised costs) as
a percentage of reported revenue, which supports the
Group’s investment in future technologies and products.
Increasing trading with key OEM customers is a key strategic
driver of the Consumer Goods division. Growth is calculated
as total key OEM revenue (excluding promotion activities) in
the current year over equivalent revenues in the prior year.
This refers to the total number of accidents recorded that
resulted in employees missing work due to injury.
This refers to the number of women in senior management
roles expressed as a percentage of all senior management
level employees.
This refers to the number of women working across the
Group expressed as a percentage of total employees.
The overall increase in revenues is attributable to the ongoing organic
growth journey of the Billi division. This has been offset by reductions in
the Consumer Goods division as a result of the planned restructuring and
commercial review process undertaken in the year.
In line with previous years, the Group has maintained consistently high
operating cash generation. This has been helped by strong working capital
management, leading to further decreases in net working capital compared
to the prior year.
The Group’s adjusted EBITDA margin remains strong at 24.5% (FY23: 27.6%)
reflecting the robust underlying profitability of the Group. The (310 bps)
reduction largely reflects a reduced gross margin, as the result of commodity
and FX headwinds in the Controls division and the planned restructuring and
introduction of appliance manufacturing in the Consumer Goods division.
In line with previous years, this remains very high reflecting the Group’s
ongoing efficient use of capital.
Billi has continued its successful history of growth, achieving 7.0% growth
despite a short delay in the introduction of new products to Q424. Billi
returned to double-digit growth in the last quarter, which it expects to
maintain into FY25.
The Group remains global market leader in this key market.
Increase is in-line with expectation given the increase in volume and the
expansion of the Chinese facility.
R&D spend within expected spend of 3.0% - 5.0% of revenue in line with the
medium-term goals to support long-term growth aspirations.
Following restructuring, the Group rationalised the division’s product lines,
which will allow the Group to focus on revenue growth with key OEMs.
The Group recorded the lowest level of lost time accidents since 2020.
In-line with previous years reflecting effective retention practices across
the Group.
Improving trend driven by the Chinese facility reflecting the number of
benefits offered.

Strix Group Plc Annual Report and Accounts 2024
27
Capital Allocation Framework
The Board’s aim is to maximise long-term shareholder value creation.
Strix’s Capital Allocation Framework (the “Framework”) is
designed to meet this aim by prioritising the investment of
free cash into long-term, high-value growth initiatives.
As well as addressing the organic and acquisition investment
needs of the business, the Framework considers returns and
rewards, whilst maintaining an appropriate capital structure.
The Board uses return on investment as the metric to assess
investment proposals, looking for returns in excess of the
Group’s return on capital employed (“ROCE”), with ROCE for
FY24 being 21.7% . When assessing proposals, qualitative as
well as quantitative factors will be considered. The Framework
is reviewed annually as part of the budget process.
Organic
growth
strategy
Acquisition
growth
strategy
Returns
and
rewards
Capital
structure
To maintain its market leading position and meet customer demands, Strix needs
to regularly invest in new technologies, new products and in its production lines.
Acquisitions continue to form a core part of the Group’s growth strategy, within
the Board’s leverage risk appetite of 1.0-2.0x. This is demonstrated in recent
history by the successful integrations of LAICA (FY20) and Billi (FY22).
The Board understands the role dividends play as part of total shareholder return,
and since IPO has been committed to a progressive dividend policy. In FY23,
the Board resolved to temporarily pause dividend payments to prioritise debt
reduction and cash flow generation.
The Group currently has access to two banking facilities:
• Revolving credit facility of £80m, available until October 2026 (FY24 headroom: £10.5m).
• Term loan until November 2025 (FY24 loan position: £10.6m).
A competitive refinance is planned for 2025 to secure the right facilities to support the
Board’s medium-term strategic aims.
Leverage appetite continues to be in the range of 1.0-2.0x, with an initial target of 1.5x.

28
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Financial statements
75-85%
Operational cash
conversion target:
of underlying
adjusted EBITDA
FY24 application:
During the year, the Group spent £8.2m on capital expenditure, representing
23.0% of underlying adjusted EBITDA. These specific, focused investments
in new technology and ongoing capitalised development costs provide a
foundation for growth in the medium term.
There has also been significant investment in the senior management team,
most notably the Billi leadership, commercial and business development and
treasury teams.
FY24 application:
There were no acquisitions in FY24, as the current focus is on debt reduction.
FY24 application:
A final dividend of 1.28p per share is planned to be reinstated with payment
to take place in December 2025 alongside the FY25 interim dividend. This
represents a total distribution of £2.9m, accounting for two-thirds of
30% of adjusted profit after tax for FY24. A resolution to seek approval for
the FY24 final dividend payment will be sought in a general meeting to be
scheduled in Q425
FY24 application:
The Group has successfully completed a number of actions during the year
to strengthen the balance sheet, for further details please see the CFO
report on pages 21-23.
At year end, net debt was significantly reduced to £63.7m (FY23: £83.7m)
and leverage was 1.87x (FY23: 2.19x).
1.0-2.0x
Ongoing leverage
risk appetite:
30%
Target dividend payout:
of adjusted profit after tax
1.5x
Initial target leverage of:

29
Strix Group Plc Annual Report and Accounts 2024
29
Responsible Business
“2024 saw another year of solid progress along Strix’s sustainability journey. We
continued our ‘best-in-class’ emissions with all operations now carbon neutral. We made
good progress in a number of areas such as health and safety but faced challenges
in others such as energy usage, as the new Z series control prepares to enter mass
production. A combination of measurement, analysis and a drive for continuous
improvement from all our colleagues provide the bedrock to our sustainability strategy.”
Mark Bartlett, CEO
Sustainability strategy
Sustainability has always been at the core of Strix’s purpose
driven strategy for growth. Like any business, the customer
comes first and has therefore been at the heart of the Group’s
sustainability roadmap, ensuring safety, reflecting the issues
with proximity of electricity and water, to energy reduction
through to lifestyle improvements particularly through the
expansion of LAICA and Billi. Strix’s shareholders, as providers
of capital, and colleagues, as the workhorse and dynamism of
the Group, are key assets. However, the Group operates in an
increasingly interconnected world, hence communities and
suppliers provide clear and important elements to the
eco-system in which Strix operates. Similarly, the regulatory
bodies are not just stakeholders but key to the ethical
operating environment within which the Group operates.
The Group’s strategy starts with the appreciation of all its
stakeholders. This is an interactive exchange through dialogue
and relationships, many fostered over a long period of time.
Strix looks to understand the various requirements of each
stakeholder group and develop a range of interactions with
each party. It also looks to consider each stakeholder in
context. The environment and nature may not have a voice as
such, but Strix interacts with and has impact on them, every
day. The Group’s focus has historically been on its emissions
profile, but it is increasingly looking at the full environmental
impact of its activities in alignment with key stakeholders.
Strix’s sustainability strategy is built around a Planet - People
- Purpose philosophy. To bring this closer to an operational
level these have been grouped into more transactional
focused pillars which are aligned to both the UN’s SDGs and
also Strix’s sustainability KPIs. The Group’s intention is to
ensure that this strategy is fully embedded into activities at
all levels. Strix’s manufacturing philosophy for continuous
improvement relates equally to its sustainability agenda
including stretched KPI targets.
Shareholders
As the ultimate owners
of the business to
ensure positive and
timely communication
and accountability.
Customers
Deliver high quality
products, offering
‘best-in-class’ performance.
Continually developing
products to improve their
experience.
Colleagues
Strix’s greatest asset which
it looks to nurture through
meaningful employment and
develop through investment
in training and career
opportunities.
Regulatory bodies
Work with regulatory
bodies to develop
standards to promote
consumer safety.
Incorporate requisite
regulations within the
Strix operating model.
Suppliers
Develop and audit Strix’s
supply chain, building a
cohesive and mutually
beneficial relationship
including assisting in
development of its supplier’s
sustainability credentials.
Communities
Engage with the local
communities in which
Strix operates to foster
relationships and enhance
their wellbeing and
environment.

30
Strategic report
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Financial statements
ESG: KPIs
Strix uses a range of KPIs aligned to its UN SDG goals to promote and monitor progress.
The Group sets ambitious targets as it looks to excel with best-in-class performance
as highlighted by its drive to carbon neutral operations which was achieved across the
Group in 2024, including Billi for the first time. Strix’s goals are based on continuous
improvement and medium-term trends cognisant that the business environment can
provide short-term hurdles to overcome.
KPI
Measurement
Unit
2022
2023
2024
Target
Progress
Climate
emissions
Scope 1 & 2
(absolute)
tCO2e
6,298
692
420
Net zero
Scope 1 & 2
emissions
(significantly
ahead of the
Paris 1.5°C
requirement)
Over 95.0% reduction in emissions
with Billi also carbon neutral in 2024.
Continue to focus on the Group’s
‘hard to remove’ emissions with
29.0% reduction in Scope 1 in 2024.
The outstanding emissions are
offset with certified carbon credits.
Scope 1 & 2
(intensity)
tCO2e/£m
60.5
4.8
2.9
Energy
Energy used
MWh
14,052
14,883
15,930
Electricity
generated
MWh
1,193
1,291
1,318
Energy
intensity
MWh/£m
135
103
111
3.0%
intensity
reduction
Increased energy use from
expanding capacity in China but
remained stable on a per piece basis.
Energy
intensity
kWh/unit of
production
(k)
11.6
11.9
11.9
Waste &
recycling
Waste
generated
t
1,301
1,339
1,382
Waste
intensity
t/£m
12.5
9.3
9.6
3.0%
intensity
reduction
Reclassification of reworked to
waste in China.
Recycled
waste
%
94.1
95.0
97.2
Recycling rates at an all-time high.
Clean
water and
sanitation
Water
consumption
m3
34,600
31,780
41,830
Increased due to new water
meter and measurement system
installation in China. Intensity per
piece still trending positively.
Water
intensity
m3/£m
333
220
291
Health &
safety
Lost time rate
per
200,000
hours
0.22
0.89
0.21
Target zero
accidents
Lowest rate since 2020.
Gender
equality
Women
in senior
management
%
27
27
27
Further
embed
diversity
thinking
Record levels maintained.
Women in the
organisation
%
49
51
59
Innovation
R&D/sales
%
4.7
3.1
3
Continued positive investment
alongside manufacturing capital
investment to improve internal
processes.

Strix Group Plc Annual Report and Accounts 2024
31
ESG: Planet
Strix’s goal is to minimise the use of the world’s natural resources.
Internally this is achieved through a combination of design and
manufacturing to ensure products utilise the least resources, are
efficiently produced and increasingly conform to the circular economy.
Emissions
All of the Group’s primary operations were carbon neutral
in the year, including Billi for the first time. A combination of
internal solar generation and certified renewable energy has
removed all of Strix’s Scope 2 emissions. Scope 1 emissions
decreased by 29.0% due to investment in more efficient
boilers and the relocation of press parts production from
Ramsey to China in the middle of the year. The remaining
hard to abate emissions were offset through certified carbon
credits. The extent of the Group’s actions is perhaps best
highlighted by its market based emissions, a true reflection
of Strix’s actual emissions, being over 95.0% lower than
calculated on the more generic location based approach.
The Group’s Scope 3 is dominated by Category 11 ‘in-use’
emissions relating to the energy required to boil water,
accounting for approximately 95.0% of these emissions.
Whilst governments have made commitments to decarbonise
their grids, progress is mixed. For instance, UK Government
factors from DEFRA were unchanged between 2023 and 2024.
In this scenario it is somewhat difficult to grow production
and deliveries without Strix’s Scope 3 emissions increasing.
Nevertheless, the Group continues to work on a range of
initiatives, in particular its supply chain as the second largest
source and to maintain business travel below pre COVID levels
despite the inclusion of Billi, based in Australia. With Scope
1&2 emissions progress reducing, Scope 3 is clearly key to the
Group’s goal to be net zero by 2050 and is driving its transition
pathway plans.
Strix submitted to the Carbon Disclosure Project (“CDP”) again
in 2024 and received B rating compared to a C rating in 2023.
Energy
Energy consumption for the Group increased by 7.0% to
15,930 MWh. This was due to expansion of the Chinese
facility and an associated 10.3% increase in energy usage at
the major facility which far outweighed a reduction of 8.6%
seen elsewhere. This reflects an increase in volume along
with the build-out and commissioning of the fourth floor of
the building for appliance manufacturing and the relocation
from the Isle of Man to China in the middle of the year. Energy
intensity increased 7.4% in revenue terms (MWh/£m) due
primarily to currency translation and mix. This is behind Strix’s
3.0% annual intensity reduction target albeit, the Group
remains significantly ahead of this over the last three years.
Intensity per piece manufactured, was flat on the year. A
range of projects were enacted in the year to reduce energy
consumption with an expected annual benefit of around 2.0%.
Energy usage will be a key focus through 2025.
Strix’s on-site solar installations generated 1,318MWh of
electricity, a 2.1% increase. This accounted for 9.0% of total
Group power consumption down slightly on the 9.6% of the
previous year reflecting higher overall energy consumption
with no further solar capacity added in the period.

32
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Water & waste
Reported water consumption increased by 31.6% in the
year. This was entirely due to the increase in consumption in
China reflecting the installation of a new meter at the facility.
The overall consumption is still below 2021 levels despite the
addition of Billi to the Group. None of Strix’s facilities are in
water distressed regions.
Waste reduces efficiency and brings associated cost. As it
strives to do more with less, eliminating waste is a key element
of Strix ethos. Waste increased in the year due to a new
reporting system in China reflecting metal scrap. Given that
China is the main manufacturing facility this led to an increase
in the Group’s overall scrap level and scrap rate despite
improvements at the other facilities. Focus also remains
on recycling which improved in the year from 95% to 97.2%
with waste sent to landfill declining 21.0%, assisted by lack of
an obsolete stock issue which impacted the previous year.
Clearly landfill is sub-optimal given the drive towards a circular
economy and the increasing cost of such disposal.

Improvement programmes
Continuous improvement is a key philosophy across Strix
to retain its world leading positions. The largest single
programme in the year involved the relocation of presswork
from Ramsey, Isle of Man, to China. This brings clear logistics
benefits and sustainability benefits from the reduced
transportation of components across the globe. However,
such actions bring consequences, and Strix has worked hard
at mitigating the inevitable social impact on its dedicated
workforce. Equally important are the large number of smaller
initiatives enacted in the year. This is highlighted by a range
of projects undertaken in China. Projects enacted in the year
are expected to deliver annual savings of over 290kWh of
electricity and 7.0t of materials.

Strix Group Plc Annual Report and Accounts 2024
33
ESG: People
Strix’s employees and its communities are key to the Group’s
ecosystem. They are the most important and influential asset
demanding full attention and investment in their wellbeing and
development.
Health & safety
The safety of all Strix employees continues to be a top priority.
As a manufacturing business Strix operates within a higher
risk environment, even as a small parts manufacturer and
assembler with few high-risk processes. Hence, health & safety
is a key KPI and an agenda item at all operations boards. Training
remains a priority to promote best practices including holding
awareness days over the year. Most importantly, all facilities are
now ISO45001 Health & Safety accredited, ensuring the latest
best practices are embedded across the Group’s operating
procedures as it strives for the ultimate goal of zero incidents.
In 2024 the number of reported accidents reduced from 14 to 11,
a 21.0% improvement, with LAICA the stand-out facility reporting
zero incidents in the period. Within the Group’s key measures,
lost time incident rate improved whilst lost time rate and severity
of incident rate both recorded the lowest level since 2020 which
arguably benefitted from COVID restrictions.
Staff turnover
Group employee turnover increased in 2024 albeit remaining
below 2022 levels. China provides the greatest impact as the
facility employs around two thirds of Group total headcount. China
turnover rates tend to be high reflecting the local working practices
with the shop floor in particular utilising more transitory workers,
often moving employer when there are staff shortages in the region
or leaving for longer periods back home before returning to the
region for re-employment. Strix offers a range of packages including
high quality off-site accommodation, transport to the site, staff
canteen, annual occupational health checks and medical insurance.
The Group also aims to provide a career path through training and
job progression opportunities. Indeed, turnover in the supervisory
levels upwards is significantly lower than the shop floor. Strix also
provides work injury insurance. Strix’s end customers are often well
known western brands, increasingly cognisant of potential labour
issues in their supply chain and hence regularly audit the Group’s
working conditions and practices. Turnover was also impacted by
restructuring, in particular at the Ramsey facility with the closure of
certain press lines which were moved to China.
Inclusivity & diversity
Strix is a truly international company, a theme which has
been enhanced through the acquisition of LAICA in Italy and
Billi in Australia. The strategy is to employ local and think
global. Therefore, where possible, the Group’s associates and
management are recruited from the local talent pool with the
potential through training and career development programmes to
further their career within the Group.
The proportion of women in the workforce increased towards
the long-term norm of approximately 60%. Predominantly this
reflects the make-up of the Chinese facility where much of the
assembly operations, involving precision work on increasingly
small component sets requires particular dexterity to ensure high
degree of accuracy. The Group’s women in management profile
has increased from 20% to 27% since 2019 whilst Strix’s Board
composition remained stable with 20% women.
Employee welfare
Strix operates a range of benefits in-line with local practises
to ensure best-in-class support for all colleagues across the
Group. A particular focus over the last twelve months has been
on mental health.
In the Isle of Man, the first two mental health focused first
aiders were trained and qualified. Their role is to provide
employees with support on mental health related topics. They
are also advocates for discussing mental health challenges in
a positive light. Billi celebrated R U OK? Day as part of a national
mental health initiative rollout across all corporate offices in
Australia. R U OK? is a national suicide prevention charity that
encourages people to stay connected and have conversations
that can help others through difficult times. The Group’s
programmes extend beyond the workplace. As part of National
Safe Work Month 2024, Billi held informative and resourceful
training programmes on how to advise, manage and safeguard
family members at home.
Internal events and interaction are also seen as a key element
to the health and mental wellbeing of the Group’s associates.
Strix’s large Chinese facilities host a number of events
throughout the year. Two of the more high profile activities
were; the 2024 “Workers Union Cup” Badminton Competition
held in June. This brings together employees fostering greater
interaction on a daily basis and promotes exercise and fitness,
key for the wellbeing of all of the Group’s employees. The
second, an annual travel event for office staff in November, a
weekend at the historic Tianlu Mountain Resort offering families
de-stress and quality time. This annual event has become a
tradition. It provides a welcome break for families and boosts
social and mental health.

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Social & community interaction
Strix supports a range of community projects through the year
organised by the individual facilities and management teams.
These provide benefits not just to the community but also a
positive mental benefit to all volunteers. A group of volunteers
took part in a “Plantation Clean” alongside local charity Beach
Buddies from the Isle of Man aimed at raising awareness that
90.0% of rubbish starts inland before finding its way into the
seas as well as assisting in clean up. LAICA supported the ‘La
Marcia con Gusto’ sporting event with 1,500 myLAICA filter
flasks sponsorship and event organisation volunteers. Not only
supporting local activity to promote wellbeing but replacing
disposable water bottles with LAICA re-useable flasks. In addition,
employees organised an array of fundraising and awareness
days including: MacMillan, Wishing Tree, Downs Syndrome
awareness day wearing odd socks and breast cancer research.
Biodiversity
Strix’s position as a leading business in the Isle of Man
increases its responsibility to positively impact the UNESCO
world biosphere designated island. Strix continues to use the
outside space surrounding its facilities as a platform to assist
biodiversity. The Group’s Isle of Man HQ wilding and garden
programme continues to expand. 2024 has seen the return of
wild flower gardens and sunflower areas as well as some new
additions to the grounds. These truly support biodiversity
including Strix’s bee hives as well as assisting everyone’s mental
wellbeing. Strix also installed a recycled greenhouse and gave
it a new lease of life on its site to aid the germination of plants.
This has been complemented with Intermediate Bulk Containers
to collect rain water to lower the Group’s use of mains supplied
water. Strix also created a dedicated area for its recycling
making it easier for not only the Group’s suppliers but staff also.
Elsewhere LAICA has redeveloped external areas of its site to
assist in both health and safety, aesthetics and environment.
Young people development
Young talent provides the engineering brains and know how
for Strix and other companies to continue to innovate and
develop. Hence Strix looks to promote education within the
communities within which it operates.
Isle of Man
Strix is involved in a number of organisations and events on
the Isle of Man aimed at educating children in areas such
as science and engineering whilst offering guidance and
opportunities for future career development. In particular
Strix is a lead member of Awareness of Careers in Engineering
which promotes STEM subjects in the classroom and looks
to assist with career progression including working with the
University College of the Isle of Man. Initiatives range from
supporting school activities for primary level upwards, site
visits from interested groups, assisting with career choice
and supporting overseas trips to other universities and
engineering organisations.
China child education sponsorship scheme
As part of Strix’s community outreach programme in China,
Strix China has undertaken to sponsor two underprivileged
children through their school education, assisting with
uniform, books and, where applicable, fees. This scheme is
expected to extend long-term with the potential to develop
further over time. It is aligned with the Group’s social goals,
the view that knowledge is transformational and the UN
Sustainable Goal 4 – ensure inclusive and equitable quality
education and promote lifelong learning opportunities for
all. This is a long-term programme demonstrating Strix’s
commitment to the local community and is aligned with the
Group’s operational strategy to be an integral part of the
fabric within China.

Strix Group Plc Annual Report and Accounts 2024
35
ESG: Purpose
Being a trusted, forward thinking and respected business of choice
by delivering long-term social value to all of Strix’s stakeholders.
New product development
Investment into new products is the lifeblood of Strix. Sustainability is embedded into the Group’s new product roadmap, not
just because it is part of Strix’s ethos but also due to the opportunities being seen in the changing end markets. The absolute
level of R&D spend was maintained despite continued challenging end markets to ensure positive future growth. Less apparent
from the headline figures is the internal investment in the new Z series switch as it enters commercialisation or the increased
level of co-development with the Group’s western branded partners as they look for innovative new products and solutions.
Z series product developments
The Z series is a smaller footprint three
pole heating control which is preparing
for mass production to be ready toward
the end of May 2025. The reduced size
enables the switch to be used in both
traditional kettles and emerging water
heating categories such as travelling
kettles. The new switch is protected
with nine control patents and four
appliance patents. In the year, work
on the new production line moved on
at pace. The technology offers the
benefit of more accurate switch-off,
saving energy, but the key benefit
comes from the reduced size of the
component, thereby reducing the level
of materials required. There are to be
multiple variants of this new technology
product with an average material
reduction of 45.0% when compared
against U18/P72. New products
under development utilising the new
switches include a 4A traveling kettle
and a Turkish coffee machine. This
reduction will also offer benefits and
opportunities for customers to develop
more sustainable new products. They
will be able to design kettles with a
smaller physical footprint and more
accurate switch-off times.
U18 family
U9 family
Z series
60
50
40
30
20
10
0
1996
2017
2024
Unit weight (g)
Unit weight (g)
Unit weight (g)

36
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Financial statements
Billi: A focus on the environment
Filtration systems
In the year Billi produced its 500,000th filter
cartridge in association with long-time partner
BWT. The filters are an integral part of the Billi
water delivery system removing particles down
to 0.2 microns in size enabling the removal
of sediment, chlorine, odour, parasitic cysts
including cryptosporidium & giardia and lead.
With a capacity of 30,000 litres throughput
per filter this equates to 1.5bn litres of water
filter capacity, equivalent to 6,000 Olympic
sized swimming pools. This is positive for both
human health and reduction in the use of
single use plastic bottles.
All these credentials are supported by Billi
being certified by Global GreenTag, a globally
trusted certification standard recognised
in over 70 countries including Australia, New
Zealand, Africa and South-East Asia and
compliant with other major international
standards such as ISO. This includes the
LCARate Program, internationally recognised
standard to assess compliance with the
circular economy.
Zero impact refrigerants
Billi uses natural gas refrigerant (R290), which has no
ozone depletion potential and a negligible direct global
warming potential (“GWP”). R290 has a GWP of 3 according
to the Australian Department of Climate Change, Energy,
the Environment and Water, meaning it has 99.7% less
impact on global warming. In addition, R290 exhibits
exceptional thermodynamic characteristics, enhancing heat
transfer efficiency and expediting cooling processes. As a
consequence, the Billi R290-powered systems require less
energy for temperature control, thereby reducing the energy
usage and operating costs.
Efficient heat exchangers
Billi’s dual technology incorporates the energy efficiency
and heat transfer benefits of water cooling, with the water
efficient heat exchange technology. Water is a more effective
conductor of heat than air and keeps the system running at
a more consistent and efficient operating temperature. The
heat exchange technology ensures waste heat is exchanged
within the system to generate a viable source of heating
energy. This in turn saves energy costs, reduces the user’s
carbon footprint and reduces the overall size and material
requirements in comparison to competitor systems.

Strix Group Plc Annual Report and Accounts 2024
37
ESG: Purpose continued
Corporate governance
The Board is committed to effective
corporate governance and adhering to the
highest standards, often applying policies
over and above those required by the AIM
market or the Isle of Man where Strix is
domiciled. Strix applies the principles of
the Quoted Companies Alliance Corporate
Governance Code (the “QCA Code”)
as the Board believes that adherence
to the QCA Code provides a strong
foundation for delivering shareholder
value and serves to mitigate and minimise
risks. Strix is currently working towards
adoption and compliance of the new IFRS
sustainability standards S1/S2 from 2026,
albeit the timing and application remains
somewhat unclear and the European
CSRD legislation which the Group expects
to comply with in due course.
AGM
The average vote in favour of the
resolutions at the AGM declined from
96.8% to 91.8%. This was primarily due
to Resolution 5, the re-election of Mark
Kirkland as a Non-Executive Director, a
position held since the IPO in 2017, which
received 63.0% of votes cast in favour.
The Board is actively engaged with
shareholders to understand concerns
such as the remuneration report in 2022,
subsequently receiving over 98.0% of
votes in favour in 2024. Sustainability is
a key element within executive director
remuneration, in line with the TCFD
requirement. 15.0% of the Long-Term
Incentive Plan (“LTIP”) award is based on a
reduction in Group energy intensity over
the three-year period of at least 5.0%
per annum, ahead of the Group’s stated
targets of 3.0%.
Governance
Strix’s culture is to set the highest
standards in all that it does. The Group
sees this as important from both a
commercial and ethical standpoint and
espouses these values throughout the
organisation. The Group’s policies include:
• Anti-Bribery and Corruption:
Zero-tolerance

Outlined in the Group’s Anti-Bribery and
Corruption Policy Statement is Strix’s
commitment to conducting business
in an ethical and honest manner, also
implementing and enforcing systems
that ensure bribery is prevented. The
Group recognises that it has a duty to
implement this policy and all employees
(whether temporary, fixed-term or
permanent, officers, directors or
trustees), consultants, trainees, agency
staff, sponsors or any other person or
persons associated with the Group
(including third parties), no matter
where they are located, are expected to
comply with it.
• Anti-harassment and bullying: A
pleasant place to stay

Harassment or victimisation on the
grounds of age, disability, gender
reassignment, marriage and civil
partnership, pregnancy or maternity,
race, religion or belief, sex or sexual
orientation is unacceptable in any
circumstances. Harassment can
take many forms ranging from
tasteless jokes to abusive remarks,
from pestering for sexual favours to
threatening behaviour and actual
physical abuse, including bullying
behaviour. The Group operates a zero
tolerance stance in respect of all forms
of harassment and seeks to ensure that
the working environment is suitable for
all its employees.
• Anti slavery and human trafficking:
Free choice and fair compensation

Strix despises and fights any activity
linked to slavery and human trafficking.
Strix and any Covered Person shall
not knowingly hire any forced labour
or make any person work against their
own will and will ensure all such persons
or employees are fairly compensated
for their time and effort freely put forth.
• Whistleblowing

Should any of Strix’s employees meet
issues concerning breaches of the
law, serious misconduct to another
person, health and safety or financial
malpractice, the Group-wide Policy
provides them with guidelines as to
actions that they may take to raise
such issues.
ISO accreditations
Accreditations form an integral part of
Strix’s ethos for the highest standards
and continuous improvement. They
provide a platform, particularly important
when supplying premium brands, and
a framework for further enhancement.
Hence the Group’s drive for all sites to
achieve accreditation in the key quality,
environmental management and health and
safety standards. Since joining Strix, Billi
has embraced this philosophy, achieving
ISO9001 accreditation in 2023 followed by
both ISO14001 and ISO45001 in 2024.
Strix operations now have a full suite
of relevant ISO with the exception
of ISO50001 energy management.
Management intends 2025 to be a year of
energy improvement, arguably the next
stage having already achieved carbon
neutral operations. This will include a
review of ISO50001 adoption across the
Group which will assist in the drive to
reduce overall energy consumption.
ISO
9001
14001
45001
50001
13485
17025
Quality systems
Environmental
management
Occupational H&S
Energy
management
Medical devices
Test & calibration
Ronaldsway
(IOM)
Ramsey (IOM)
China
Italy
Australia

38
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Strix Group Plc Annual Report and Accounts 2024
39
ESG: Task Force on Climate-related Financial Disclosures (“TCFD”)
Introduction and Compliance Statement
Strix’s disclosures are consistent with the Task Force on Climate
related Financial Disclosures’ four overarching recommendations on
Governance, Strategy, Risk Management, and Metrics and Targets,
along with the 11 associated recommended disclosures. This includes
consideration of section C of the TCFD Annex entitled ‘Guidance for all
sectors’. This is in-line with the UK Listings rules.
Governance
Board oversight
Climate issues are assessed by the full Board reflecting
the importance which the Directors place on the risks and
opportunities along with the relative size of the Board and
scale of the Group. Richard Sells, Non-Executive Director,
provides additional oversight on sustainability matters,
leveraging his career at Electrolux and its long-held focus
on sustainability. Board meetings are held six times a year
with sustainability, including climate-related issues, both
opportunities and risk, a consistent agenda item. Climate
risks are consolidated into the annual Operational Board
Risk Committee review for the Group and are seen as part of
the ongoing ecosystem in which Strix operates. The Board
provides the final sign-off on the Group’s sustainability and
hence climate targets and the associated investment. The
Board is also responsible for overall strategy and ensuring
that investment, including acquisitions, is aligned to the
sustainability objectives of the Group.
The Remuneration Committee, comprising of the three
independent Board directors, is responsible for the executive
team’s remuneration including LTIPs. The executive LTIPs
include targets associated with the Group’s sustainability
agenda. The 2024 LTIP required a reduction in Group energy
intensity over the three-year period. For this element of the
award to vest, there must be a minimum reduction in energy
intensity of at least 5.0% per annum over the period.

Management’s role
The Executive Management Team provides the key executive
management forum for climate change and sustainability. It
is chaired by the CEO, Mark Bartlett and includes personnel
responsible for engineering, commercial, technology, health
& safety, human resources and finance. In terms of climate
risk matters, Matt Thomas, Divisional Operations Director and
Strix Consumer Goods Engineering Director, has a key role
in respect to climate change, responsible for assimilating
climate-related data. He also has key responsibility for
ISO programmes, in particular ISO14001 environmental
management and ISO50001 energy management, which drive
a broad range of sustainability strategy and actions. He is
supported with both internal and external resources.
Climate opportunities for new products are again prioritised
and incorporated into the R&D/new product development
road map. The Group continually looks to enhance its new
product development programme along sustainability driven
corridors enhanced by thorough life cycle analysis, carbon
accounting, circular economy, consumer safety and potential
legislative changes.

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Strategy
Climate-related risks and opportunities
In assessing Strix’s risks and opportunities, the Group looks to consider timescales of short (0-2 years), medium (2-8
years) and long-term (8+ years). However, given the timescales of environmental impacts it is arguably unrealistic to
compartmentalise into such distinct and relatively short time spans.
Risks
Category
Risk
Potential impact
Likelihood
Time
horizon
Mitigation
Physical
risk
Acute
Storm & flood
disruption
and rising sea
levels
Strix manufacturing facilities
and/or supply chain.
Note that Zengcheng,
Guangzhou (where the
Group’s main factory is
located) rarely sees typhoon
conditions due to its inland
location although extreme
wind conditions were
recorded in 2015, therefore
such a risk has been included.
None of the Group’s plants
are in flood plains or below 5m
above sea level.
Low
Medium
A detailed recovery plan
has been documented as
part of the Group’s Business
Continuity Plan which is
overseen by the recovery
management team. Procedures
relate to communications
and information exchange,
recovery process phase,
clean-up process, pollution
prevention, and restoration
(including insurance claims and
compensations). Restoration
procedures include planned
maintenance, back-ups, testing
and emergency sources of
power generation. The Chinese
facility has been strategically
positioned whilst the improved
construction provides safer and
more flexible infrastructure.
The plants carry an element of
buffer stock against a range of
supply related risks. All facilities
have contingency business
plans in place. Supply chain
is assessed within the audit
process and all key components
are dual sourced with increased
emphasis on at least one local
supplier.
Chronic
Drought
Strix facility / supply chain.
Medium
Medium
Primary use of water is in the
research & development/test
facilities. Whilst businesses are
prioritised at times of water
shortages in the Isle of Man
the Group can defer certain
programmes if conditions
required without likelihood of
long-term impact. Additional
water recycling processes and
procedures have been put in
place to minimise any risk.
Acute &
Chronic
Heat stress
Primary facility exposed to
acute temperatures in China.
Other key facilities are unlikely
to see lengthy periods
of extreme heightened
temperatures.
Low
Medium
The site is fully air conditioned
and, like the factory, less than
two years old. Air conditioning
in the mould-shop, the hottest
department in the plant, has
recently been upgraded.

Strix Group Plc Annual Report and Accounts 2024
41
Category
Risk
Potential impact
Likelihood
Time
horizon
Mitigation
Transition
risk
Policy &
legal
Carbon
price - own
operations
Scope 1 & 2 emissions (market
based) equated to 420tCO2e
in 2024. As part of Strix’s
‘carbon neutral’ strategy,
these are offset through
the purchase of certified
carbon credits. At the lower
end of expectations ($25/
tonne) a cost of $15k rising
to $90k at the upper end
where credits are predicted
to cost $150/tonne. This
excludes any Scope 3
offsets. The Group’s analysis
suggests that to achieve
‘carbon neutral’ by 2050 it
is likely to require the use of
offsets for remnant Scope 3
emissions, the level of which
is likely to depend on the
level of grid decarbonisation,
supplier actions and ability
of the transportation sector
(distribution) to decarbonise.
Medium
Medium
Scope 1 & 2 emissions have
been reduced by over 95.0%
since Strix’s base year.
Continuous improvement drive
remains to attempt to eliminate
the remaining emissions
including additional EVs, more
efficient boilers, improved
energy management through
ISO50001 adoption. The level of
emissions and carbon credits
required in 2024 declined from
692 to 420. The worst case
scenario of 500 credits @$150/
ton would be unhelpful rather
than significant.
Policy &
legal
Carbon
price - up /
downstream
This could add to costs as
suppliers look to abate their
own emissions, particularly
in sectors which are hard to
tackle such as transportation
(especially shipping and
aviation) or primary materials
such as metals and plastics
for components.
Medium
Medium
The Group engages with its
suppliers to better understand
its Scope 3 emissions so they
are becoming more cognisant
of the emissions landscape,
leading them to address their
emissions profile. Completely
decarbonising the end-to-end
supply chain (from mining to
processing to manufacturing)
is highly complex and may
take many years. Key is to
ensure that Strix is ahead of its
competition so the Group is not
at a competitive disadvantage.
Market
Robustness
of local power
grid
Increased electrification could
lead to power outages at
individual sites.
Low
Medium
The primary manufacturing
site in China is connected
through modern upgraded
infrastructure. The Group’s own
solar power and contingency
plans including the use of
generators are in place.
ESG: Task Force on Climate-related Financial Disclosures continued
Risks continued

42
Strategic report
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Financial statements
Category
Risk
Potential impact
Likelihood
Time
horizon
Mitigation
Transition
risk
Market
Cost of
renewable
electricity
Cost of renewable electricity
could rise depending on the
additional capacity installed
as demand increases with
companies looking to meet
their carbon reduction
targets.
Medium
Medium/
Long
Strix currently generates
around 10% of its electricity
requirement from its own
solar installations. The Group’s
contracts for renewables tend
to be medium-term 3-5 years
which provides a degree of
certainty in the short term. Key
will be the China manufacturing
plant which has a long-term
supply agreement in place.
Policy &
legal
Failure
to meet /
maintain
expected ESG
credentials
This could have an impact
on wider stakeholders and
investor base, including ESG
specific funds.
Medium
Short/
Medium
Strive for ‘best-in-class’ as
highlighted by the Group’s
Carbon neutral Scope 1&2
commitment achieved every
year since 2023. Strong
reporting/ management
structure with key KPIs to
ensure compliance. Strix
continues its drive in the use
of automation. This requires
greater energy usage but has
other significant benefits in
improving quality, reducing
scrap, etc. Combined with
the use of renewable power,
management see such a shift
as a double win in terms of
sustainability.
Market
Increased
investor
scrutiny
There is increased focus
on climate change by
Strix’s equity investors and
other stakeholders. This is
evidenced by the rise in ESG
funds and the drive to provide
consolidated emissions
transparency for individual
funds.
Medium
Short/
Medium
Strix’s sustainability agenda
has accelerated in recent years,
including establishing future
roadmaps and targets. From
an emissions perspective the
Group achieved the Group’s
targets to be Scope 1 & 2
‘carbon neutral operations’ in
2023 and started developing
it Scope 3 supply chain
emissions inventory which
opens an additional avenue
for making a difference. With
the ‘in use’ dominating Scope
3 Strix’s new product direction
includes improved efficiency
to reduce energy usage and
hence emissions. The Group’s
sustainability report provides full
transparency to all stakeholders.
In 2025, Strix aims to finalise
its ‘net zero pathway’ for all the
Group’s operations.

Strix Group Plc Annual Report and Accounts 2024
43
ESG: Task Force on Climate-related Financial Disclosures continued
Opportunities
Category
Risk
Potential impact
Likelihood
Time
horizon
Mitigation
Transition
opportunity
Products
&
services
Internal
power
generation
Solar production for internal
use.
High
Short
Chinese investment has
been made and Billi also has
significant installed capacity.
Hence the Group generates
approximately 9.0% of its
internal power requirements.
Further opportunities, including
LAICA are under consideration.
Relocation of Billi in 2025 is
likely to see a reduction in
electricity generation, although
the division will work with the
landlord to look at the potential
to add additional capacity to
the new site.
Market
Electrification As cooking moves away from
carbon based fuels such as
gas and towards electricity,
this offers the potential to
change habits i.e. stove top
kettles to electric kettles.
Medium
Long
Clear benefit for the use of
kettles.
Products
&
services
Adoption of
energy saving
products
Consumer demand for lower
energy consumption from
both a cost and environmental
perspective.
Medium
Long
Introduction of new features
and products. In kettles this
includes accurate temperature
measurement and switch
off. In other product ranges
this includes ‘one cup’ boiling
products. For Billi ‘water on
demand’ enhancing efficiency
systems such as heat recycling
in the chiller/heating cycles.
Market
Higher cost of
electricity
Renewables tend to carry a
cost premium. Increasing the
cost of using a kettle.
Medium
Long
The energy required to boil
a kettle is relatively small at
c0.25kWh costing around 6p.
Nevertheless, this accumulates
hence the strategy to develop a
range of features such as pre-
boil switch off, over-fill/one-cup
and the benefit of Billi hot taps.

44
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Financial statements
Category
Risk
Potential impact
Likelihood
Time
horizon
Mitigation
Transition
opportunity
Market
Population/
urbanisation
Population increases by 1bn
(RCP2.5) with increase up
to 3bn (RCP8.5) albeit the
high level will see reduced
level of urbanisation/grid
connectivity. Against the
current population of 8bn
in 2022 (according to the
UN) and 7.2bn with access
to electricity, this suggests
potential growth of 24.0-
32.0% although over such
a long time period less than
1.0% a year.
High
Long
Clearly a benefit to Strix’s end
markets. Development of new
strategy unlikely to be required.
Products
&
services
Increasing
importance
of Scope 3
emissions
Customers, particularly the
branded western clients,
are increasingly looking to
measure and report their
Scope 3 emissions. This could
increase importance if Carbon
Adjustment Mechanisms are
extended to include the Strix
product portfolio.
High
Short/
Medium
Work with suppliers to further
refine Strix’s emissions to assist
customers develop their own
Scope 3. Continue to reduce
the Group’s internal and supply
chain emissions to be the
preferred partner.
Impact on Strix’s businesses, strategy and
financial planning
In terms of risk, Strix has developed a range of business
contingency plans, including detailed recovery strategies for
all manufacturing operations. This includes understanding
both lengthy internal supply lines and understanding and
mitigating risks within the supply chain. Note that the
relocation of some internal component production from the
Isle of Man to China has mitigated some transportation risk.
Strix’s kettle controls are key to the most efficient method
of boiling water which should provide benefit from rising
energy prices and the shift towards alternative fuels, e.g.
gas to electricity. New developments are aimed at reducing
energy consumption be it new products such as one cup or
new features such as pre-boil cut off which switches off at
approximately 97° yet the latent heat ensures that the water
still attains full boiling point. Similarly, Strix’s water category
and associated filters increase the quality of drinking water
whilst reducing the use of single use plastic containers
and associated waste. In addition, Billi complements Strix’s
Control business as hot taps become more widely adopted,
particularly in high usage environments such as offices and
commercial properties. These trends are driving the direction
of the Group’s new product development with R&D expected
to grow alongside the business remaining at 3-4% of sales.
Resilience of Strix’s strategy
Strix’s current assessment has been based on the Paris
Agreement 1.5°C scenario. Management sees little likelihood
of negative impact on Group assets but continues to assess
and build on its resilience, in particular suppliers and supply
chains which are relatively lengthy. From an operational
risk perspective, Strix has developed a range of business
contingency plans, including detailed recovery strategies for
all manufacturing operations. A key risk to the Group’s carbon
neutral strategy is access to renewable energy (electricity)
supply to its key manufacturing plants, particularly China. To
counter such risks, Strix has invested approaching £1.0m in a
solar system in China which, along with the solar installations
at Billi in Australia, has been providing around 10.0% of the
electricity supply required. The Group has signed long-term
contracts for renewable energy for the other 90.0%.

45
Strix Group Plc Annual Report and Accounts 2024
ESG: Task Force on Climate-related Financial Disclosures continued
Risk Management
Identifying and assessing
climate-related risks
Internal research and external
assistance is combined to provide a
full understanding of the potential
risk avenues and opportunities. Input
is garnered from across the Group’s
operations as well as externally from
customers and suppliers – a process
which will accelerate as work on Scope 3
emissions and Strix’s roadmap to net zero
progress. These risks are incorporated
into the Group’s risk software. The
Group assesses the potential financial
implication where appropriate and the
cost of mitigation. This is best evidenced
in the solar and renewable power
purchase agreements in China. Neither
were the lowest cost option of the status
quo but provided additional sustainability
and risk mitigation.
Managing climate-related risks
and opportunities
Risks are managed relative to the
likelihood and potential severity to
the Group. The global shift to reduce
emissions is highly likely (or happening)
and is reflected in the Group’s
accelerated actions in this area. Weather
related impact has been assessed
and a more measured approach of a
contingency plan and insurance applied
to reflect the level of risk and mitigate
potential impact. These actions form
part of the Group’s overall risk policy with
key risks identified and logged within
the risk register. Opportunities follow
a similar pattern based on the scale of
the opportunity and a set of metrics of
internal measures to assess the Group’s
ability to compete/benefit from such
avenues.
Climate-related risk integration
Climate change has become a clear
reality and is now seen in Strix as
‘business as usual’ and part of the
ongoing environment in which the
Group operates. In addition, whilst
complex, Strix is a small business
with a flat structure and short lines of
communication. The focus on climate
change risks has clearly risen up the
Group’s agenda in recent years, as have
actions, and is now an integral part
of the overall business planning and
management.

46
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Financial statements
Metrics and Targets
Key metrics used
Significant work was undertaken in
2023 and continued into 2024 to expand
Strix’s carbon footprint analysis through
development of Scope 3 supply chain
emissions and developing a net zero
pathway for the individual activities and
hence, the Group. This is in addition
to the internal orientated Scope 1 & 2
emissions historically reported. These
have been calculated using the GHG
Protocol, the internationally recognised
standard for corporate carbon reporting.
Absolute and intensity (per £m) are
used for both emissions and energy
consumption to provide more prescient
analysis as the Group expands and
ensure that its focus remains on energy
usage as well as emissions.
Historically, the Group has used ‘location
based’ analysis but has added ‘market
based’ approach in 2023 as it believes
that this provides a far more accurate
representation of the actions which have
been undertaken and the true emissions
from Strix’s operations.
At present a full, independent audit is
seen as unwarranted given the steps
in place to achieve carbon neutral
operations in Scope 1 & 2 emissions.
This is continually kept under review,
taking into account all stakeholders, in
particular customer requirements and
financial providers. The adoption of
S1/2 accounting standards is very much
on the Group’s agenda and will clearly
provide increased audit for its emissions.
Note that in 2024, Strix continued to
submit its emissions to the CDP.
Targets
Strix’s target set in 2021 was to achieve
Scope 1 & 2 carbon neutral by 2023.
This was achieved by Strix and LAICA in
2023 and Billi, and therefore the Group,
in 2024. This is being achieved through
internally generated solar power and the
purchase of renewable energy which
are now in place for all Strix facilities. In
addition, management is targeting a 5%
improvement in energy intensity (energy
used against sales) to further reduce risk.
Strix’s Scope 3 work has provided a good
initial understanding of the Group’s total
emissions footprint. The key element
is the ‘in use’ phase at approximately
94.0%, reflecting the kettle as an energy
consumptive heating device. The laws
of physics limit the impact which the
Group can put on the Scope 3 inventory.
Strix is therefore focusing on other
areas which may have less impact but
where it can actively make a difference. In
particular, areas such as supply chain as
well as working with customers who are
increasingly looking to assess and reduce
their own Scope 3 emissions.
However, given the dominance of the
‘in-use’ element Strix has not set targets
for the Group but continues to work on its
net zero pathway. If governments achieve
their stated grid reduction/carbon neutral
targets, with this accounting for 94.0%
of emissions, Strix will easily achieve any
Paris Accord, SBTi targets. However, this
will also bring to the forefront other areas
such as transportation or waste which
appear minor at present. The Group will
continue to provide attention to all areas of
emissions.
Full disclosure of the Group’s sustainability
KPIs and targets are shown on page 30.
2021
2022
2023
2024
Location based
Scope 1
tCO2e
265
415
589
420
Scope 2
tCO2e
7,430
5,883
7,602
8,281
Scope 1 & 2
tCO2e
7,695
6,298
8,191
8,701
Scope 1 & 2 intensity
tCO2e/£m
64.4
60.5
56.7
60.4
Market based
Scope 1
tCO2e
589
420
Scope 2
tCO2e
103
0
Scope 1 & 2
tCO2e
692
420
Scope 1 & 2 intensity
tCO2e/£m
4.8
2.9
Scope 3
tCO2e
573,895
410,096
478,090
563,638
Energy usage
MWh
15,666
14,052
14,883
15,930
Energy usage intensity
MWh/£m
131.2
135.1
103.0
110.6
Energy usage intensity
MWh/kpcs
10.2
11.6
11.9
11.9
Disclosures
The following table provides Strix emissions using both location and market based methodologies.

Strix Group Plc Annual Report and Accounts 2024
47
Engaging With Our Stakeholders
Strix’s business model
is predicated on
understanding and
serving the needs of all its
stakeholders as developed
through continual and
responsive dialogue.
The Group considers
the impacts that its
business decisions have
on stakeholders, with the
aim of addressing any
concerns they might have,
as it actively engages
with them to nurture
relationships that underpin
the long-term success and
sustainability of the Group.
The Group considers six
key stakeholders that
drive its strategy:
1. Shareholders
2. Employees
3. Customers
4. Suppliers
5. Communities
6. The environment
Risk
Areas of
focus?
How?
1. Shareholders
As ultimate owners of the
business, Strix engages with its
investors for transparency on its
business model, strategies and
performance, whilst obtaining
an understanding of their needs
and priorities in order to deliver
value for their investment in the
Group.
• Revenue growth and
profitability.
• Product and geographical
diversification.
• Value creation and returns
on investments, including
dividends.
• Market share and leadership.
• Sustainability through our
Environmental, Social and
Governance (“ESG”) strategy.
• Annual General Meetings.
• Capital Markets Days.
• Investor roadshows and
presentations.
• Direct meetings with
institutional investors.
• Non restricted research for
retail investors is provided
through Equity Development.
• Written communications,
including Annual Reports and
results releases.
• Independent investor
feedback reviews.
• Individual shareholders
are encouraged to contact
Directors on all matters
relating to governance
and strategy via the Group
Secretary or Representative.
2. Employees
With over 1,000 employees
across 12 locations worldwide,
Strix’s employees are its
greatest asset and the Group
believes that the development
and retention of talent is
important to achieve the long-
term strategic goals of the
business.
• Health, safety and wellbeing.
• Training and development.
• Reward and recognition.
• Career progression.
• Culture, diversity and
community.
• Communication through a
variety of channels including
internal meetings, video and
call conferencing, email and
written communication.
• Quarterly newsletters
including business updates
and news on finances,
social events and employee
interests and profiles.
• A global intranet platform
including notices and
announcements, workflows
processes and employee
directory.
• Periodic employee surveys
and annual reviews as a
feedback platform.
• Employee assistance
programme, including
counselling, to assist on
issues impacting wellbeing
and performance.
• Encouraging employee
participation through ‘Think
Twice’ and ‘Lean Initiative’
schemes.
• Internal training and
certification including relevant
ISOs.

48
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Financial statements
3. Customers
In line with the Group’s mission
statement, the value of the
business is created based on
giving ready access to innovative
water, beverage, and wellbeing
technology everywhere people
come together.
• Safety and sustainability.
• Innovation and efficiency.
• Quality and reliability.
• Supply chain management.
• Cost effectiveness.
• Continual dialogue to
understand their challenges
supported by close research
and development alignment.
• Maintaining close
relationships via regional sales
and commercial teams.
• Involving customers in product
design and testing, knowledge
sharing and understanding of
products for faster product
releases in line with market
needs.
• Regular participation in
self-organised seminars and
exhibitions.
• Engage with consultants to
manage customer relations
for large group companies
who request to deal with
manufacturers.
• Effective order and supply
chain process, simplifying
order execution and product
delivery.
5. Communities
As a financially successful
business, Strix is in a strong
position to give back and
acknowledge its responsibility
to the communities in which it
operates. Strix aims to strengthen
its position as a global, socially
responsible employer, whilst
reinforcing its corporate culture
and employee pride in its positive
contribution to all of its local
communities across the Group.
• Job creation, including young
people development and
apprenticeships.
• Charitable funding.
• Public health and safety.
• Education.
• Preservation and restoration
of the environment.
• Communication of Strix’s
sustainability strategy via
the Group’s ESG reports and
presentations.
• Sponsorship of, and
participation in annual
graduate intern and youth
development programmes,
including Junior Achievement
programmes to enhance
training and development for
children, young people and
graduates.
• Participation and membership
in local business networks,
including Chamber of
Commerce committees and
STEM (science, technology,
engineering, mathematics)
groups.
• Continued volunteering,
support and fundraising
activities for various charities
involved with, amongst others:
mental health, social welfare,
humanitarian aid for children,
cancer support groups, and
various disability groups.
• Awards earned from the
various contributions made to
our various stakeholders and
society.
4. Suppliers
Strix works closely with its
suppliers to build strong
relationships that make doing
business with us a long-term
goal, bringing value to both
parties. Forming strategic
partnerships enhances the
value of Strix’s business and
plays a major role in ultimately
satisfying the needs of the
Group’s customers, whilst
meeting sustainability targets.
• Long-term relationships and
supply chain security.
• Pricing and related terms of
supply.
• Quality and audit standards,
and related requirements.
• Governance and corporate
responsibility.
• Bi-annual audits.
• Continual communications on
our Supplier Code of Business
Conduct.
• Discussion on mutual working,
including understanding of
their operations to improve
awareness on sustainability
requirements in line with the
Responsible Business Alliance.
• Internal risk assessments
on policy awareness, quality,
capacity and performance.
6. Environment
Human impacts on the
environment are increasingly
recognised as harmful to the
long-term sustainability of
society and the planet. Not only
is managing the environmental
impact the right thing to do,
but delivering environmentally
friendly products is key to Strix’s
growth strategy.
• Reduced carbon footprint.
• Charitable funding.
• Preservation of the planet.
• Communication of Strix’s
sustainability strategy via the
Group’s annual sustainability
report.
• Participation in local
community projects focused
on preservation of nature and
the environment, including
voluntary work with local
charities.
• Various initiatives to raise
awareness of environmental
preservation.
• Alignment with the UN’s
Sustainable Development
Goals.
• Continued research and
development of energy
efficient kettles to reduce
wasted energy.
• Investment into plastic waste
reducing products to reduce
and eliminate the need for
single-use bottles which end
up in a landfill or part of the
millions of tonnes of plastic in
the oceans.
• Ensuring availability of safe
water and sanitation for all
through the development of the
filtration products to enhance
water quality, removing lead,
bacteria and viruses.

Strix Group Plc Annual Report and Accounts 2024
49
Risk Management Approach
The Board is responsible for identifying, assessing, mitigating and
managing business and operational risk across the Group.
Effective risk management is core to Strix’s strategy and is incorporated into everyday activity across the Group, allowing Strix
to identify opportunities based on strong foundations, supporting future sustainable growth. It continues to be critical for the
delivery of the Group’s strategic objectives and its management is fundamental to how the Group operates.
Strix approaches risk at both Group and divisional level allowing the Board and the senior leadership team to identify and manage
risks and opportunities specifically relevant to their division, as well as across the Group. Strix promotes a risk awareness culture,
supporting management to make better commercial decisions to deliver sustainable long-term growth.
Risk assessment
The Board recognises that there are
risks and uncertainties that could have
a material effect on the Group. Where
the reduction or removal of the risk is
not possible, the Group formulates a
management action plan to respond to
the risk should the risk materialise (e.g.
the Business Continuity Plan). The Board
approves the level of risk appetite taken
by the Group and endorses that of the
senior management team.
The list included here is not an
exhaustive list of all of the risks that
the Group faces, but points to the
risks that would most affect the Group
should they materialise. Strix’s operating
environment is subject to change and
new risks may arise. The potential impact
of known risks may increase or decrease
and/or the Group’s assessment of
these risks may change. Included on the
following pages are explanations of how
each risk is being mitigated.
Strix categorises its risks in the following
areas:
• Strategic
• Financial
• Operational
• Reputational
• Compliance
These categories are assessed on a
residual basis according to the Board’s
current view of their potential severity
(being the combination of likelihood and
consequence), assuming that existing
controls in place are effective.
Ongoing monitoring
Identified risks included within the Risk
Register at both Group and divisional
level, are reviewed periodically by the
senior management team, and at least
annually by the Board. The review
includes an assessment of each risk to
address any changes in circumstance, a
re-appraisal of the residual risk and the
effectiveness of mitigating actions taken
to date, and whether any additional
controls are required.
New risks are added to the Register
on identification, via a number of
processes which seek to capture risks
not already included.
Risk appetite
To strengthen Strix’s competitive
advantage and culture of innovation,
the Board recognises that employees
are encouraged to take considered
risks that drive product innovation and
support the growth potential.
Strix categorises its appetite to risk by
the following categories:
• Tolerate (work with it).
• Treat (mitigate and manage).
• Terminate (eliminate the risk e.g. by
selling the asset, closing the service).
• Transfer (e.g. buy insurance).
The risks identified in the heat map highlight those risks
which would have the greatest impact on the Group’s
operations and viability.
Principal risks are highlighted by a bold typeface, whilst
less critical risks are highlighted in an italicised typeface.
1
Reliance on key customers
2 Reliance on key suppliers
3 Competitors and market pressures
4 Raw material and commodity prices and general

cost inflation
5
External factors
6
Foreign exchange risk
7
Loss of key personnel
8
Disruption to supply chain
9 Manufacturing facilities
10 Reputational risks
11 Intellectual property
12 Cybersecurity
Risk Heat Map
Insignificant
Moderate
Minor
Major
Catastrophic
Almost Never
Possible
Unlikely
Likely
Certain
Consequence
Likelihood
1
12
10
7
2
9
4
3
6
8
5
11

50
Strategic report
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Financial statements
As part of its risk management approach, Strix uses the following thresholds to calculate the impact of potential risks on the business.
Impact Rating
Risk Category
Insignificant
Minor
Moderate
Major
Catastrophic
External
Authority
Interest
No active interest.
Advice and/or
monitoring only.
Active
involvement
such as setting
and monitoring
requirements for
improvement.
Presenting the
threat of direct
intervention
and/or requiring
immediate
corrective actions.
Associated high
level of scrutiny.
Direct
intervention
imposing
restrictions on
key on-going
operations.
External
Stakeholder
Confidence
Addressed in
> 2 weeks.
Addressed within
2 weeks to 1
month.
Addressed within
1 to 2 months.
Addressed within
2 to 6 months.
Extending beyond
6 months.
Financial 1 -
Enterprise Value
Under £100k
£100,000 -
£199,000
£200,000 -
£399,000
£400,000 - £2m
> £2m
Financial 2 -
Revenue
Under £100k
£100,000 -
£199,000
£200,000 -
£399,000
£400,000 - £2m
> £2m
Financial 3 -
EBITDA
Under £100k
£100,000 -
£199,000
£200,000 -
£399,000
£400,000 - £2m
> £2m
Non-Compliance
Insignificant
non-compliance.
Minor
non-compliance.
Moderate
non-compliance.
Major
non-compliance.
Extremely serious
non-compliance.
Reputation
Limited if any
external media
interest.
Local media
interest lasting 5
days or less.
Local media
interest lasting
5-10 days.
Local media
interest lasting
10-30 days or
national media
interest lasting 10
days or less.
Media interest
lasting more
than 30 days or
national media
interest lasting
10-30 days.
Workforce
Relations
Issues resolved
within less than 1
month.
Issues resolved
within 1 to 2
months.
Issues resolved
within 2 to 4
months.
Issues resolved
within 4 to 12
months.
Issues extending
beyond 12
months.

Strix Group Plc Annual Report and Accounts 2024
51

Movement key:
Increase
Decrease
No change
Risk Management Approach continued
Risk
Impact
Mitigation
Status
Strategic risks
1.
Reliance
on key
customers
The Group has a number of key
customer relationships, including
some of the largest OEMs in the
global market. The top 10 customers
contributed c.45% of the Group’s
adjusted revenues in the financial
year ended 31 December 2024 (2023:
c.43%), with the largest customer
making up c.12% (2023: c.12%) of
the Group’s adjusted revenues. The
loss of any of these key customer
relationships would have a negative
impact on the Group’s business,
financial position and results of
operations.
• Strix undertakes regular dialogue with its
key customers, building strong commercial
relationships.
• Strix is fully integrated in the entire value
chain for its key products and provides
a number of value-added services to its
customers to protect these key customer
relationships.
• Strix regularly reviews and manages key
customer credit exposures.
• Strix has a diversified product portfolio and
customer base, allowing for multiple sources
of income in different geographies to mitigate
further the risk of reliance on a limited
number of key customer relationships.
Movement:
Likelihood:
Unlikely

Consequence:
Major

Appetite:
Tolerate
2.
Reliance on
key suppliers
The Group relies upon certain key
suppliers, although dual source
arrangements are in place across the
supplier base. As a result, if alternative
supply sources could not fulfil the
required demand, the Group would be
exposed to a number of risks, including
the risk of supply disruption, the risk of
key suppliers increasing prices and the
risk of a key supplier suffering a quality
issue which impacts upon the quality of
the Group’s products. All of these risks,
which apply across the marketplace,
could have a negative impact on the
Group’s business and, if required, the
engagement of alternative suppliers
may increase the Group’s cost base.
• Dual sourcing where appropriate to reduce
dependence on single suppliers.
• Monitoring of the financial and operational
viability of key suppliers.
• Ongoing monitoring of inventory levels to
ensure availability in times of production
volatility.
• Insourcing of production to Strix’s
manufacturing plant to reduce reliance on
external suppliers, also thereby reducing
overhead costs.
• Supplier Quality Management is achieved by
initial vendor approval against predefined
thresholds for standards compliance and
production capability, which is maintained
by regular supplier audits against the
current targets.
Movement:
Likelihood:
Unlikely

Consequence:
Major

Appetite:
Tolerate
3.
Competitors
and market
pressures
The Group operates in competitive
and price sensitive markets, and a
number of Low-Cost competitors exist,
especially in the controls market, that
are attempting to increase their market
share by undercutting Strix on pricing,
amongst other tactics. If a significant
shift in market pricing occurs and
the Group is not able to mitigate this
by reducing costs or investing in
appropriate technological innovation,
the Group’s revenues and profitability
may be negatively affected.
• Strix constantly monitors its competitors
and market trends to understand the
dynamic forces which shape the Group’s
competitive landscape.
• Strix uses automated production where
possible to mitigate the risk of labour cost
inflation and reduce the costs of production,
particularly in China where the majority of its
manufacturing employees are located.
• Strix is active in a wide variety of markets
across the world which provides some
protection from targeted competitive
activity in specific markets.
• Strix carefully manages its variable and
fixed cost bases with an added advantage
of the continued adoption of lean and
automated manufacturing processes
with insourcing of commodities from
increased production capacity at the China
manufacturing plant.
• Strong customer relationship management
and a targeted investment in engineering
and technological innovation, eg Next
Generation/Low-Cost maintains the
Group’s wider relevance to the market, to
add value beyond lowest price.
Movement:
Likelihood:
Possible
Consequence:
Moderate
Appetite:
Tolerate

52
Strategic report
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Financial statements
Risk
Impact
Mitigation
Status
Financial risks continued
4.
Raw
material and
commodity
prices and
general cost
inflation
Strix is exposed to fluctuations in the prices of
some raw materials, in particular copper and
silver. This volatility has been ongoing and is
seen across all major global supply chains in
all industries due to remnant impacts from the
COVID-19 pandemic, the cost of living crisis and
from the ongoing conflicts in Ukraine and the
Middle East. The Board monitors commodity
and raw material prices and have put in place
appropriate steps to mitigate the impact of
this. However, a significant change in the cost
of certain raw materials, particularly silver and
copper, if sustained for a prolonged period may
increase the Group’s material costs without
necessarily allowing a corresponding increase in
the sales price of its products, which could affect
the Group’s margins and ultimate profitability.
Any change in the costs of operating the Group
could impact the Group’s profitability. Such cost
increases could be incurred from increments
in supplier costs (including, amongst other
things, raw materials and energy costs,
particularly electricity costs), employment
costs or wage inflation, or increases in costs to
be incurred due to regulatory change. Although
such costs are accounted for, where these can
be estimated, in future budgets for the Group,
not all cost increases are capable of being
estimated adequately in advance.
• Strix has undertaken a number of
automation projects to mitigate the risk
of labour cost inflation and reduce the
costs of production wherever possible,
particularly in China where the majority of
its manufacturing employees are located.
• Strix carefully manages its variable
and fixed cost bases, with an added
advantage of the continued adoption
of lean and automated manufacturing
processes with insourcing of
commodities from increased production
capacity at the China manufacturing
plant.
• As market leader, Strix has the ability to
undertake a price increase if the inflation
of costs is prolonged and significant.
• Forward procurement of commodities to
secure future profits, and raw material
purchasing policy of buying between 3
to 12 months in advance for silver and
copper.
• The Group recruited a Head of Treasury
in 2024 whose responsibility includes
monitoring and managing these costs for
the Group.
Movement:
Likelihood:
Likely

Consequence:
Major

Appetite:
Tolerate
5.
External
factors
Strix continues to monitor the
ever-changing political landscape with
particular focus on the ongoing conflicts in
Ukraine and the Middle East, and US/China
trade tensions. Economic slowdowns in key
markets can also affect performance, for
instance, Germany, the UK and Australia.
Due to the large degree of uncertainty and
volatility in macroeconomic and geopolitical
landscapes, the Group is actively monitoring
these situations and continues to review the
Group’s risks.
• The geographical spread of Strix’s
business and end markets across the
world limits its exposure to this risk.
• Where required, Strix maintains stock
levels to mitigate the risk of increased
raw material and customer shipment
lead times.
• The Group is actively monitoring these
situations and continues to review the
Group’s risks and take targeted actions
where necessary.
Movement:
Likelihood:
Possible

Consequence:
Moderate

Appetite:
Tolerate
6.
Foreign
exchange
risk
The Group’s exposure to currency
fluctuations inherently exists due to
trading in foreign currency across
multiple jurisdictions, and also due to the
consolidation of foreign subsidiaries into the
Group. The Group’s payments and receipts
are predominantly in Pound Sterling (“GBP”),
US Dollar (“USD”), Chinese Yuan (“CNY”),
Euro (“EUR”) and Australian Dollar (“AUD”).
Changes in the rates of foreign exchange
against GBP, the Group’s presentation
currency, could adversely impact margins
earned.
• The Group has a clear understanding of its
net foreign currency exposures, with the
Group’s biggest risk relating to a net long
US$ trading position.
• The Group monitors actual and forecast
currency movements on a regular basis,
and will enter into forward foreign currency
exchange contracts where appropriate.
• Trading results are presented in CER to
mitigate translation risk into GBP and
allow readers of the accounts to better
understand underlying trading performance.
• Net investment hedging structures help to
offset balance sheet risk.
• The Group has appointed a new Head of
Treasury.
Movement:
Likelihood:
Possible

Consequence:
Major

Appetite:
Tolerate

Movement key:
Increase
Decrease
No change

Strix Group Plc Annual Report and Accounts 2024
53
Risk
Impact
Mitigation
Status
Operational risks
7.
Loss of key
personnel
Not having the right talent and diversity
at all levels of the organisation to
deliver Strix’s strategy whilst promoting
the Group’s culture, resulting in
reduced financial performance or
reputational damage.
• Refinement of operational model tailored to
each division down to department level with
clearly defined roles and responsibilities.
• Enhanced employee engagement, including
‘open-door’ access by, and regular
two-way communications between, all
employees and the senior management
team (particularly the CEO and the Group’s
Human Resources function).
• Regular reviews of remuneration structures,
including matching remuneration levels
with industry standards, reviews of reward
payment structures (including bonuses and
Long-Term Incentive Plans).
• Transparency of career development paths.
• Recruitment processes strengthened as
the Group continues with its commitment
to sourcing key talent both to strengthen
resources and replace any recent losses in
key personnel.
Movement:
Likelihood:
Likely

Consequence:
Moderate

Appetite:
Treat
8.
Disruption to
supply chain
Major global supply chain disruptions
due to ongoing global events
directly affect the Group, previously
experienced in the form of disruptions
to normal operations, and increased
carriage, freight, shipping and
transportation costs. The Group’s
operations facilitate the transfer
and movement of commodities and
goods across multiple jurisdictions,
internally amongst the Group’s various
production and distribution sites, and
externally to and from customers and
suppliers. Therefore, an inherent risk
to the Group supply chain still exists in
the form of disruptions to operations
from shortages of supplies, delays
in deliveries and increased costs of
carriage and freight, all of which can
directly impact the Group’s underlying
margins, profitability and performance.
• The Group continues to monitor global
supply chain trends in order to reasonably
anticipate any potential future hurdles,
and thereby plan ahead to ensure minimal
disruptions to normal operations should
these resurface, including seeking optimal
shipping and transportation arrangements
if necessary.
• The Group constantly monitors margins and
profitability of products and can implement
price increases to help offset increased
costs.
• Freight costs budgetary planning and
analysis continues to be done on a monthly
basis to assess the global supply chain
trends and any potential impacts on the
Group’s operations and finances.
• Forward procurement of commodities
to ensure availability of stock for minimal
disruptions to operations.
• Holding of finished stock in different
districts in order to minimise any
disruptions.
• Adoption of lean and automated
manufacturing processes with insourcing
of commodities from increased production
capacity at the China manufacturing plant.
• Dual sourcing where appropriate to reduce
dependence on single suppliers or supply
chain routes.
Movement:
Likelihood:
Unlikely

Consequence:
Moderate

Appetite:
Tolerate

Movement key:
Increase
Decrease
No change

Risk Management Approach continued

54
Strategic report
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Financial statements
Risk
Impact
Mitigation
Status
Operational risks continued
9.
Manufacturing
facilities
In addition to facilities in the Isle of
Man, Italy and Australia, the Group’s
China facility currently manufactures
the majority of its products. If for any
reason, including product mix changes,
a capacity constraint is created, or
should the operations at this and the
other sites become disrupted for
whatever reason (or reasons), and/
or the Group is unable to find suitable
alternative manufacturing sites, the
Group’s ability to meet the demands of
its customers could be affected. Any
of the above could negatively impact
the Group’s relationships with its
customers.
• The China factory features automated
functionality and increased manufacturing
capacity, and was constructed in a modular
way in order to reduce the risk posed by any
potential disruptions.
• Strix put in place preventative measures
at all operational sites including fire
suppression and prevention systems,
periodic health and safety training for staff
and implementation of alternative energy
sources to ensure continuity in the event of
any disruption to normal power supplies.
• A detailed recovery plan has been
documented as part of the Group’s Business
Continuity Plan which is overseen by the
Recovery Management Team. Procedures
relate to communications and information
exchange, recovery process phase, clean-
up process, pollution prevention and
restoration (including insurance claims and
compensations). Restoration procedures
include plan maintenance, back-ups,
testing and emergency sources of power
generation.
Movement:
Likelihood:
Almost Never

Consequence:
Minor

Appetite:
Tolerate

Movement key:
Increase
Decrease
No change

Strix Group Plc Annual Report and Accounts 2024
55
Risk
Impact
Mitigation
Status
Reputational risks
10.
Reputational
risks
The Group’s reputation for and delivery
of products of high- standards of
quality and safety is key to a number
of direct and indirect customers in
choosing Strix products. Should Strix
suffer product quality or safety issues,
leading to a negative impact on its
reputation with customers, future
performance could be significantly
impaired.
• Robust engineering design and validation
processes from initial design and
development through production and into
service.
• High levels of quality assurance are
embedded in robust manufacturing
systems.
• Engagement with external certification
bodies in order to ensure Strix’s products
have already passed certification with key
standard setting bodies.
Movement:
Likelihood:
Unlikely

Consequence:
Minor

Appetite:
Tolerate /
Treat
Compliance risks
11.
Intellectual
property
The Group relies on a combination
of patents, design registrations,
trademarks, trade secrets, copyright
and other contractual agreements
and technical measures to protect its
proprietary intellectual property rights.
The Group’s success will in part depend
on its ability to establish, protect and
enforce proprietary rights relating to the
development, manufacture, use or sale
of its existing and proposed products.
• The Group vigorously defends its key
intellectual property in order to derive
the maximum economic benefit from its
portfolio of intellectual property assets.
• The Group actively monitors new products
introduced in markets where intellectual
property protection is in place to ensure
its designs and trademarks are not being
infringed and where they are, restitution is
sought.
Movement:
Likelihood:
Unlikely

Consequence:
Major

Appetite:
Tolerate
12.
Cybersecurity
Cybersecurity risks include risks
from malware and ransomware
attacks by third parties attempting to
gain unauthorised access to Strix’s
systems. The Group’s operations are
heavily reliant on its IT infrastructure.
Therefore, any unauthorised access
could result in disruptions to operations,
loss of data, breach of privacy, and loss
of assets and funds.
• Deploying security tools to limit the impact
and spread of ransomware, including the use
of endpoint security systems to monitor and
secure entry and end-points to the Group’s
full IT infrastructure.
• Ensuring firewalls and anti-virus software
are robust and up-to-date to block any
potential attacks.
• Employees across the whole Group continue
to receive extensive training about IT security
and potential risks. This is supported by a
continuous awareness programme to further
explain what measures need to be taken to
ensure consequences are minimised.
• Should a cyber incident occur, the Group
has a detailed recovery plan that has
been documented as part of the Group’s
Business Continuity Plan which is overseen
by the Recovery Management Team.
Procedures relate to communications and
information exchange, recovery process
phase and restoration (including insurance
claims and compensations). Restoration
procedures include plan maintenance,
back-ups and testing.
• Further strengthening of Disaster Recovery
plans to ensure that different geographical
locations may continue if breach occurred
elsewhere.
Movement:
Likelihood:
Possible

Consequence:
Major

Appetite:
Treat

Movement key:
Increase
Decrease
No change

Risk Management Approach continued

56
Strategic report
Governance report
Financial statements

Strix Group Plc Annual Report and Accounts 2024
57
Board of Directors
Gary Lamb
Chairman

Appointed: 2017
Committees: (A)(N)(R) Chairman: (N)
Mark Bartlett
Chief Executive Officer
Appointed: 2006
Clare Foster
Chief Financial Officer
Appointed: 2024
Mark Kirkland
Non-Executive Director
Appointed: 2017
Committees: (A)(N)(R) Chairman: (A)
Richard Sells
Non-Executive Director
Appointed: 2020
Committees: (A)(N)(R) Chairman: (R)
Gary is a qualified accountant (CIMA) who
has gained extensive business experience
over the past 35 years in numerous senior
roles. Gary is currently CEO of Manx
Telecom. Prior to joining Manx Telecom,
Gary was a founder director of Bladon
Jets Limited, and a Non-Executive Director
until July 2017. For 11 years, prior to Bladon
Jets, Gary was the Finance & IT Director of
Strix Limited, leaving in 2007.
Mark joined Strix in 2006. He led the
Group through its Admission to AIM in
2017. Prior to Strix, Mark’s experience
includes holding various positions ranging
from Engineering Director through to
Managing Director for multinationals
in Europe and the Americas, including
serving as Managing Director of a
company within the Ametek Inc. group
and ABS Waste Water Limited.
Clare is an experienced Chief Financial
Officer with an extensive skills base
gained over 25 years working in and
advising international businesses. Prior to
joining Strix, Clare spent seven years as
Group CFO at Trifast Plc, a global leader in
the design, manufacture and distribution
of industrial fastenings. Clare qualified as
a Chartered Accountant with KPMG where
she worked for 16 years.
Mark has extensive corporate
experience gained over the last 30
years having held numerous senior
roles in public and private companies.
He qualified as a Chartered Accountant
with PricewaterhouseCoopers in
London and his initial career was in
corporate finance, predominantly spent
at UBS Limited. He has been CFO of
numerous public companies and latterly
was CEO of Delin Property until 2022.
Mark is currently a Director of Kelso
Group Holdings Plc and a Non-Executive
Director of AEW UK REIT Plc.
Richard is an experienced company
director and advisor with over 30 years’
experience working across multinational
corporations, public companies,
entrepreneur-led SME enterprises, and
private-equity backed businesses. He
previously served as Chairman of the
Association of Manufacturers of Domestic
Appliances, and was on the Board of
London listed Alba Plc. Additionally, he has
worked with a number of entrepreneur-led
private companies and served as a deal
advisor for a large private equity firm.
Richard leads the Board’s efforts in
overseeing the Group’s ESG policies and
procedures and monitors Strix’s progress
against stated goals.
Note: (A) Audit Committee (N) Nomination Committee (R) Remuneration Committee Executive Management Team
EMT
EMT
EMT

58
Governance report
Financial statements
Strategic report
Senior Management Team
Executive Management Team
Emma drives the Group’s human
capital strategy focusing mainly on
attraction, recruitment, retention
and development of talented
people across the organisation.
Emma Cox
Group Human
Resources
Director
Joined: 2020
Neil
Geoghegan
Director of
Group Finance
Joined: 2021
Matt Thomas
Strix Consumer
Goods
Engineering
& Divisional
Operations
Director
Joined: 2003
Riccardo
Dolcetta
Managing
Director of
LAICA & Strix
Consumer
Goods
Joined: 2021
Nick Gibbs
Group
Engineering
& Western
Operations
Director
Joined: 1992
David
Trustrum
Western
Supply Chain
& Commercial
Operations
Director
Joined: 1991
Frank Gao
Chief
Operating
Officer
Joined: 2012
Rachel
Pallett
Chief
Commercial
Officer
Controls & Billi
Joined: 2023
Nicolò
Zanuso
Strix Consumer
Goods Finance
Director
Joined: 2021
Neil directs the finance teams
across all Group locations,
including the team responsible
for the accuracy of financial
reporting and financial controls.
Matt is based in Guangzhou and
leads the global manufacturing
engineering teams looking
for innovative methods of
manufacture, including automation
and customer quality teams.
Riccardo manages the Strix
Consumer Goods division and
the LAICA group of companies
with overall leadership over the
division’s operations and strategic
direction. He has responsibility
for the commercial, research and
development, manufacturing and
engineering operations.
Nick has functional responsibility
for engineering throughout the
Strix Group of companies. Nick also
has functional responsibility for the
Group’s manufacturing facilities
outside of China.
David directs the commercial
operations department, optimising
commercial activities through
intellectual property rights and
product safety, market intelligence
and pricing management.
Frank directs and leads the global
operations team that spans
Strix’s Guangzhou and Ramsey
facilities, and oversees the
Group’s overall manufacturing,
supply chain and technology
footprint. He also oversees the
research and development
function for the Group.
Rachel manages the Controls
and Billi divisions, with a global
team spread across the Isle of
Man, UK, Australia and China. She
oversees the commercial business
operations within the divisions
and provides strategic leadership,
whilst implementing product
development and building enduring
customer relationships.
Nicolò ensures appropriate
financial asset controls are in
place, along with information
and business processes, whilst
ensuring compliance with relevant
accounting standards and
legislation for the Strix Consumer
Goods division.
EMT
EMT
EMT
EMT
EMT

Strix Group Plc Annual Report and Accounts 2024
59
Board roles
Strix’s current Board is made up of three
Non-Executive Directors, including the
Chairman, and two Executive Directors,
the CEO and CFO. All members have been
selected for their diverse experience,
which draws from a range of industries
and background that align to promote the
Group’s long-term sustainable success.
The Board has determined that all its
Non‑Executive members are independent.
Annually, the Board conducts an appraisal
evaluation of its own performance
whereby each Director will complete
questionnaires which are reviewed and
feedback discussed.
Our Chairman
• Chairing Board meetings, Nomination
Committee meetings and the Annual
General Meeting, and setting the Board
agenda.
• Ensuring there is effective
communication between the Board,
management, shareholders and the
Group’s wider stakeholders, while
promoting a culture of openness and
constructive debate.
• Ensuring Directors receive accurate,
timely and clear information.
• Overseeing the annual Board evaluation
and addressing any subsequent
actions.
• Promoting the highest standards of
corporate governance.
• Ensuring the views of stakeholders
are taken into account when making
decisions.
Our Non-Executive Directors
• Chairing Remuneration and Audit
Committee meetings.
• Providing effective and constructive
challenge for the Executive
Committee and scrutinising the
performance of management.
• Assisting in the development and
approval of the Group’s strategy.
• Reviewing Group financial information
and ensuring there are effective
systems of governance, risk
management and internal controls.
• Ensuring there is regular, open
and constructive dialogue with
shareholders.
Our CEO
• Chair of the Executive Management
Team.
• Day-to-day management of the Group.
• Responsible for commercial, operational,
risk and strategy of the Group.
• Developing and implementing strategic
direction.
• Ensuring effective communication and
information to the Board and Chairman.
• Representing the Group to external
stakeholders.
Our CFO
• Member of the Executive Management
Team.
• Providing strategic financial leadership
to the Group.
• Operating as a financial business
partner in all major strategic,
commercial and investment decisions.
• Responsible for maintaining and
developing the Group’s liquidity, its
financing facilities and wider banking
relationships.
• Day-to-day management of the finance
function.
• Representing the Group in financial
communications with external
stakeholders.
Board Activities
The Board is committed to effective corporate governance as the basis for delivering long-term value
growth and meeting shareholder expectations for proper leadership and oversight of the business.
CEO and Executive Management Team
The Board delegates the day-to-day responsibility of running the Group to the CEO, who is responsible
for all commercial, operational, risk and financial elements. He is also responsible for the management and
development of the strategic direction for consideration and approval by the Board. The Officers and senior
management assist the CEO in implementing the strategy as approved by the Board.
Audit
Committee
Chaired by Mark Kirkland
The Audit Committee report
which lays out the duties
and responsibilities of the
Audit Committee can be
read on pages 65-66.
Nomination
Committee
Chaired by Gary Lamb
The Nomination Committee
is responsible for leading
the process for all
potential appointments
to the Board and making
recommendations to the
Board accordingly.
The Nomination Committee
report can be found on
page 67.
Remuneration
Committee
Chaired by Richard Sells
The Remuneration
Committee reviews the
Group’s remuneration policy
for the Executive Directors
and senior management on
an annual basis to ensure
continued alignment with
the principles set out within
the Directors’ remuneration
report on pages 69-76.

60
Governance report
Financial statements
Strategic report
Dear Shareholder,
On behalf of the Board, I am pleased to present our Corporate
Governance Report for the year ended 31 December 2024.
The Board’s commitment to robust governance practices
remains key, ensuring that Strix operates in a manner that is
consistent with the highest corporate governance standards
at all times.
In the Corporate Governance section of this report on
pages 57-79, the Group describes in more detail the current
governance arrangements at Strix.
This year the Non-Executive Directors have spent a
significant amount of time dedicated to Strix and I am grateful
for their commitment. They have provided constructive
challenge, strategic guidance, offered specialist advice and
have held management to account. I firmly believe the Board
and its Committees contain an appropriate combination of
skills, experience, and knowledge and they continue to be
effective at fulfilling our responsibilities to shareholders and
stakeholders.
The Board has three Committees to advise it:
• The Audit Committee advises the Board on matters relating
to internal controls and financial reporting of the Group.
• The Remuneration Committee determines and recommends
the framework and policy for the remuneration of the
Executive Directors.
• The Nomination Committee provides a process and
procedure for the appointment of new Directors.
2024 has been a year of transition for Strix, rebasing and
restructuring the business to better support medium and
long-term growth. The balance sheet has been strengthened
and strong progress has been made in reducing our net debt
position, which was a key strategic priority for the Board.
Other Board activities during 2024 included:
• Considered the reinstatement of the final dividend for 2024.
• Monitored financial performance against budgets and
forecasts and discussed any deviations from expectations
at each scheduled meeting.
• Reviewed and approved the Group’s trading updates, full
and half year results and the Annual report and accounts.
• Received updates and recommendations from the
Committee Chairs following each Committee meeting.
• Received briefings from the Group’s brokers.
• Received feedback and insights gathered from meetings
with the Group’s top shareholders.
Changes to the Board
Clare Foster joined the Group in February 2024, and was
welcomed to the Board as CFO in April 2024. I relinquished my
position of Chairman of the Audit Committee as Mark Kirkland
resumed the role, having stepped down from his position to
serve as interim CFO.
Environmental, Social and Governance (“ESG”)
The Board takes its ESG responsibilities very seriously, with
the goal to hand Strix over to our future successors in an
even more sustainable position than it is now. Strix remains
dedicated to its ESG focus and significant progress has been
made against the Group’s targets this year, overseen at Board
level by Richard Sells. More information on this is provided in
the Responsible Business and ESG sections on pages 29-46.
AGM 2025
The AGM will be held on 10 July 2025 which shareholders
can attend in person. Strix considers the AGM to be an
important event in the calendar and a significant opportunity
for the Board to engage with its stakeholders, encouraging
shareholders to share their views.
If shareholders do have questions they would like to raise
at the AGM, please send an email ahead of the meeting to
agmquestions@strix.com.
“I am passionate about creating the right
strategy, delivered by the right executive
team and supported by the right Board
with sound corporate governance, in order
to deliver value for our stakeholders.”
Gary Lamb
Non-Executive Chairman
Chairman’s Introduction to Governance

Strix Group Plc Annual Report and Accounts 2024
61
Corporate Governance Statement
(the “QCA Code”)
The Board is committed to effective corporate governance
as the basis for delivering long-term value growth and for
meeting shareholder expectations for proper leadership and
oversight of the business.
Strix applies the principles of the Quoted Companies Alliance
Corporate Governance Code (the “QCA Code”) as the
Board believes that adherence to the QCA Code provides
a strong foundation for delivering shareholder value and
serves to mitigate and minimise risks. Directors of companies
incorporated in the Isle of Man are required to comply with
certain duties that are contained in the Isle of Man Companies
Act 2006, and the Directors comply with those duties.
Going concern
These consolidated financial statements have been prepared
on the going concern basis.
The Directors have made enquiries to assess the
appropriateness of continuing to adopt the going concern
basis. In making this assessment the Directors have
considered the following:
• The current and historic trading and profitability
performance of the Group.
• Income statement and cash flow forecasts for the period to
30 April 2026, including current and forecast debt covenant
headroom.
• The financial position of the Group as 31 December 2024,
including (i) cash and cash equivalents balances of £15.1 m
(FY23: £20.1m) and (ii) undrawn and accessible RCF facilities
of £10.5m (FY23: £nil).
• The ability to repay loan facilities due in the next 12 months.
Based on these considerations, the Directors have concluded
that there is a reasonable expectation that the Group
and the Group have adequate resources to continue in
operational existence for the foreseeable future. The key
entities in the Group have traded profitably, excluding non-
cash adjusted items, for an extended period of time. As a
result, the Directors continue to adopt the going concern
basis of accounting in preparing the financial statements
and consider there are no material uncertainties about the
Group’s ability to continue as a going concern.
Forward-looking statements
This Annual report and accounts contains forward-looking
statements that involve risk and uncertainties. The Group’s
actual results could differ materially from those estimated or
anticipated in the forward-looking statements as a result of
many factors. Information contained in this Annual report and
accounts relating to the Group should not be relied upon as a
guide to future performance.
AGM - voluntary disclosure
The business to be conducted at the AGM of the Group is
set out in the separate Notice of Annual General Meeting
which accompanies the Annual Report and Accounts.
Resolutions put before shareholders at the AGM will usually
include resolutions for the appointment of Directors, approval
of the Directors’ remuneration report, declaration of the
final dividend and authorisation for the Board to allot and
repurchase shares. At each AGM there is an update on the
progress of the business over the last year and also on
current trading conditions.
Board composition and operation
The Board is made up of three Non-Executive and two
Executive Directors. The Board meets frequently throughout
the year to consider strategy, performance and the
framework of internal controls. To enable the Board to
discharge its duties, all Directors receive appropriate and
timely information. Briefing papers are distributed to all
Directors in advance of Board meetings.
All Directors have access to the advice and services of the
Chief Executive Officer, who is responsible for ensuring that
the Board procedures are followed, and that applicable rules
and regulations are complied with. In addition, procedures
are in place to enable the Directors to obtain independent
professional advice in the furtherance of their duties, if
necessary, at the Group’s expense.
The Board has conducted an appraisal of its own performance
and that of each Director for 2024. This was completed by the
use of questionnaires completed by all Directors. The results
of this exercise were reviewed and feedback discussed in
full by the Board. Feedback was given by the Independent
Non-Executive Directors in respect of the Chairman, and
by the Chairman in respect of assessments of each of the
other Directors and the Board as a whole. The outcome of the
appraisal is that the Board has been effective in discharging
its duties during 2024, with appropriate changes, deemed
necessary, made.
How Strix Governs

62
Governance report
Financial statements
Strategic report
Internal control
The Board has overall responsibility for ensuring that the
Group maintains a system of internal control, to provide
it with reasonable assurance regarding the reliability of
financial information that is used within the business and
for publication and the safeguarding of assets. There are
inherent limitations in any system of internal control and,
accordingly, even the most effective system can provide only
reasonable, and not absolute, assurance against material
misstatement or loss. Some examples of internal controls
operated by the Group are given below and elsewhere in this
statement.
The Group’s organisational structure has clear lines of
responsibility. Operating and financial responsibility
for subsidiary companies is delegated to functional
management, which is in most cases the members of the
senior management team.
The Board has an ongoing process for identifying, evaluating
and managing the Group’s significant risks. The process
includes:
• Preparation and approval of budgets and regular monitoring
of actual performance against budget.
• Preparation of monthly management accounts for each
subsidiary and for the Group, including investigation of
significant variances from budget; these are summarised
and reviewed at Board level.
• Preparation of updated profitability and cash flow forecasts
to reflect actual performance and revised outlook as the
year progresses, including an assessment of the adequacy
of funds for the foreseeable future.
• Investment policy acquisition proposals and major capital
expenditure projects are authorised and monitored by the
Group Board.
Throughout the year, the Board has carried out assessments
of internal controls by considering documentation from the
Executive Directors and the Audit Committee as well as taking
into consideration events since the year end. The internal
controls extend to the financial reporting process and the
preparation of the consolidated accounts.
The Group continues to take steps to embed internal control
and risk management further into the operations of the
business and to deal with areas for improvement which come
to the attention of management and the Board. The Group
has ethical guidelines and a defined fraud reporting and
whistleblowing process which are issued to all employees
within the Group.
The Group’s risk management programme, which assesses
key risks and the required internal controls that are delegated
to Functional Directors is reviewed regularly in order to ensure
that it continues to meet the Board’s requirements.

63
Strix Group Plc Annual Report and Accounts 2024
63

64
Governance report
Financial statements
Strategic report
Shareholders
The Chairman and the Non-Executive Directors will always make themselves available to meet with shareholders. Normal
relationships with shareholders are maintained by the Executive Directors who brief the Board on shareholder issues and who
relate the views of the Group’s advisers to the Board. The Board believes that the disclosures set out in the Strategic Report on
pages 1-56 of the Annual Report provide the information necessary for shareholders to assess the Company’s performance,
business model and strategy.
Share capital structure
Details of the Group’s share capital can be found in note 22 to the Group financial statements.
As at 07 March 2025, the Group has been advised, in accordance with the Disclosure Guidance and Transparency Rules
of the Financial Conduct Authority, of the following notifiable interests in 3% or more of its voting rights:
Identity of significant shareholders as follows:
Number
Number of securities in issue
229,859,939
AIM securities not in public hands
1.43%
Shareholder
Shares
%
Mr Victor U Vallejo
22,988,560
10.00%
Octopus Investments
19,610,896
8.53%
Van Lanschot Kempen Investment Mgt
13,744,000
5.98%
Jupiter Asset Mgt
12,577,042
5.47%
Hargreaves Lansdown Asset Mgt
8,485,065
3.69%
Fidelity Investments
7,769,441
3.38%
Blackwell Partners
7,114,925
3.10%
Total
92,289,929
40.15%

Strix Group Plc Annual Report and Accounts 2024
65
Audit Committee membership & meetings
The Committee met formally twice throughout the year with
all members attending scheduled meetings. In addition to
the formal meetings, Committee members also attended
additional ad hoc meetings as required, including virtually, and
through discussions via multiple emails.
The members of the Committee, all of whom held office for the
year ended 31 December 2024, and at the date of this report
(unless otherwise stated), are:
• Mark Kirkland - resumed role as Chairman of the Committee
in April 2024, having stepped down from his position to
serve as interim CFO.
• Gary Lamb – served as Chairman of the Committee from
January to April 2024.
• Richard Sells.
All Committee members are independent Non-Executive
Directors and the Board is satisfied that all members have
significant, recent and relevant financial experience. Both
Mark Kirkland and Gary Lamb are qualified Chartered
Accountants and have held Chief Financial Officer roles
for significant periods at other AIM quoted companies. For
further details on Strix’s Board and the members of the Audit
Committee, see page 57.
The CEO, CFO and other senior finance staff attend meetings
of the Audit Committee by invitation. The external auditors
attend relevant meetings to present the planning and
conclusions of their work, and as in previous years, the
Audit Committee met with them during the year without the
executive team present.
The Committee is able to call for information from
management and consults with the external auditors
directly if required. The objectivity and independence of the
external auditors is safeguarded by reviewing the auditors’
formal declarations of independence, assessing the level
of non-audit fees payable to the auditors, and monitoring
relationships between key audit staff and the Group.
The role of the Committee
The role of the Audit Committee is set out in a terms of
reference document and is to:
• Monitor the integrity of the financial statements of the
Group and any formal announcements relating to the
Group’s financial performance, reviewing significant
financial reporting judgements contained in them.
• Review the Group’s internal financial controls and, unless
expressly addressed by a separate Board risk committee
composed of independent Directors, or by the Board itself,
to review the Group’s internal control arrangements for
whistleblowing, and risk management systems.
• Evaluate the need to establish internal audit processes.
• Make recommendations to the Board, for it to put to
shareholders for their approval in the Annual General
Meeting, in relation to the appointment, reappointment
and removal of the external auditor and to approve the
remuneration and terms of engagement of the external
auditor.
• Review and monitor the external auditor’s independence
and objectivity and the effectiveness of the audit process,
taking into consideration relevant UK and Isle of Man
professional and regulatory requirements.
• Develop and implement policies on the engagement of the
external auditor to supply non-audit services, taking into
account relevant ethical guidance regarding the provision
of non-audit services by the external audit firm.
• To report to the Board, identifying any matters in respect
of which it considers that action or improvement is needed
and making recommendations as to the steps to be taken.
Audit Committee Report
“I am pleased to present the Audit Committee’s report for 2024. I trust that this report
will provide you with an insight into our work, the matters handled and the focus of the
Audit Committee’s deliberations during the year.”

66
Governance report
Financial statements
Strategic report
Significant issues considered in relation to the
financial statements
At the request of the Board, the Audit Committee considered
whether the 2024 Annual Report and Accounts were fair,
balanced and understandable, and whether they provided the
necessary information for shareholders to assess the Group’s
performance, business model and strategy. The Committee
was satisfied that this is the case.
The Audit Committee assesses whether suitable accounting
policies have been adopted and whether appropriate
estimates and judgements have been made by management.
The Committee also reviews accounting papers prepared by
management, and reviews reports by the external auditors.
The specific areas reviewed by the Committee during the
year were:
• Examining the Annual Report for the year to 31 December
2024 discussing with management to assess whether
the report, taken as a whole, was fair, balanced and
understandable prior to recommending to the Board for
approval.
• The accounting treatment and presentation of the
restructuring and rebasing actions taken in the year,
including the disposal of HaloSource.
• Revenue recognition of the various revenue streams within
the Group.
• Appropriateness of the use of the going concern
assumption.
• Review of the preliminary and interim financial statements
and disclosures thereof.
• Key areas of accounting estimates and judgements.
Internal audit
At present, Strix does not have an internal audit function.
The Audit Committee believes that, owing to the Group’s
size, management is able to derive assurance as to the
adequacy and effectiveness of internal controls and risk
management procedures without an internal audit function.
The Audit Committee reviews the need for such a function
on an annual basis.
External auditor and independence
PricewaterhouseCoopers LLC is the Group’s auditor and
has confirmed its independence as auditor through written
confirmation to the Group, and the Audit Committee monitors
the relationship to ensure that auditor effectiveness,
independence and objectivity are maintained. On an annual
basis and in addition to reporting their audit conclusions, the
external auditor reports the audit plan, including fee proposal,
to the Audit Committee.
A resolution to reappoint PricewaterhouseCoopers as the
Group’s auditor is being proposed at the forthcoming Annual
General Meeting.
A summary of fees paid to the external auditor, including the
breakdown between fees for audit and non-audit services, is
set out in note 6(c) to the financial statements.
Mark Kirkland
Chairman of the Audit Committee
29 April 2025
Mark Kirkland
Audit Committee Chairman

Strix Group Plc Annual Report and Accounts 2024
67
Nomination Committee membership & meetings
The Committee met twice during the year (with all applicable
members present).
The members of the Committee, all of whom held office for the
year ended 31 December 2024 and at the date of this report
(unless otherwise stated), are:
• Gary Lamb (Chairman).
• Mark Kirkland.
• Richard Sells - appointed to the Committee on 7 March 2024.
The role of the Committee
The role of the Committee includes reviewing the composition of
the Board, succession planning for the Board and, together with
the CEO, succession planning for senior leadership positions
throughout the Group. It also considers:
• The structure, size and composition of the Board and
its Committees including evaluating the balance of skills,
experience, independence and knowledge of its members.
• The independence and time commitments of Non-Executive
Directors.
• The Board’s policy on diversity as it relates to appointments to
the Board.
• Succession planning for the Board and the Executive
Committee roles.
• The Committee’s effectiveness.
• The Committee’s terms of reference.
Activities during the year
The Committee met to discuss and recommend the
appointment of Clare Foster, CFO as an Executive Director
of Strix Group Plc; recommend the appointment of Richard
Sells to the Committee; and to discuss the structure, size and
composition of the Board. Other subjects were discussed
to ensure the Board and Committees continue to operate
effectively.
Gary Lamb
Chairman of the Nomination Committee
29 April 2025
Nomination Committee Report
“Strengthening Strix’s Board and management team during this pivotal moment for the
Group has been essential to our rebasing efforts this year.”
Gary Lamb
Chairman of the
Nomination Committee

Strategic report
68
Governance report
Financial statements
Strategic report

Strix Group Plc Annual Report and Accounts 2024
69
The Remuneration Committee
The members of the Remuneration Committee are Richard
Sells (Chairman of the Committee), Gary Lamb and Mark
Kirkland.
The Committee held five meetings during 2024. All members
of the Committee attended all meetings.
Korn Ferry has provided independent advisory services to
the Committee since 2017. Korn Ferry is a member of the
Remuneration Consultants Group and a signatory to its Code
of Conduct.
Duties
The main duties of the Remuneration Committee are set out in
its terms of reference and include:
• Determining the remuneration policy for the Board
Chairman and all Executive Directors, having regard to the
risk appetite of the Group and alignment to the Group’s
long-term strategic goals.
• Reviewing the ongoing appropriateness and relevance
of the remuneration policy, having regard to pay and
employment conditions across the wider Group.
• Approving the design of, and determining targets for any
performance-related pay schemes operated by the Group
and approving the total annual payments made under such
schemes.
• Reviewing the design of all share incentive plans for
approval by the Board and shareholders.
• Determining the policy for, and scope of, pension
arrangements for each Executive Director and other senior
executives.
• Approving the terms of the service contracts for Executive
Directors and other senior executives, and determining the
policy for and scope of termination payments.
• Determining the total individual remuneration package
of each Executive Director and other designated senior
executives including bonuses, incentive payments and
share awards.
• Establishing the selection criteria, selecting, appointing
and setting the terms of reference for any remuneration
consultants who advise the Committee.
Remuneration policy
The Committee’s objective is to ensure that remuneration
incentivises and rewards the growth of shareholder value
through full alignment with the Group’s strategy and with
the interests of shareholders. The Committee is guided by a
number of fundamental principles:
• Remuneration should be set by taking into account pay
levels in the various jurisdictions in which the Group
operates, whilst complying with UK PLC structural norms
and good practice.
• The policy should attract, retain and motivate high-calibre
Executive Directors and senior management through a
significant weighting on performance-related pay.
• Incentive plans should be robust and include metrics and
targets which are directly relevant to Strix.
• Pay should be simple and understandable, both externally
and to colleagues.
• Good practice features such as clawback and malus
arrangements should be included.
• Share ownership should be encouraged across the
executive team to ensure a long-term focus and alignment
of interest with shareholders.
• Pay structures should not reward behaviour that
inappropriately increases the Group’s exposure to risks
beyond the Group’s risk appetite.
The Committee will keep the remuneration policy under
review and will make changes as required to ensure continued
alignment with the principles set out above. In doing so, he
Committee will consult with Strix’s major shareholders where
necessary.
Application of the remuneration policy in 2024
During the year under review, there were no changes to the
remuneration policy or its implementation, with executive
remuneration operating in line with the intentions as set out
in last year’s Directors’ remuneration report. Clare Foster
was welcomed to Strix during the year; she joined the Board
with effect from the 2 April 2024. The remuneration agreed
for Clare was set out in detail in last year’s report. She
participated in the annual bonus scheme during the year and
received a Long-Term Incentive Plan (“LTIP”) grant in April on
the terms summarised in last year’s report. The award will vest
subject to EPS performance and the satisfaction of energy
intensity targets over the three-year period ending
31 December 2026. A similar award was made to Mark Bartlett.
The full targets are disclosed on page 74.
Directors’ Remuneration Report
This report sets out the Directors’ remuneration policy, the basis for the remuneration
paid to Directors in respect of 2024 and explains how the Committee intends to
implement the policy for 2025. The key elements of our approach are summarised below.

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Separately, and as explained last year, Clare received an
additional award of shares as part of the terms agreed on
her recruitment. The award will vest after three years and is
subject to Clare’s continuing employment and the standard
malus and clawback provisions. Clare is required to build a
minimum shareholding in Strix shares over time equivalent
to 150% of her basic salary.
Given the ongoing challenges faced by the business during
2024, there were no payments under the annual bonus
scheme. In respect of the LTIP granted in 2022, the EPS
targets (which applied to 85% of the award) were not met,
based on performance over the three-year period ended
31 December 2024. The separate energy intensity targets
were met in full, resulting in the overall award vesting at a
level of 15%.
Proposed application of the remuneration
policy in 2025
The Remuneration Committee has considered the
Executive Directors’ salaries for 2025 and has agreed
increases of 3.5% with effect from 1 April 2025. This is
aligned with the average salary increase across the wider
workforce in the UK, and lower than the average increase
for the workforce globally.
The maximum annual cash bonus opportunity for the
Executive Directors remains at 100% of basic salary for
2025. Any bonus payment will be based on challenging
financial and, if relevant, non-financial targets. The exact
targets are currently being finalised and will be disclosed in
next year’s Directors’ remuneration report.
The LTIP award made in 2025 will also be based on the
achievement of challenging performance conditions, to
be met over the three-year period ending 31 December
2027. As at the date of finalising this report, the Committee
had not taken final decisions regarding the specific
measures and targets to be used for the 2025 award.
The Committee’s intention is to disclose full details of the
targets at the time the LTIP awards are announced to
the market. Full details will also be included in next year’s
Directors’ remuneration report.
Wider workforce remuneration
The Remuneration Committee continues to consider wider
pay issues across the business when making decisions in
respect of the Executive Directors. Strix is an international
company with employees based in a number of different
regions across the globe. Pay levels and structures reflect
local practice in each market and for the relevant job grade.
Performance-related pay is in place for certain roles,
including participation in bonus arrangements and (for
more senior staff) grants of awards under the LTIP. The
performance measures for the LTIP awards are normally
aligned with those chosen for the Executive Directors
although different conditions may apply in certain cases
and grant sizes are lower.
As disclosed last year, at the beginning of 2024 Strix
integrated hardship allowances into the salaries of those
employees who had received these payments, thus
effectively making the payments permanent.
QCA Corporate Governance Code
The Remuneration Committee has considered the
2023 update to the QCA Corporate Governance Code,
which formally applies to Strix with effect from the 2025
financial year. The Committee is satisfied that the current
remuneration arrangements are broadly aligned with
the new remuneration principle in the Code, and will give
further consideration to potential enhancements to
disclosure for the 2025 Directors’ remuneration report.
Engagement with shareholders
The Remuneration Committee would welcome any
feedback from shareholders on any matter to do with
Directors’ remuneration; please contact me if you have any
comments.
In line with our normal practice, Strix will again present
shareholders with the opportunity to vote on this Directors’
remuneration report by way of a separate resolution at
the forthcoming AGM. The Board hopes the the Group’s
shareholders will support the resolution. I will also be
available at the AGM to answer any questions you may have.

Richard Sells
Chairman of the Remuneration Committee
29 April 2025

Strix Group Plc Annual Report and Accounts 2024
71
Directors’ Remuneration Report continued
Directors’ Remuneration Policy
The objective of the remuneration policy for Executive Directors is to ensure
remuneration incentivises and rewards the growth of shareholder value through full
alignment with the Group’s strategy and with the interests of shareholders.
The total remuneration package is structured so that a significant proportion is linked to performance conditions measured
over both the short and long term. A high proportion of the potential remuneration is paid in shares, thereby ensuring that
executives have a strong ongoing alignment with shareholders through the Company’s share price performance.
When setting the levels of short-term and long-term variable remuneration and the balance of cash and share-based elements,
consideration is given to obtaining the appropriate balance so as not to encourage unnecessary risk-taking, whilst ensuring
that performance hurdles are suitably challenging.
In addition to the elements of remuneration set out in the table below, Executive Directors are required to work towards
meeting share ownership guidelines. Further details are provided on page 75.
Element
Purpose and link
to strategy
Operation
Maximum opportunity
Base salary
To recruit and
reward high-calibre
executives for the
role required.
Reviewed annually by the Committee,
taking account of Group performance,
individual performance, changes in
responsibility and levels of increase for
the workforce generally.
Reference is also made to comparator
benchmarks from time to time.
The Committee considers the impact
of any basic salary increase on the total
remuneration package.
There is no prescribed maximum
annual increase. The Committee is
guided by movements in market rates,
the performance of the business and
the general salary increase for the
broader employee population, but
on occasion may need to take into
account factors such as development
in role, change in responsibility, and/
or specific retention issues.
Benefits
To provide market-
competitive benefits
and to help ensure
the overall wellbeing
of employees.
The Group typically provides:
• Car allowance.
• Medical insurance.
• Health insurance.
• Cost-of-living allowance.
• Other ancillary benefits, including
relocation expenses (as required).
Executive Directors are also entitled to
25 days’ leave per annum.
Benefits provision is set at a level
considered appropriate taking into
account a variety of factors, including
market practice elsewhere.
Pension
To provide market-
competitive benefits
and to assist post
retirement financial
planning.
A Group contribution to a defined
contribution pension scheme or
provision of cash allowance in lieu of
pension.
Up to 10% of basic salary.

72
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Service contracts and payments for loss of office
The Remuneration Committee is responsible for approving the terms of the service contracts for Executive Directors and other
senior executives. Directors’ service contracts are available for inspection at the Company’s registered office.
The service agreements for Mark Bartlett and Clare Foster are terminable on 12 months’ notice and six months’ notice
respectively. Other than payment of salary and benefits in lieu of notice, the Executive Directors’ service agreements do not
provide for benefits upon termination of employment.
The Non-Executive Directors have entered into letters of appointment with the Group which can be terminated by either party
providing three months’ prior written notice.
Element
Purpose and link
to strategy
Operation
Maximum opportunity
Annual bonus
scheme
To encourage and
reward excellent
performance over
the course of the
financial year.
Annual bonus payments are based
on performance against challenging
targets linked to the Group’s strategic
objectives.
Bonuses are currently paid in cash.
The Remuneration Committee may
review on an ongoing basis whether a
proportion of the bonuses should be
deferred into shares.
A recovery and withholding mechanism
applies in the event of a material
misstatement of the Group’s accounts
and also for other defined reasons.
Maximum annual opportunity of 100%
of basic salary.
Long-Term
Incentive Plan
(“LTIP”)
To encourage and
reward delivery of the
Group’s long-term
strategic objectives
and provide alignment
with shareholders
through the use
of share-based
remuneration.
The Group makes annual awards of
nil-cost options.
Awards are released subject
to continued employment and
satisfaction of challenging
performance conditions measured
over three years.
A recovery and withholding mechanism
applies in the event of a material
misstatement of the Group’s accounts
and also for other defined reasons.
There is no formal individual limit
within the LTIP rules. However, the
Remuneration Committee normally
applies a limit of 100% of basic salary
to grants made under the LTIP to
Executive Directors.
Non-Executive
Director fees
To attract and retain a
high-calibre Chairman
and Non-Executive
Directors.
Fee levels are set as appropriate for
the role and responsibility for each
Non-Executive Director position and
with reference to market levels in
comparably sized public companies.
Fees are paid in cash.
The Chairman is paid a single fee for
all his responsibilities. Other Non-
Executive Directors are also paid a
single fee.
There is no prescribed maximum
annual increase. Any increases to fee
levels are guided by movements in
market rates and the general salary
increase for the broader employee
population. On occasion, however, fee
increases may need to recognise, for
example, change in responsibility and/
or time commitments.

Strix Group Plc Annual Report and Accounts 2024
73
Directors’ Remuneration Report continued
Name of Director
Salary
and fees
£k
Benefits2
£k
Pension
£k
Annual
bonus
£k
Long-term
Incentives3
£k
Other
£k
Total
£k
Executive Directors
Mark Bartlett
2024
390
71
39
-
16
-
516
2023
375
70
38
-
-
-
483
Clare Foster1
2024
256
13
26
-
-
-
295
2023
-
-
-
-
-
-
-
Non-Executive Directors
Gary Lamb
2024
85
-
-
-
-
-
85
2023
82
-
-
-
-
-
82
Mark Kirkland4
2024
51
-
-
-
-
40
91
2023
49
-
-
-
-
35
84
Richard Sells
2024
51
-
-
-
-
-
51
2023
49
-
-
-
-
-
49
Annual EPS growth to be achieved in the period ended 31 December 2024
Level of vesting
Below 3%
0%
3%
25%
Between 3% and 7%
Vesting on a straight-line basis between 25% and 100%
7% or above
100%
1. Clare Foster was appointed to the Board with effect from 2 April 2024, having joined Strix on 1 February 2024. The payments in the table above represent
her remuneration as a Director from 2 April to 31 December 2024.
2. Mark Bartlett’s benefits include participation in the Company’s private medical insurance scheme and a car allowance. Clare Foster’s benefits include life
assurance, private medical insurance and a car allowance.
3. The number in this column for 2024 reflects the value of the 2022 LTIP award based on the vesting level of the award (15%) and the average share price
over the last three months of 2024 (58p), plus an amount reflecting the value of dividend equivalents. This award was based on performance measured
up to 31 December 2024.
4. Fees under “Other” for Mark Kirkland represent the amounts received for his role as interim CFO with effect from 27 October 2023 to 2 April 2024.
Annual bonus scheme outcome for 2024
Executive Directors had the opportunity to earn a maximum annual cash bonus for 2024 of 100% of basic salary, subject to
the achievement of challenging financial and non-financial targets linked to profit (50%), cash (40%) and the achievement of
specific ESG targets (10%). Payment of the bonus required minimum adjusted PAT for 2024 of £21.1m.
Given an adjusted PAT outturn from continuing operations for the year of £15.2m, the Committee determined that no bonuses
should be paid.
Performance under the LTIP award granted in 2022
Executive Directors and other members of senior management were granted an award of shares under the LTIP in April 2022.
Vesting of 85% of the awards was based on basic adjusted EPS performance measured over the three-year period ended
31 December 2024. The specific EPS targets, and the performance achieved, are set out below.

74
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1. All LTIP options above cannot be exercised until the Remuneration Committee determines the performance conditions (where relevant) have been met.
2. As explained in the 2023 Directors’ Remuneration Report, the performance conditions for this award were formally tested after the 2023 year end and it
was deemed that the award had lapsed in full.
3. As explained in the relevant section above, the performance conditions for this award were formally tested after the 2024 year end and it was deemed
that the award will vest at a level of 15%, reflecting the achievement of the targets linked to reduction in energy intensity.
4. This award represents the additional LTIP grant made to Clare Foster in connection with her recruitment to the Group, as explained above.
The Committee assessed the level of performance achieved and determined that the targets had not been met, taking into
account the basic adjusted EPS of 6.8p reported for the year ended 31 December 2024. Given negative EPS growth over the
three-year performance period, the Committee determined that this portion of the Directors’ LTIP awards should lapse.
The remaining 15% of the LTIP awards was based on Strix achieving a reduction in energy intensity of at least 5% per annum
over the three-year performance period to the end of 2024. The actual reduction in energy intensity over the period was 6.1%
per annum; as a result, this portion of the LTIP will vest in full.
The total vesting level for the LTIP award was therefore 15% of the shares originally granted in 2022.
LTIP award granted in 2024
Executive Directors and other senior employees were granted an award of shares under the LTIP in April 2024. For the Executive
Directors, the award was granted at a level of 100% of basic salary. Vesting of 85% of the award is subject to the achievement
of performance conditions based on the Company’s EPS performance over the three financial years ending 31 December 2026.
The specific targets were disclosed in last year’s report and are also set out below.
The remaining 15% is based on Strix achieving a reduction in energy intensity of at least 5% per annum over the three-year
performance period.
In addition to the above awards, and as explained in last year’s Directors’ remuneration report, Clare Foster received an
additional award of 50% of salary at the time of her recruitment to Strix. This award vests subject to continued employment
over the three-year period following grant.
LTIP awards are subject to malus and clawback provisions, as set out in the remuneration policy on page 69.
Directors’ participation in the LTIP
Details of the numbers of shares held by the Executive Directors under the LTIP are set out in the table below.
Annual EPS growth to be achieved in the period ending 31 December 2026
Level of vesting
Below 3%
0%
3%
25%
Between 3% and 7%
Vesting on a straight-line basis between 25% and 100%
7% or above
100%
Name of Director
Scheme
Grant date
Exercise
price
Number of
LTIP shares at
31 December
2023
Granted
during
year
Vested
during
year
Lapsed
during
year
Number of
shares at
31 December
2024
End of
performance
period
Vesting date1
Mark Bartlett
LTIP
21 Apr 2021
nil
123,995
-
-
123,995
-
31 Dec 2023
1 Apr 20242
LTIP
21 Apr 2022
nil
148,760
-
-
-
148,760
31 Dec 2024
1 Apr 20253
LTIP
17 Apr 2023
nil
359,295
-
-
-
359,295
31 Dec 2025
1 Apr 2026
LTIP
25 Apr 2024
nil
-
528,972
-
-
528,972
31 Dec 2026
1 Apr 2027
Clare Foster
LTIP
1 Feb 2024
nil
- 225,0894
-
-
225,089
n/a
1 Feb 2027
LTIP
25 Apr 2024
nil
-
458,741
-
-
458,741
31 Dec 2026
1 Apr 2027

Strix Group Plc Annual Report and Accounts 2024
75
Directors’ Remuneration Report continued
Directors’ shareholding guidelines and share interests
To align their interests with shareholders, Executive Directors are required to work towards meeting specific shareholding
guidelines. These guidelines require the Directors to retain at least 50% of the net of taxes gain arising from any shares vesting
or acquired under the LTIP until such time as the share ownership target has been met. The guidelines require the CEO to build
a holding equivalent in value to 200% of basic salary, and the CFO to build a holding equivalent in value to 150% of basic salary.
The Chairman and Non-Executive Directors are encouraged to hold shares in the Group but are not subject to a formal
shareholding guideline. Details of the Directors’ interests in shares are shown in the table below.
Application of the remuneration policy for 2025
Fixed remuneration
The Remuneration Committee has agreed that the salaries of the Executive Directors will increase by 3.5% with effect from 1
April 2025. This is in line with the average salary increase for the wider workforce in the UK, and lower than the average increase
for the workforce globally.
The resulting salaries are £407,112 for Mark Bartlett and £353,059 for Clare Foster.
The level of pension provision for both of the Executive Directors remains at 10% of basic salary.
Annual bonus scheme
The annual bonus scheme will continue to incentivise the delivery of performance over the short term. It is anticipated that
the scheme will primarily be based on the achievement of challenging financial targets. The exact targets are currently being
finalised and will be disclosed in the 2025 Directors’ Remuneration Report.
The maximum annual bonus opportunity for the Directors for 2025 will be 100% of basic salary, payable in cash.
Name of Director
Beneficially owned at 31 December 2024
Shareholding guideline achieved at
31 December 2024 as % of 2024 basic salary1
Mark Bartlett
2,745,147
>200%
Clare Foster
-
0%
Gary Lamb2
468,313
n/a
Mark Kirkland
63,613
n/a
Richard Sells
14,241
n/a
1. Based on the year end share price of 48.2p.
2. Shares registered in the name of GEL Holdings Limited, a company controlled by Gary Lamb.

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LTIP
The 2025 LTIP award will be subject to the achievement of stretching targets to be achieved over the three financial years
ending 31 December 2027. As at the date of finalising this report, the Committee had not taken final decisions regarding the
specific measures and targets to be used for the award. Our intention is to disclose full details of the targets at the time the
LTIP awards are announced to the market. Full details will also be included in next year’s Directors’ remuneration report.
It is anticipated that the LTIP award will again be granted with the right to a payment equivalent to the value of the dividend paid
over the vesting period to be made at the time of vesting. The awards will be subject to malus and clawback provisions, as set
out in the remuneration policy on page 69.
The LTIP awards for the Executive Directors will be granted at the normal levels of 100% of basic salary.
Chairman and Non-Executive Directors
The fees payable to the Board Chairman and the other Non-Executive Directors have been increased by 3.5% for 2025, in line
with the salary increase for the Executive Directors and the average salary increase across the wider workforce in the UK.
Accordingly, the new fees are £88,695 for Gary Lamb and £53,218 each for Mark Kirkland and Richard Sells.
This report was approved by the Board of Directors and signed on its behalf by:
Richard Sells
Chairman of the Remuneration Committee
29 April 2025

Strix Group Plc Annual Report and Accounts 2024
77
Principal activities of the Group
The principal activities of Strix Group Plc and its subsidiaries (together, the “Group”) are operating as a unique global supplier
of sustainable technologies, committed to providing innovative water, beverage, and wellbeing solutions wherever people
come together.
Annual General Meeting
The Annual General Meeting will be held at the Company’s Head Office, which is located at Forrest House, Ronaldsway,
Isle of Man, IM9 2RG at 9:00am (BST) on Thursday 10 July 2025.
Results and dividends
The Group recorded reported revenue in the year of £141.8m (FY23: £143.8m) and a reported profit after tax of £2.0m (FY23
profit: £16.6m) from continuing operations.
The Directors have proposed not to pay a final dividend at this time, but plan to reinstate the FY24 final dividend of 1.28p per
share with payment to take place in December 2025 alongside the FY25 interim dividend. A resolution to seek approval for the
FY24 final dividend payment will be sought in a general meeting to be scheduled in Q425.
Financial risk management
Information relating to the financial risks of the Group have been included within note 20, “Financial risk management”.
Directors and their interests
The Directors of the Group who were in office during the year and up to the date of signing the consolidated financial
statements were:
All members of the Board of Directors will retire by rotation in accordance with the Company’s Memorandum and Articles of
Association and all will be proposed for re-election at the AGM on 10 July 2025. The Directors who held office during the year
and as at 31 December 2024 had the following interests in the number of ordinary shares of the Company:
Directors’ Report
for the year ended 31 December 2024
The Directors present their report together with the audited consolidated financial
statements of Strix Group Plc (“the Company”) for the year ended 31 December 2024.
Name of Director
2024
2023
Mark Bartlett
2,745,147
2,676,762
Mark Kirkland
63,613
63,613
Gary Lamb
468,313
468,313
Richard Sells
14,241
14,241
Clare Foster (Appointed 2 April 2024)
-
-
Name of Director
Role
Mark Bartlett
Chief Executive Officer
Clare Foster
Chief Financial Officer (Appointed 2 April 2024)
Gary Lamb
Non-Executive Chairman
Richard Sells
Non-Executive Director
Mark Kirkland
Non-Executive Director, Interim CFO until 1 April 2024

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In addition to the interests in ordinary shares shown above, the Group operates a performance share plan (the LTIP) for
senior executives, under which certain Directors have been granted conditional share awards. Subject to achieving
performance targets, the maximum number of ordinary shares which could be issued to Directors in the future under such
awards as at 31 December 2024 is shown below:
The market price of the Company’s shares at the end of the financial year was 48.2p (FY23: 74.6p) and the range of market
prices in the year was between 44.6p and 90.0p (FY23: between 52.8p and 112.6p).
No changes took place in the interests of Directors between 31 December 2024 and the date of signing the consolidated
financial statements.
Directors’ indemnities and insurance
The Articles permit the Board to grant the Directors indemnities in relation to their duties as Directors, including third party
indemnity provisions (within the meaning of the Isle of Man Companies Act 2006) in respect of any liabilities incurred by them in
connection with any negligence, default, breach of duty or breach of trust in relation to the Company. Deeds of indemnity have
been granted to each Director, but do not cover criminal acts. Directors’ and Officers’ liability insurance cover is in place at the
date of this report. The Board remains satisfied that an appropriate level of cover is in place and a review of the levels of cover
takes place on an annual basis.
Going concern
After making appropriate enquiries, the Directors have a reasonable expectation that the Company and the Group have
adequate resources to continue in operational existence for the foreseeable future and for at least one year from the date
of issue of these consolidated financial statements. As a result, the Directors continue to adopt the going concern basis in
preparing the consolidated financial statements.
Further details are provided in note 2 of the financial statements.
Independent auditor
The auditor, PricewaterhouseCoopers LLC, has indicated its willingness to continue in office and a resolution concerning
reappointment will be proposed at the AGM.
On behalf of the Board
Gary Lamb
Non-Executive Chairman
29 April 2025
Name of Director
2024
2023
Mark Bartlett
1,037,027
632,050
Clare Foster (Appointed 2 April 2024)
683,830
-

79
Strix Group Plc Annual Report and Accounts 2024
79
In preparing the consolidated financial statements, the Directors are responsible for:
• Selecting suitable accounting policies and applying them consistently.
• Stating whether UK-adopted international accounting standards, have been followed subject to any material departures
disclosed and explained in the financial statements.
• Making judgements and accounting estimates that are reasonable and prudent.
• Preparing the consolidated financial statements on the going concern basis unless it is inappropriate to presume that the
Group will continue in business.
• Preparing consolidated financial statements which give a true and fair view of the state of affairs of the Group and of the
financial performance of the Group for that period.
The Directors are responsible for keeping proper accounting records that are sufficient to show and explain the Group’s
transactions and disclose with reasonable accuracy at any time the financial position of the Group. They are also responsible
for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and
other irregularities.
The Directors are responsible for the maintenance and integrity of the Group’s website. Legislation in the Isle of Man governing
the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Mark Bartlett

Clare Foster
Director

Director
29 April 2025

29 April 2025
Statement of Directors’ Responsibilities in Respect of the
Financial Statements
for the year ended 31 December 2024
The Directors are responsible for preparing the consolidated financial statements in
accordance with applicable laws and regulations. The Directors have elected to prepare
the consolidated financial statements in accordance with UK-adopted international
accounting standards.

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Our opinion
In our opinion, the consolidated financial statements give
a true and fair view of the consolidated financial position
of Strix Group Plc (the “Company”) and its subsidiaries
(together the “Group”) as at 31 December 2024, and of its
consolidated financial performance and its consolidated
cash flows for the year then ended in accordance with UK-
adopted international accounting standards.
What we have audited
Strix Group Plc’s consolidated financial statements (the
“financial statements”) comprise:
• the consolidated statement of financial position as at 31
December 2024;
• the consolidated income statement for the year then
ended;
• the consolidated statement of comprehensive income for
the year then ended;
• the consolidated statement of changes in equity for the
year then ended;
• the consolidated statement of cash flows for the year
then ended; and
• the notes to the financial statements, comprising
material accounting policy information and other
explanatory information.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (“ISAs”). Our responsibilities under
those standards are further described in the “Auditor’s
responsibilities for the audit of the financial statements”
section of our report.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Group in accordance with the
International Code of Ethics for Professional Accountants
(including International Independence Standards) issued by
the International Ethics Standards Board for Accountants
(“IESBA Code”). We have fulfilled our other ethical
responsibilities in accordance with the IESBA Code.
Key audit matters
Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
financial statements of the current period. These matters
were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters.
Independent Auditor’s Report
to the members of Strix Group Plc

Strix Group Plc Annual Report and Accounts 2024
81
Independent Auditor’s Report continued
to the members of Strix Group Plc
Key audit
matter
Restructuring and rebasing of the business
Refer to notes 2, 6(b) and 28 to the financial statements.
The Group has undertaken restructuring actions, which include:
• Streamlining the Consumer Goods division;
• Rationalising product lines and groups; and
• Reducing headcount.
As a result, there have been a number of impairments and other adjusting items that have impacted the 2024
financial statements.
We considered the accuracy and completeness of the impairment and derecognition assessments, as well as the
disclosure of these items, to be a matter of most significance to our current year audit due to their magnitude
and non-recurring nature.
How our
audit
addressed
the key
audit
matter
We performed enquiries of the Board and inspected relevant Board minutes of meetings identifying the approval
of the restructuring and rebasing of the business, as well as the Board’s approval of the sale of the HaloSource
business.
We obtained an understanding of the procedures and controls applied by management during their assessment
of the terminated product lines, identifying the completeness of associated assets and the related write-offs,
impairments and disclosures relating to their commercial review of product lines.
We assessed and challenged the key accounting concepts included within management’s technical accounting
analysis utilising our technical accounting expertise.
Our audit procedures included, amongst others, testing of the principles and integrity of management’s
calculations by:
• For licensing debtors, obtaining signed agreements for customer settlements, agreeing any repayments made
to bank statements and amounts written off to credit notes;
• Comparing the carrying value of assets derecognised to approved disposal records;
• Inspecting sales records subsequent to the product lines being discontinued, confirming that no further sales
were made;
• Agreeing redundancy costs to relevant payroll records;
• Agreeing the amount and terms of the rebate repayment to one of the Group’s key OEM customers to the
signed agreement and vouching any payments made to bank statements; and
• Challenging management on the presentation of the settlement rebate under IFRS 15 Revenue from Contracts
with Customers, resulting in the rebate being recognised as a reduction to revenue.
Specifically for the discontinued operations:
• Assessing and challenging HaloSource’s classification as a disposal group;
• Obtaining evidence of the transfer of control of the business prior to the financial year end, including
inspecting the fully executed sales agreement and completion of the conditions precedent;
• Agreeing the carrying amount of net assets sold to the underlying accounting records and recalculating the
loss on disposal;
• Obtaining management’s impairment calculations, assessing the mathematical accuracy and agreeing key
components to underlying support; and
• Challenging management as to whether the discontinued operation was impaired prior to or post classification
as a discontinued operation and assessing the sufficiency of evidence that impairment occurred post
classification.
We evaluated the nature, extent and completeness of management’s disclosures against UK-adopted
international accounting standards. We also assessed whether the nature of these items was compliant with the
adjusting items definition as defined in the material accounting policies and found these to be in compliance.

82
Financial statements
Strategic report
Governance report
Other Information
The other information comprises all of the information in the
Annual Report and Accounts 2024 other than the financial
statements and our auditor’s report thereon. The Directors are
responsible for the other information.
Our opinion on the financial statements does not cover the
other information and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the financial statements, our
responsibility is to read the other information identified above
and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our
knowledge obtained in the audit, or otherwise appears to be
materially misstated. If, based on the work we have performed,
we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have
nothing to report in this regard.
Responsibilities of the directors for the financial
statements
The Directors are responsible for the preparation of the
financial statements that give a true and fair view in accordance
with UK-adopted international accounting standards and
Isle of Man law, and for such internal control as the Directors
determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, the Directors are
responsible for assessing the Group’s ability to continue as
a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting
unless the Directors either intend to liquidate the Group or to
cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the
financial statements
Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs will always
detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on
the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise
professional judgement and maintain professional scepticism
throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the
financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the
override of internal control.
•
Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the Group’s
internal control.
•
Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by the Directors.
•
Conclude on the appropriateness of the Directors’ use of
the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast
significant doubt on the Group’s ability to continue as a
going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s
report to the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained
up to the date of our auditor’s report. However, future
events or conditions may cause the Group to cease to
continue as a going concern.
•
Evaluate the overall presentation, structure and content
of the financial statements, including the disclosures, and
whether the financial statements represent the underlying
transactions and events in a manner that achieves fair
presentation.
•
Obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business activities
within the Group to express an opinion on the consolidated
financial statements. We are responsible for the direction,
supervision and performance of the Group audit. We remain
solely responsible for our audit opinion.
We communicate with the Directors regarding, among other
matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies
in internal control that we identify during our audit.
We also provide the Directors with a statement that we
have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships
and other matters that may reasonably be thought to bear
on our independence, and where applicable, actions taken to
eliminate threats or safeguards applied.
From the matters communicated with the Directors, we
determine those matters that were of most significance in the
audit of the financial statements of the current period and are
therefore the key audit matters. We describe these matters
in our auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in extremely
rare circumstances, we determine that a matter should
not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
This report, including the opinion, has been prepared for and
only for the Company’s members as a body in accordance with
our engagement letter dated 17 October 2024 and for no other
purpose. We do not, in giving this opinion, accept or assume
responsibility for any other purpose or to any other person to
whom this report is shown or into whose hands it may come
save where expressly agreed by our prior consent in writing.
Paul Jones BSc FCA
for and on behalf of PricewaterhouseCoopers LLC
Chartered Accountants
Douglas, Isle of Man
29 April 2025

Strix Group Plc Annual Report and Accounts 2024
83
Consolidated Income Statement
for the year ended 31 December 2024
Note
2024
£000s
2023
£000s
Income statement
Restated*
Revenue - before adjusting items
143,968
143,807
Revenue – adjusting items
6(b)
(2,200)
-
Revenue
4
141,768
143,807
Cost of sales – before adjusting items
(90,001)
(86,537)
Cost of sales – adjusting items
6(b)
(818)
(65)
Cost of sales
(90,819)
(86,602)
Gross profit

50,949
57,205
Distribution costs

(9,960)
(10,555)
Administrative expenses – before adjusting items
(16,941)
(14,632)
Administrative expenses – adjusting items
6(b)
(10,518)
(4,127)
Administrative expenses

(27,459)
(18,759)
Share of profits from joint ventures
-
85
Other operating income

405
370
Operating profit – before adjusting items
27,471
32,538
Adjusting items
6(b)
(13,536)
(4,192)
Operating profit
13,935
28,346
Finance costs
7
(9,187)
(10,378)
Finance income

224
175
Profit before taxation – before adjusting items
18,508
22,335
Adjusting items
6(b)
(13,536)
(4,192)
Profit before taxation
4,972
18,143
Income tax expense – before adjusting items
(3,286)
(1,872)
Income tax credit - adjusting items
6(b)
271
329
Income tax expense
8
(3,015)
(1,543)
Profit from continuing operations – before adjusting items
15,222
20,463
Adjusting items
6(b)
(13,265)
(3,863)
Profit from continuing operations
1,957
16,600
Loss from discontinued operations – before adjusting items
28
(485)
(406)
Loss from discontinued operations – adjusting items
6(b)
(2,830)
(34)
Loss from discontinued operations
28
(3,315)
(440)
(Loss)/profit for the year

(1,358)
16,160
(Loss)/profit for the year attributable to:
Equity holders of the Company
(1,377)
16,203
Non-controlling interests

19
(43)

(1,358)
16,160
(Loss)/profit for the year attributable to Equity holders of the Company arises from:
Continuing operations
1,938
16,643
Discontinued operations
(3,315)
(440)
(1,377)
16,203
Earnings per share (pence) from continuing operations
Basic
9
0.9
7.6
Diluted
9
0.8
7.5
(Loss)/earnings per share (pence)
Basic
9
(0.6)
7.4
Diluted
9
(0.6)
7.3
* Prior period numbers have been restated as a result of discontinued operations (note 28) and representation of income statement (note 2).
The notes on pages 88-134 form part of these consolidated financial statements.

84
Financial statements
Strategic report
Governance report
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2024
Note
2024
£000s
2023
£000s
Restated*
(Loss)/profit for the year
(1,358)
16,160
Other comprehensive expense
Items that may be reclassified to profit or loss:
Exchange differences on translation of continuing foreign
operations, net of tax
(3,351)
(2,869)
Exchange differences on translation of discontinued operation, net
of tax
(22)
(135)
Items that will not be reclassified to profit or loss:
Remeasurements of post-employment benefit obligations
5(c)
(8)
-
Total comprehensive (expense)/income for the year

(4,739)
13,156
Total comprehensive (expense)/income for the year attributable to:

Equity holders of the Company
(4,757)
13,210
Non-controlling interests

18
(54)

(4,739)
13,156
Total comprehensive (expense)/income for the year attributable
to Equity holders of the Company arises from:
Continuing operations
(1,420)
13,785
Discontinued operations
(3,337)
(575)
(4,757)
13,210
* Prior period numbers have been restated as a result of discontinued operations (note 28), change in presentation of the income statement (note 2)
and correction of a technical accounting error (note 29).
The notes on pages 88-134 form part of these consolidated financial statements.

Strix Group Plc Annual Report and Accounts 2024
85
Consolidated Statement of Financial Position
for the year ended 31 December 2024
ASSETS
Note
2024
£000s
2023
£000s
Restated*
Non-current assets
Intangible assets
10
63,021
71,584
Property, plant and equipment
11
44,143
46,215
Deferred tax asset
8
1,512
957
Investments in joint ventures
-
1
Net investments in finance leases
-
11
Total non-current assets

108,676
118,768
Current assets

Inventories
13
25,391
25,440
Trade and other receivables
14
22,676
27,713
Current income tax receivable
292
220
Cash and cash equivalents
15
15,117
20,114
Total current assets

63,476
73,487
Total assets

172,152
192,255
EQUITY AND LIABILITIES

Equity
Share capital and share premium
22
32,002
23,642
Share-based payment reserve
-
572
Retained earnings
18,659
19,134
Foreign currency translation reserve
(5,731)
(2,359)
Non-controlling interests
671
653
Total equity

45,601
41,642
Current liabilities
Trade and other payables
16
30,729
27,165
Borrowings
17
11,230
16,062
Lease liabilities
24
1,129
1,218
Current income tax liabilities
2,396
2,074
Total current liabilities

45,484
46,519
Non-current liabilities
Lease liabilities
24
2,545
3,592
Deferred tax liabilities
8
8,998
9,871
Borrowings
17
68,807
89,743
Post-employment benefits
5(c)
717
888
Total non-current liabilities

81,067
104,094
Total liabilities

126,551
150,613
Total equity and liabilities

172,152
192,255
* Prior period numbers have been restated as a result of correction of technical accounting errors, see note 29.
The consolidated financial statements on pages 83-134 were approved and authorised for issue by the Board of Directors on
29 April 2025 and were signed on its behalf by:
Mark Bartlett

Clare Foster
Director

Director

86
Financial statements
Strategic report
Governance report
Consolidated Statement of Changes in Equity
for the year ended 31 December 2024

Share capital
and share
premium
Share-based
payment
reserve
Retained
earnings
Foreign
currency
translation
reserve
Total Equity
attributable to
owners
Non-controlling
interests
Total Equity

£000s
£000s
£000s
£000s
£000s
£000s
£000s
Balance at 1 January 2023
23,861
202
12,479
-
36,542
707
37,249
Profit/(loss) for the year
-
-
16,203
-
16,203
(43)
16,160
Other comprehensive expenses
(restated*)
-
-
(2,993)
-
(2,993)
(11)
(3,004)
Total comprehensive income/
(expense) for the year (restated*)
-
-
13,210
-
13,210
(54)
13,156
Dividends paid (note 23)
-
-
(9,070)
- (9,070)
-
(9,070)
Share-based payment transactions
(note 21)
-
380
-
-
380
-
380
Transfers between reserves
(note 21)
-
(10)
10
-
-
-
-
Transaction costs (note 22)
(219)
-
-
-
(219)
-
(219)
Total transactions with equity holders
recognised directly in equity
(219)
370
(9,060)
-
(8,909)
-
(8,909)
Other transactions recognised
directly in equity
-
-
146
-
146
-
146
Correction of error (note 29)
-
-
2,359
(2,359)
-
-
-
Balance at 31 December 2023
(restated*)
23,642
572
19,134
(2,359)
40,989
653
41,642
Balance at 1 January 2024
23,642
572
19,134
(2,359)
40,989
653
41,642
(Loss)/profit for the year
-
-
(1,377)
-
(1,377)
19
(1,358)
Other comprehensive expenses
-
-
(8)
(3,372)
(3,380)
(1)
(3,381)
Total comprehensive (expense)/
income for the year
-
-
(1,385)
(3,372)
(4,757)
18
(4,739)
Share-based payment transactions
(note 21)
-
343
-
-
343
-
343
Transfers between reserves
(note 21, 22)
2
(912)
910
-
-
-
-
Issue of shares (note 22)
8,748
-
-
-
8,748
-
8,748
Transaction costs (note 22)
(390)
-
-
- (390)
-
(390)
Total transactions with equity holders
recognised directly in equity
8,360
(569)
910
-
8,701
-
8,701
Other transactions recognised
directly in equity (note 21)
-
(3)
-
-
(3)
-
(3)
Balance at 31 December 2024
32,002
-
18,659
(5,731)
44,930
671
45,601
* Prior period numbers have been restated as a result of correction of technical accounting errors, see note 29.
The Group has re-represented the translation of its foreign operations into a separate component of equity, foreign currency
translation reserve. The translation of foreign operations was previously reported as part of retained earnings.
The notes on pages 88-134 form part of these consolidated financial statements.

Strix Group Plc Annual Report and Accounts 2024
87
Consolidated Statement of Cash Flows
for the year ended 31 December 2024
Note
2024
£000s
2023
£000s
Cash flows from operating activities
Cash generated from operations
25
35,817
38,902
Tax paid
(3,690)
(1,297)
Net cash generated from operating activities
32,127
37,605
Cash flows from investing activities
Purchase of property, plant and equipment
11
(4,952)
(3,296)
Capitalised development costs
10
(2,629)
(3,560)
Earnout payments regarding the acquisition of LAICA
-
(7,502)
Consideration refunded regarding the acquisition of Billi
10
-
1,046
Purchase of other intangibles
10
(662)
(1,169)
Payment for acquisition of Laica Brand House, net of cash
acquired
12
130
-
Disposal of discontinued operation, net of cash disposed
28
(605)
-
Finance income
224
180
Net cash used in investing activities
(8,494)
(14,301)
Cash flows from financing activities

Repayment of borrowings
17
(25,957)
(15,114)
Finance costs paid
17
(8,679)
(7,611)
Principal elements of lease payments
24
(1,847)
(1,426)
Net proceeds from issue of new shares/(transaction costs)
22
8,358
(219)
Dividends paid
23
-
(9,070)
Net cash used in financing activities
(28,125)
(33,440)
Net decrease in cash and cash equivalents
(4,492)
(10,136)
Cash and cash equivalents at the beginning of the year
20,114
30,443
Effects of foreign exchange on cash and cash equivalents
(505)
(193)
Cash and cash equivalents at the end of the year
15,117
20,114
The notes on pages 88-134 form part of these consolidated financial statements.

88
Financial statements
Strategic report
Governance report
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
1. GENERAL INFORMATION
Strix Group Plc (the “Company”) was incorporated and registered in the Isle of Man on 12 July 2017 as a company limited by
shares under the Isle of Man Companies Act 2006 with the registered number 014963V. The address of its registered office
is Forrest House, Ronaldsway, Isle of Man, IM9 2RG.
The Company’s shares were admitted to trading on AIM, a market operated by the London Stock Exchange, on 8 August
2017. Strix Group Plc and its subsidiaries (together, the “Group”) are operating as a unique global supplier of sustainable
technologies, committed to providing innovative water, beverage, and wellbeing solutions wherever people come together.
2. MATERIAL ACCOUNTING POLICIES
The Group’s material accounting policies set out below have, except for those applied for the first time, been applied
consistently to all of the years presented.
Basis of preparation
The consolidated financial statements have been prepared in accordance with UK-adopted International Accounting
Standards as applicable to companies reporting under those standards.
The financial statements have been prepared on a historical cost basis with the exception of certain items which are
measured at fair value as disclosed in the accounting policies below.
During the year, the consolidated financial statements have been prepared in accordance with UK-adopted International
Accounting Standards, which was changed from IFRS Accounting Standards (“IFRS”) and International Financial Reporting
Standards Interpretation Committee (“IFRS IC”) interpretations as adopted by the European Union. This was changed to
align with the AIM Listing Requirements for an Isle of Man entity. The Directors have assessed the impact on recognition and
measurement of assets, liabilities, equity and comprehensive income and presentation and disclosure requirements and due
to there being no impact of the change, concluded that there is no need to restate comparative information.
The preparation of consolidated financial statements in conformity with UK-adopted International Accounting Standards
requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the
process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or
areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in note 3.
As permitted by IAS 1, the Group has elected to present its income statement (statement of profit or loss) separately from its
statement of comprehensive income as this provides more relevant details to users. The Group previously presented a single
statement of profit or loss and other comprehensive income.
Going concern
These consolidated financial statements have been prepared on the going concern basis.
The Directors have made enquiries to assess the appropriateness of continuing to adopt the going concern basis. In
making this assessment the Directors have considered the following:
• The current and historic trading and profitability performance of the Group.
• Income statement and cash flow forecasts for the period to 30 April 2026, including current and forecast debt covenant
headroom.
• The financial position of the Group as at 31 December 2024, including (i) cash and cash equivalents balances of £15.1 m
(FY23: £20.1m) and (ii) undrawn and accessible RCF facilities of £10.5m (FY23: £nil).
• The ability to repay loan facilities due in the next 12 months.
Based on these considerations, the Directors have concluded that there is a reasonable expectation that the Company and
the Group have adequate resources to continue in operational existence for the foreseeable future. The key entities in the
Group have traded profitably, excluding non-cash adjusted items, for an extended period of time. As a result, the Directors
continue to adopt the going concern basis of accounting in preparing the financial statements and consider there are no
material uncertainties about the Group’s ability to continue as a going concern.
Standards, amendments and interpretations adopted
The following standards and amendments apply for the first time in the period commencing 1 January 2024:
• Lease Liability in Sale and Leaseback – Amendments to IFRS 16.
• Supplier Finance Arrangements – Amendments to IAS 7 and IFRS 7.
• Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants –Amendments to IAS 1.
The amendments listed above did not have a material impact on the Group financial statements.

Strix Group Plc Annual Report and Accounts 2024
89
2. MATERIAL ACCOUNTING POLICIES continued
Standards, amendments and interpretations which are not effective or early adopted
Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2024
reporting periods and have not been early adopted by the Group. These standards and amendments are outlined below.
The Group is currently assessing the impact of these amendments and does not expect them to have a material impact on
the financial statements.
Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company and all of its subsidiary
undertakings. The financial statements of all Group companies are adjusted, where necessary, to ensure the use of
consistent accounting policies.
Subsidiaries
Subsidiaries are entities controlled by the Group. Control exists when the Group is exposed to or has the rights to variable
returns from its involvement with the entity and has the ability to affect those returns through its power to direct the
activities of the entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group. Consolidation of subsidiaries
ceases from the date that control also ceases.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated income
statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and the
consolidated statement of financial position, respectively.
Joint ventures
Joint ventures are joint arrangements of which the Group has joint control, with rights to the net assets of those
arrangements. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when
decisions about the relevant activities require the unanimous consent of the parties sharing control. Interests in joint
ventures are accounted for using the equity method of accounting (detailed below) after being recognised at cost in the
consolidated statement of financial position.
Equity method of accounting
Under the equity method of accounting, investments in joint ventures are initially recognised at cost and adjusted
thereafter to recognise the Group’s share of the post-acquisition profits or losses from the joint venture in profit or loss,
and the Group’s share of movements in other comprehensive income of the joint venture in other comprehensive income.
Dividends received from joint ventures are recognised as a reduction in the carrying amount of the investment.
Unrealised gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group’s
interest in these entities.
The carrying amount of equity-accounted investments is tested for impairment in accordance with the impairment of
assets policy as described below in this note.
Transactions eliminated on consolidation
Intra-Group balances, and any unrealised gains and losses or income and expenses arising from intra-Group transactions,
are eliminated in preparing the consolidated financial statements.
Standard/Interpretation
Effective date
Periods beginning on or after
Amendments to IAS 21 - Lack of Exchangeability
1 January 2025
Amendments to the Classification and Measurement of
Financial Instruments – Amendments to IFRS 9 and IFRS 7
1 January 2026
IFRS 19 Subsidiaries without Public Accountability: Disclosures
1 January 2027
IFRS 18 Presentation and Disclosure in Financial Statements
1 January 2027
Notes to the Consolidated Financial Statements continued
for the year ended 31 December 2024

90
Financial statements
Strategic report
Governance report
Basis of consolidation continued
Business combinations
Business combinations are accounted for using the acquisition method as at the acquisition date with the assets and
liabilities of subsidiaries being measured at their fair values. Any excess of the cost of acquisition over the fair values of the
identifiable net assets acquired is recognised as goodwill. If those amounts are less than the fair value of the net identifiable
assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase. The Group
measures goodwill at the acquisition date as:
• the fair value of the consideration transferred; plus
• the recognised amount of any non-controlling interests in the acquiree; plus
• if the business combination is achieved in stages, the fair value of the pre-existing interest in the acquiree; less
• the fair value of the identifiable assets acquired and liabilities assumed.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions,
measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquired entity
on an acquisition-by-acquisition basis at the non-controlling interest’s proportionate share of the fair value of the acquired entity’s
net identifiable assets. Transaction costs that the Group incurs in connection with a business combination are expensed as incurred.
If the initial accounting for a business combination is preliminary by the end of the reporting period in which the business
combination occurs, provisional amounts are reported. Those provisional amounts are adjusted during the measurement period,
or additional assets or liabilities recognised retrospectively where material to reflect the new information obtained about facts
and circumstances that existed as at the acquisition date, and if known, would have affected the measurement of assets and
liabilities recognised at that date. Contingent consideration is classified either as equity or a financial liability. Amounts classified
as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss.
Foreign currency translation
Functional and presentational currency
Items included in the financial information of each of the Group’s entities are measured using the currency of the primary
economic environment in which the entity operates (the functional currency). The consolidated financial statements are
presented in Pound Sterling, which is Strix Group Plc’s presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of
the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the
translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are recognised
in the consolidated income statement within cost of sales.
Group companies
The results and financial position of foreign operations that have a functional currency different from the presentation
currency are translated into the presentation currency as follows:
• Assets, including intangible assets and goodwill arising on acquisition of those foreign operations, and liabilities for each
statement of financial position presented are translated at the closing rate at the date of that statement of financial
position, or at historic rates for certain line items.
• Income and expenses for each statement of comprehensive income presented are translated at average exchange
rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction
dates, in which case income and expenses are translated at the dates of the transactions).
• All resulting exchange differences are recognised in other comprehensive income. Such translation differences are
reclassified to profit or loss only on disposal or partial disposal of the foreign operation.
Property, plant and equipment
Initial recognition and measurement
Items of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost
includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for
its intended use. When parts of an item of property, plant and equipment have different useful lives, the components are
accounted for as separate items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when
it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be
measured reliably. Repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.

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2. MATERIAL ACCOUNTING POLICIES continued
Property, plant and equipment continued
Subsequent measurement
Depreciation is calculated using the straight-line method to allocate the cost of the assets, net of any residual values, over
their estimated useful lives as follows:
• Plant and machinery

3-25 years
• Fixtures, fittings and equipment

2-10 years
• Motor vehicles

3-5 years
• Production tools

1-10 years
• Right-of-use assets

3-10 years
• Buildings (including land usage rights)
50 years
• Point-of-use dispensers

4-10 years
The Group manufactures some of its production tools and equipment. The costs of construction are included within a
separate category within property, plant and equipment (assets under construction) until the tools and equipment are
ready for use as intended by management at which point the costs are transferred to the relevant asset category and
depreciated. Any items that are scrapped are written off to the consolidated income statement.
The assets’ residual values and useful lives are reviewed at the end of each reporting period.
Fixtures, fittings and other equipment includes computer hardware.
Derecognition
Property, plant and equipment assets are derecognised on disposal, or when no future economic benefits are expected
from use or disposal. Gains or losses arising from derecognition of property, plant and equipment, measured as the
difference between net disposal proceeds and the carrying amount of the asset, are recognised in the consolidated
income statement on derecognition.
Impairment
Tangible assets that are subject to depreciation are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the
asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less
costs to sell and value in use.
Intangible assets
Initial recognition and measurement
The Group’s intangible assets relate to goodwill, capitalised development costs, intellectual property, customer
relationships, brands and computer software. Goodwill acquired is allocated to those cash-generating units (“CGUs”)
expected to benefit from the business combination in which the goodwill arose. Goodwill is measured at cost less any
accumulated impairment losses and is held in the functional currency of the acquired entity to which it relates and
remeasured at the closing exchange rate at the end of each reporting period, with the movement taken through other
comprehensive income. The CGUs represent the lowest level within the Group at which goodwill is monitored for internal
management purposes.
Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready
for use. Internal costs that are incurred during the development of significant and separately identifiable new products and
manufacturing techniques for use in the business are capitalised when the following criteria are met:
• It is technically feasible to complete the project so that it will be available for use.
• Management intends to complete the project and use or sell it.
• It can be demonstrated how the project will develop probable future economic benefits.
• Adequate technical, financial, and other resources to complete the project and to use or sell the project output are
available.
• Expenditure attributable to the project during its development can be reliably measured.
Capitalised development costs include employee, travel and other directly attributable costs necessary to create, produce
and prepare the asset to be capable of operating in the manner intended by management. Refer to note 6(a) for details.
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Intangible assets continued
Intellectual property is capitalised where it is probable that future economic benefits associated with the patent will flow
to the Group, and the cost can be measured reliably. The costs of renewing and maintaining patents are expensed in the
consolidated income statement as they are incurred.
Customer relationships, intellectual property and brands are recognised on acquisitions where it is probable that future
economic benefits will flow to the Group.
Computer software is only capitalised when it is probable that future economic benefits associated with the software will
flow to the Group, and the cost of the software can be measured reliably. Computer software that is integral to an item of
property, plant and equipment is included as part of the cost of the asset recognised in property, plant and equipment.
Other development expenditures that do not meet these criteria are recognised as an expense as incurred.
Subsequent measurement
The Group amortises intangible assets with a limited useful life using the straight-line method over the following periods:
• Capitalised development costs
2-10 years
• Intellectual property

Lower of useful or legal life (8-20 years)
• Technology and software

2-10 years
• Customer relationships

10-15 years
• Brands

Indefinite useful life
• Goodwill

Indefinite useful life
Brands have an indefinite useful life because there is no foreseeable limit on the period during which the Group expects to
consume the future economic benefits embodied in the asset.
The LAICA brand has been trading since inception and has been a well recognisable brand amongst the Group’s trading
partners, and the Group does not foresee a time limit by when these partnerships will cease.
The Billi brand is a well-established and competitive brand, being one of the top 2 brands in the Australian and New Zealand
markets, and well recognised in the United Kingdom among residential and commercial clientele. The Group does not
foresee a time limit by when this market presence will cease.
Derecognition
Intangible assets are derecognised on disposal, or when no future economic benefits are expected from use or disposal.
Gains or losses arising from derecognition of intangible assets, measured as the difference between the net disposal
proceeds and the carrying amount of the asset, are recognised in the consolidated income statement when the asset
is derecognised. Where a subsidiary is sold, any goodwill arising on acquisition, net of any impairment, is included in
determining the profit or loss arising on disposal.
Impairment
Intangible assets that are subject to amortisation are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount
by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s
fair value less costs to sell and value in use.
Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for
impairment, or more frequently if events or changes in circumstances indicate that they might be impaired.
An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of
assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which
are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial
assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of
each reporting period.
Intangible assets with indefinite useful lives impairment assessments
Intangible assets with indefinite useful lives arising on business combinations are allocated to the relevant CGU and are
treated as the foreign operation’s assets.
Impairment reviews are performed at least annually, or more frequently if there are indicators that the assets might be impaired.
The Group has assessed the carrying values of goodwill and brands to determine whether any amounts have been impaired. The
recoverable amount of the underlying CGU was based on a value in use model where future cashflows were discounted using a
weighted average cost of capital as the discount rate with terminal values calculated applying a long-term growth rate.

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2. MATERIAL ACCOUNTING POLICIES continued
Intangible assets continued
Intangible assets with indefinite useful lives impairment assessments continued
In determining the recoverable amount, the Group considered several sources of estimation uncertainty and made certain
assumptions or judgements about the future. Future events could cause the assumptions used in the impairment review to
change with an impact on the results and net position of the Group refer to note 3 for details.
Leases
Group as a lessee
The Group leases office space, workshops, warehouses, motor vehicles and factory space. Rental contracts are typically
made for periods of 3 - 10 years, but may have extension options. Lease terms are negotiated on an individual basis and
contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased
assets may not be used as security for borrowing purposes.
Leases are recognised as a right-of-use (“ROU”) assets and a corresponding liability at the date at which the leased asset
is available for use by the Group. Each lease payment is allocated between the liability, finance costs and foreign exchange
(where the lease is denominated in a foreign currency). The finance cost is charged to profit or loss over the lease period so
as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use
asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis.
Measurement of future lease liabilities
Liabilities arising from a lease are initially measured on a present value basis. Future lease liabilities include the net present
value of the following lease payments:
• Fixed payments (including in-substance fixed payments), less any lease incentives receivable.
• Variable lease payments that are based on an index or a rate.
• Amounts expected to be payable by the lessee under residual value guarantees.
• The exercise price of a purchase option if the lessee is reasonably certain to exercise that options.
• The payment of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined,
which is generally the case for leases in the Group, the lessee’s incremental borrowing rate is used, being the rate that the
individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use
asset in a similar economic environment with similar terms, security and conditions.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability
(using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.
Lease payments are allocated between principal and finance cost. The finance cost is charged to the consolidated income statement
over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Measurement of right-of-use assets
Right-of-use assets are measured at cost comprising the following:
• The amount of the initial measurement of lease liability.
• Any lease payments made at or before the commencement date less any lease incentives received.
• Any initial direct costs.
• Restoration costs.
They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are
generally depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis.
The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment
loss as described in the ‘Property, Plant and Equipment’ policy.
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an
expense in the consolidated income statement. Short-term leases are leases with a lease term of 12 months or less.
Low-value assets comprise primarily IT equipment.
Extension and termination options
Extension and termination options are included in a number of property leases across the Group. These terms are used to
maximise operational flexibility in terms of managing contracts. Management exercises judgement in determining whether
these extension and termination options are reasonably certain to be exercised.
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Leases continued
Group as a lessor
Lease income from operating leases where the Group is a lessor, and where substantially all the risks and rewards
associated with the leased asset remain with the Group, is recognised in other income on a straight-line basis over the
lease term. Billi rental income is recognised in revenue.
Financial assets
Classification
The Group classifies its financial assets as financial assets held at amortised cost. Management determines the
classification of its financial assets at initial recognition.
The Group classifies its financial assets as at amortised cost only if both of the following criteria are met:
•
The asset is held within a business model whose objective is to collect the contractual cash flows.
•
The contractual terms give rise to cash flows that are solely payments of principal and interest.
Financial assets held at amortised cost are initially recognised at fair value, and are subsequently stated at amortised cost
using the effective interest method. Financial assets at amortised cost comprise cash and cash equivalents and trade and
other receivables (excluding prepayments, VAT receivables and the advance purchase of commodities). Trade receivables
are amounts due from customers for products sold performed in the ordinary course of business. They are due for
settlement either on a cash in advance basis, or generally within 45 days, and are therefore all classified as current. Other
receivables generally arise from transactions outside the usual operating activities of the Group.
Impairment of financial assets
The Group assesses, on a forward-looking basis, the expected credit losses associated with its debt instruments carried at
amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
The Group applies the expected credit loss model to financial assets at amortised cost. For trade receivables, the Group
applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial
recognition of the receivables. Given the nature of the Group’s receivables, expected lifetime losses are not material.
Financial liabilities
With the exception of contingent consideration, the Group initially recognises its financial liabilities at fair value net of
transaction costs where applicable and subsequently they are measured at amortised cost using the effective interest
method. Financial liabilities comprise trade payables, payments in advance from customers and other liabilities. They are
initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt
instrument is measured at the present value of the future payments discounted at a market rate of interest. Contingent
consideration is measured at fair value with changes in fair value recognised in profit or loss.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business
from suppliers. Trade payables are classified as current liabilities if payment is due within one year or less. If not, they are
presented as non-current liabilities. Other liabilities include customer rebates.
Borrowing costs
Borrowing costs are recognised initially at fair value. Borrowing costs are subsequently measured at amortised cost.
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a
qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended
use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended
use or sale. Investment income earned on the temporary investment of specific borrowings, pending their expenditure on
qualifying assets, is deducted from the borrowing costs eligible for capitalisation. Other borrowing costs are expensed in
the period in which they are incurred.
Cash and cash equivalents
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, demand
deposits held with financial institutions, other short-term, highly liquid investments with original maturities of three months
or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in
value, and bank overdrafts.
Employee benefits
The Group provides a range of benefits to employees, including annual bonus arrangements, paid holiday entitlements and
defined benefit and contribution pension plans.

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2. MATERIAL ACCOUNTING POLICIES continued
Employee benefits continued
Short-term benefits
Short-term benefits, including holiday pay and similar non-monetary benefits, are recognised as an expense in the period in
which the service is rendered. The Group recognises a liability and an expense for bonuses where contractually obliged or
where there is a past practice that has created a constructive obligation.
Termination benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when
an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at
the earlier of the following dates:
(a) When the Group can no longer withdraw the offer of those benefits.
(b) When the Group recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of
terminations benefits.
In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the
number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting
period are discounted to present value.
Pensions
The Group operates both defined contribution and defined benefit plans for the benefit of their employees.
A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The
Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay
all employees the benefits relating to employee service in the current and prior periods. The Group has no further payment
obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when
they are due. A defined benefit plan is a pension plan that is not a defined contribution plan.
Typically, defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually
dependent on one or more factors, such as age, years of service or compensation.
The liability recognised in the consolidated statement of financial position in respect of the defined benefit scheme is the
present value of the defined benefit obligation at the statement of financial position date less the fair value of the scheme
assets, together with adjustments for actuarial gains or losses and past service costs. The defined benefit obligation
is calculated by qualified independent actuaries using the projected unit method. The present value of the defined
benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality
corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity
approximating to the terms of the related pension liability.
The net pension finance cost is determined by applying the discount rate, used to measure the defined benefit pension
obligation at the beginning of the accounting period, to the net pension obligation at the beginning of the accounting
period taking into account any changes in the net pension obligation during the period as a result of cash contributions and
benefit payments.
Pension scheme expenses are charged to the consolidated income statement within administrative expenses. Actuarial
gains and losses are recognised immediately in the consolidated statement of comprehensive income. Net defined benefit
pension scheme deficits before tax relief are presented separately in the consolidated statement of financial position
within non-current liabilities.
Share-based payments
The Group has issued conditional equity settled share-based options and conditional share awards under a Long-Term
Incentive Plan (“LTIP”) in the parent company to certain employees. Under the LTIP, the Group receives services from
employees as consideration for equity instruments of the Group. The fair value of the employee services received in
exchange for the grant of the options is recognised as an expense.
The total amount to be expensed is determined by reference to the fair value of the options granted:
• Including any market performance conditions such as the requirement for the Group’s shares to be above a certain price
for a pre-determined period.
• Excluding the impact of any service and non-market performance vesting conditions, including earnings per share
targets, dividend targets, and remaining an employee of the Group over a specified period of time.
• Including the impact of any non-vesting conditions, where relevant.
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Share-based payments continued
These awards are measured at fair value on the date of the grant using an option pricing model and expensed in the
consolidated income statement on a straight-line basis over the vesting period, after making an allowance for the estimated
number of shares that will not vest. The level of vesting is reviewed and adjusted bi-annually in the consolidated income
statement, with a corresponding adjustment to equity.
If the terms of an equity settled award are modified, at a minimum, an expense is recognised as if the terms had not been
modified. An additional expense is recognised for any modification that increases the total fair value of the share-based
payment, or is otherwise beneficial to the employee, as measured at the date of modification.
If an equity award is cancelled by forfeiture, where the vesting conditions (other than market conditions) have not been met,
any expense not yet recognised for that award as at the date of forfeiture is treated as if it had never been recognised. At
the same time, any expense previously recognised on such cancelled equity awards is reversed, effective as at the date of
forfeiture.
The dilutive effect, if any, of outstanding options is included in the calculation of diluted earnings per share.
Further details on the awards is included in note 21.
Inventories
Inventories consist of raw materials and finished goods which are valued at the lower of cost and net realisable value. Cost is
determined using the following basis:
Cost comprises expenditure which has been incurred in the normal course of business in bringing the products to their
present location and condition including applicable supplier rebates, and include all related production and engineering
overheads at cost. Net realisable value is the estimated selling price in the ordinary course of business, less applicable selling
expenses. At the end of each reporting period, inventories are assessed for impairment. If inventory is impaired, the identified
inventory is reduced to its selling price less costs to complete and an impairment charge is recognised in the consolidated
income statement.
Supplier rebates
The Group enters into agreements with suppliers whereby volume-related allowances and various other fees and discounts
are received in connection with the purchase of goods from those suppliers. Most of the income received from suppliers
relates to commercially agreed rebates based on historic sales volumes.
Rebates are recognised when earned by the Group, which occurs when all obligations conditional for earning income have
been discharged, and the income can be measured reliably based on the terms of the contract. The income is recognised as a
credit within cost of sales.
Where the income earned relates to inventories which are held by the Group at the year end, the income is included within
the cost of those inventories, and recognised in cost of sales upon sale of those inventories. Amounts due relating to supplier
rebates are recognised on a gross basis and within trade and other receivables.
Revenue
The Group primarily recognises revenue from the sale of goods and services to its customers as well as from licensing
arrangements. The transaction price is based on the sales agreement with the customer. Revenue is reported net of sales
taxes, discounts, rebates and after eliminating intra-Group sales. Rebates are based on a certain volume of purchases by a
customer within a given period and are recognised on a net basis based on an expected value approach.
Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and
is recognised when the performance obligations have been fulfilled. The Group recognises revenue from the sale of goods
and services either at a point in time or over time, based on the nature of the contract terms. The Group recognises revenue
from three main categories namely Controls, Billi and Consumer Goods.
Controls
Revenue from the sale of goods rendered is recognised net of VAT in the consolidated income statement when the customer
obtains control of the goods. Where contractual arrangements with customers include an embedded freight or storage
service, an appropriate percentage of revenue is deferred until these performance obligations have also been satisfied.
Division
Raw material
Finished Goods
Controls
FIFO
Weighted Average
Consumer Goods
FIFO
Weighted Average
Billi (previously PFS)
FIFO
FIFO

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2. MATERIAL ACCOUNTING POLICIES continued
Revenue continued
Controls continued
All of the amounts recognised as revenue are based on the underlying terms & conditions we have in place with
customers. No element of financing is deemed present as sales are made under normal credit terms and consistent with
wider market practice.
Payment terms for the majority of customers in this category are to pay cash in advance of the goods being delivered.
The Group recognises the advance payments within trade and other payables on the consolidated statement of financial
position as “Payments in advance from customers”. At the point the revenue is recognised, these balances are transferred
from “Payments in advance from customers” to revenue. For the majority of other customers payment is normally due within
30 to 45 days from the date of sale.
Billi
The Group recognises revenue from the following major sources under Billi:
• Sale of tap systems, consumable products and spare parts.
Revenue from the sale of taps systems and consumables including spare parts is recognised once control of the goods
has been transferred to the customer. Payment terms are 1 month from the invoice date and is recorded within trade
receivables until payment is received.
• Rental of tap systems.
Rental income is made up of revenue from the supply of tap systems where the Company is lessor in an operating lease.
Payment for rental income is in advance of the rental period and the rental income is recognised over time, with the
transaction price allocated to this service released on a straight-line basis over the period of the lease. Included in the
transaction price for the rental of tap systems, in some contracts, is the installation of those tap systems. The supply
and installation elements of the contract are one deliverable, as they are highly interrelated, and therefore there is no
allocation of a portion of the transaction price to the installation.
Initial direct costs incurred in arranging an operating lease (except where immaterial) are added to the carrying amount
of the leased asset and recognised on a straight-line basis over the lease term.
Rental agreements run for a minimum period of twelve months and typically for three to five years. Some rental
agreements have no fixed end date and may be cancelled by either party.
The average useful economic life for a Point-of-Use (“POU”) water device is approximately four to ten years whilst
refurbishment can extend the life of some devices to eleven years or more. For this reason, existing rental agreements
are not judged to transfer substantially all of the risks and rewards of ownership to the lessee.
Revenue is recognised for the rental of tap systems from when the taps have been installed as this is the point in time
that the consideration is unconditional from this point.
• Servicing of tap systems.
The Company has taken advantage of IFRS 15, para 4 whereby they have grouped contracts for the servicing of taps
into a portfolio, on the basis that applying IFRS 15 to each individual contract would not result in a material difference.
This is on the basis that the underlying contracts are relatively homogenous and that under the contracts, each unit
covered would be serviced twice per annum and the completion of the performance obligation, being the completion
of the service, would be evenly spread throughout the period over the various contracts. Therefore the sale of services
are recognised proportionally over the duration of the service period, provided a right to consideration has been
established subject to a minimum notice period or early termination penalty.
Whilst payment terms are in advance of the service period, revenue is recognised for the servicing of tap systems from
when the contracts have been entered into as this is the point in time that the consideration is unconditional.
Consumer Goods
Sales are either ‘direct’ to the end user customers or ‘indirect’ to wholesale and retail distributors. Revenue from the
supply of goods is recognised once control of the goods has been transferred to the customer, being when goods have
been delivered to a customer site or in the case of indirect sales, when the goods have been delivered to the wholesale
distributor.
Deferred revenue
Revenue invoiced but not yet recognised in the consolidated income statement is held on the consolidated statement of
financial position within ‘Payments in advance from customers’.
Notes to the Consolidated Financial Statements continued
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Revenue continued
Licensing income
The Group holds a substantial portfolio of issued and registered intellectual property rights relating to certain aspects of
its hardware devices, accessories, goods, software and services under kettle controls and consumer goods. This includes
patents, designs, copyrights, trademarks and other forms of intellectual property rights registered in the U.K. and various
foreign countries.
From time to time, the Group enters into term-based and exclusive licensing arrangements with some of its customers in
respect of its intellectual property.
The licensing income is recognised at a point in time or over time based on the following assessment. Where the licensing
arrangement is a distinct performance obligation, Management assess whether the licensing contract gives the
customer either:
• the right to access the Group’s intellectual property as it exists throughout the licence period; or
• right to use the Group’s intellectual property as it exists at the point in time at which the licence is granted.
Revenue from a licensing contract which is considered to provide a right to the customer to access the Group’s intellectual
property as it exists throughout the licence period is recognised over time, as and when the related performance obligation
is satisfied.
A licensing contract gives the customer the right to access the Group’s intellectual property as it exists throughout the
license period when all the following are met:
• The contract requires, or the customer reasonably expects, that we will undertake activities that significantly affect the
intellectual property to which the customer has rights.
• The rights granted by the licence directly expose the customer to any positive or negative effects of the entity’s
activities identified above.
• Those activities do not result in the transfer of a good or a service to the customer as those activities occur.
Revenue relating to a licensing contract which does not meet the above criteria is recognised at a point in time, which is
usually the point at which the licence is granted to the customer but not before the beginning of the period during which
the customer is able to use and benefit from the licence.
Cost of sales
Cost of sales comprise costs arising in connection with the manufacture of thermostatic controls, cordless interfaces,
and other products such as water dispensers, taps, jugs and filters. Cost is based on the cost of purchases on a weighted
average basis and first in first out “FIFO” (for Billi), and includes all direct costs and an appropriate portion of fixed and
variable overheads where they are directly attributable to bringing the inventories into their present location and condition.
This also includes an allocation of non-production overheads, costs of designing products for specific customers and
amortisation of capitalised development costs.
Research and development
Research expenditure is written off to the consolidated income statement within cost of sales in the year in which it is
incurred. Development expenditure is written off in the same way unless the Directors are satisfied as to the technical,
commercial and financial viability of the individual projects. In this situation, the expenditure is classified on the consolidated
statement of financial position as a capitalised development cost.
Finance income
Finance income comprises bank interest earned on financial assets that are held for cash management purposes. Finance
income is recognised using the effective interest rate method.
Finance costs
Finance costs directly attributable to the acquisition or construction of a qualifying asset are capitalised. Qualifying assets
are those that necessarily take a substantial period of time to prepare for their intended use. All other borrowing cost
are recognised in the consolidated income statement in finance costs. Finance costs comprise interest charges on lease
liabilities, interest on borrowings, arrangement fees, the unwind of discounts on the present value of liabilities, and finance
charges relating to letters of credit. Finance costs are determined using the effective interest rate method.
Taxation
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively
enacted at the statement of financial position date in the countries where the Company and its subsidiaries operate and
generate taxable income, and any adjustment to tax payable in respect of previous years.

Strix Group Plc Annual Report and Accounts 2024
99
2. MATERIAL ACCOUNTING POLICIES continued
Taxation continued
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or
directly in equity, respectively.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases
of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities
are not recognised if they arise from the initial recognition of goodwill.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end
of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred
income tax liability is settled.
Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those
temporary differences and losses.
Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax
bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary
differences and it is probable that the differences will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and
liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are
offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the
asset and settle the liability simultaneously.
Share capital and share premium
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares are
shown in equity as a deduction from the proceeds. Share premium arising on the issue of shares is distributable. Share
capital and share premium have been grouped for the purposes of financial statement presentation.
Dividends
Dividends are recognised when they become legally payable. In the case of interim dividends to equity shareholders, this is
when declared by the Directors. In the case of final dividends, this is when approved by the shareholders at the AGM.
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing the
performance of the operating segments, has been identified as the Board of Directors. The Board of Directors consists of
the Executive Directors and the Non-Executive Directors.
Government grants
Subsidiary companies receive grants from the Isle of Man and Chinese governments towards revenue and capital
expenditure. Government grants are recognised at their fair value where there is a reasonable assurance that the grant will
be received and all attached conditions complied with.
Revenue grants are recognised as income over the period necessary to match the grant on a systematic basis to the costs
that it is intended to compensate. The grant income is presented within other operating income in the consolidated income
statement.
Capital grants are initially recognised as other liabilities when received, and subsequently recognised as other income
in the consolidated income statement on a straight-line basis over the useful life of the related asset. The grants are
dependent on the subsidiary company having fulfilled certain operating, investment and profitability criteria in the financial
year, primarily relating to employment.
Provisions
General
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is
probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable
estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed,
for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the
reimbursement is virtually certain. The expense relating to a provision is presented in the consolidated income statement
net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current
pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the
provision due to the passage of time is recognised as a finance cost.
Notes to the Consolidated Financial Statements continued
for the year ended 31 December 2024

100
Financial statements
Strategic report
Governance report
Provisions continued
Warranty provisions
The Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. Provisions
related to these warranties are recognised when the product is sold, or the service is provided to the customer. Initial
recognition is based on historical experience which may vary due to the use of new materials, changes in manufacturing
processes or other developments that affect product quality. The estimate of warranty-related costs is revised annually.
Warranty provisions are recognised in cost of sales in consolidated income statement and presented in the consolidated
statement of financial position in trade and other payables.
Non-current assets held for sale and discontinued operations
Non-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be
recovered principally through a sale transaction and a sale is considered highly probable. They are measured at the lower
of carrying amount and fair value less costs to sell, with the exception of assets which are scoped out of the measurement
requirements of IFRS 5 ‘Non-current assets held for sale and discontinued operations’, for example financial assets, which
continue to be measured in accordance with IFRS 9 ‘Financial instruments’.
Where the carrying amount of a non-current asset or disposal group held for sale exceeds its fair value less costs to sell, a
loss is recognised. This is allocated firstly against any goodwill attributable to the disposal group, and then to other non-
current assets in the disposal group that are in scope of IFRS 5’s measurement requirements. Any excess loss remaining is
recognised against the remaining assets of the disposal group as a whole. Assets and liabilities classified as held for sale
are presented separately in the statement of financial position.
A component of the Group that is held for sale or disposed of is presented as a discontinued operation either when it
is a subsidiary acquired exclusively with a view to resale; or it represents, or is part of a coordinated plan to dispose of,
a separate major line of business or geographical area of operations. The net results of discontinued operations are
presented separately in the Group income statement (and the comparatives restated). Cash flows from discontinued
operations are included in the consolidated statement of cash flows but are separately disclosed in the notes to the
financial statements.
Non-GAAP alternative performance measures
In the reporting of financial information, the Directors have adopted Earnings before Interest, Taxation, Depreciation and
Amortisation (“EBITDA”) and adjusted EBITDA when assessing the operating performance of the Group. Adjusting items are
excluded from EBITDA to calculate adjusted EBITDA. The Directors primarily use the adjusted EBITDA measure when making
decisions about the Group’s activities.
EBITDA and adjusted EBITDA are non-GAAP measures and may not be calculated in the same way as by other entities and
hence may not be directly comparable to those reported by other entities. In determining the adjusting items, the following
criteria are considered:
• if a certain event (defined as adjusting) had not occurred, the costs would not have been incurred or the income would
not have been earned; or
• the costs attributable to the event have been identified using a reliable methodology of splitting amounts on an ongoing
basis; and economic resources have been expended or diverted in order to directly contribute towards the related
activities; and
• costs have been incurred that cannot be recovered due to the event and the related activities.
An item is treated as adjusting if it relates to certain costs or income that derive from events or transactions that fall within
the normal activities of the Group but which, individually or, if of a similar type, in aggregate, are excluded from the Group’s
Alternative Performance Measures (“APMs”) by virtue of their nature or size, in order to better reflect management’s view of
the underlying trends and operating performance of the Group that is more comparable over time.
3. CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES
In the application of the Group’s accounting policies, which are described in Note 2, the directors are required to make
judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to
make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from
other sources. The estimates and associated assumptions are based on historical experience and other factors that
are considered to be relevant. Actual results may differ from these estimates. There is no change in applying accounting
policies for critical accounting estimates and judgements from the prior year.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the
revision and future periods if the revision affects both current and future periods.

Strix Group Plc Annual Report and Accounts 2024
101
3. CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES continued
Critical judgements in applying the entity’s accounting policies
Functional currency
The Directors consider the factors set out in paragraphs 9, 10 and 11 of IAS 21, “The effects of changes in foreign currency”
to determine the appropriate functional currency of its overseas operations. These factors include the currency that mainly
influences sales prices, labour, material and other costs, the competitive market serviced, financing cash flows and the
degree of autonomy granted to the subsidiaries.
This may change as the Group’s operations and markets change in the future.
Capitalisation of development costs
The Directors consider the factors set out in the paragraphs entitled ‘Intangible assets – initial recognition and
measurement’ in note 2 with regard to the timing of the capitalisation of the development costs incurred. This requires
judgement in determining when the different stages of development have been met. See note 6a for the amounts
capitalised during the current year.
Alternative performance measures (“APMs”) - Adjusting items
Management and the Board consider the quantitative and qualitative factors in classifying items as adjusting and exercise
judgement in determining the adjustments to apply to IFRS measures. This assessment covers the nature of the item, cause
of occurrence, frequency, predictability of occurrence of the item or related event, and the scale of the impact of that item
on reported performance. Reversals of previous adjusting items are assessed based on the same criteria.
For the year ended 31 December 2024, the presentation as discontinued operations is a new key judgement area, due
to the disposal of HaloSource (see note 28). The Group considered HaloSource to be a separate major line of business,
as this represented a discrete business line for the Group, that operates outside of its normal markets in the industrial
farming space, with exclusive manufacturing facilities located in Shanghai and a separate workforce. HaloSource was the
first acquisition that the Group made and Management recognises that the underlying trading results of this business are
therefore of specific and greater interest to stakeholders, notwithstanding its relatively low level of trading in the period
(see note 28).
The ongoing restructuring and rebasing activities undertaken in FY24, have also led to additional new judgements and
estimates being made with regards to the impact of the de-prioritisation of specific product lines & groups, predominantly
within the Group’s Consumer Goods division. A key area of focus being the estimation of the carrying value of underlying
assets, and their related write off/impairment in the FY24 consolidated statement of financial position (see note 6b).
Creditors relating to settlement claims have also been recognised in the FY24 consolidated statement of financial position
where we consider that the business has a constructive obligation to pay monies over to third parties at the consolidated
statement of financial position date, to the extent that amounts are considered to be reasonably certain.
An analysis of the adjusting items included in the consolidated income statement is disclosed in note 6(b).
Critical estimates in applying the entity’s accounting policies
There are no estimates in the financial statements where a reasonably possible change in the next year could be expected
to result in a material change to amounts recognised. However, an area of estimation performed by management in the year
which is relevant to the financial statements is disclosed below.
Impairment of indefinite lived intangible assets and goodwill
Determining whether goodwill and intangible assets with indefinite lives are impaired requires an estimation of the value in
use or the fair value less costs to sell of the cash generating unit (“CGU”) to which the goodwill or intangible asset has been
allocated. The value in use calculation requires management’s estimation of the future cash flows expected to arise from
the CGU.
Notes to the Consolidated Financial Statements continued
for the year ended 31 December 2024

102
Financial statements
Strategic report
Governance report
4. SEGMENTAL REPORTING
Management has determined the operating segments based on the operating reports reviewed by the Board of Directors
that are used to assess both performance and strategic decisions. Management has identified that the Board of Directors
is the chief operating decision maker in accordance with the requirements of IFRS 8 ‘Operating Segments’.
The Board of Directors has identified 3 reportable segments from a product perspective, selling primarily to Original
Equipment Manufacturers, commercial and residential customers based in China, Italy, Australia, New Zealand and the
United Kingdom:
1) Controls consists of the design, manufacture and sale of thermostatic controls, cordless interfaces.
2) Billi (previously Premium Filtration Systems (PFS)) is a leading brand for the supply of premium instant boiling, chilled
and sparkling filtered water systems.
3) Consumer Goods includes products such as water dispensers, jugs, filters, water heating and temperature control,
steam management and small household appliances for personal health and wellness.
The Board of Directors primarily uses a measure of gross profit to assess the performance of the operating segments,
broken down into revenue and cost of sales for each respective segment which is reported to them on a monthly basis.
Information about segment revenue is disclosed below.
Reported gross profit
2024
£000s
Controls
Billi
Consumer goods
Total
Revenue
67,264
43,052
31,452
141,768
Cost of sales
(44,676)
(22,977)
(23,166)
(90,819)
Gross profit
22,588
20,075
8,286
50,949
Adjusted gross profit*
2024
£000s
Controls
Billi
Consumer goods
Total
Revenue
69,464
43,052
31,452
143,968
Cost of sales
(44,260)
(22,977)
(22,764)
(90,001)
Gross profit
25,204
20,075
8,688
53,967
Reported gross profit
2023
Restated*
£000s
Controls
Billi
Consumer goods
Total
Revenue
70,102
41,327
32,378
143,807
Cost of sales
(42,787)
(21,964)
(21,851)
(86,602)
Gross profit
27,315
19,363
10,527
57,205
Adjusted gross profit*
2023
Restated
£000s
Controls
Billi
Consumer goods
Total
Revenue
70,102
41,327
32,378
143,807
Cost of sales
(42,746)
(21,964)
(21,827)
(86,537)
Gross profit
27,356
19,363
10,551
57,270
* Adjusted gross profit excludes adjusting items as detailed in note 6(b). Adjusted results are non-GAAP metrics used by management and are
not an IFRS disclosure.
The FY23 figures have been restated as a result of discontinued operations and were all included in Billi.
* The FY23 figures have been restated as a result of discontinued operations and were all included in Billi.

Strix Group Plc Annual Report and Accounts 2024
103
4. SEGMENTAL REPORTING continued
The Group derives revenue from the transfer of goods and services over time and at a point in time. Revenue derived over
time in the current year is £4.6m (FY23: £3.3m) and this is included in Billi. All other revenues are derived at a point in time.
Included within the revenue from controls is licensing fee income relating to intellectual property amounting to £nil
(FY23: £0.9m). Included within the revenue from the consumer goods is licensing fee income relating to intellectual property
amounting to £nil (FY23: £0.3m).
Below is the geographical analysis of revenue based on the locations of external customers.
Assets and liabilities
No analysis of the assets and liabilities of each operating segment is provided to the Board of Directors as part of monthly
management reporting. Therefore, no analysis of segmented assets or liabilities is disclosed in this note.
Non-current assets (i) attributed to country of domicile and (ii) attributable to all other foreign countries
In accordance with IFRS 8, the following table discloses the non-current assets located in both the Company’s country of
domicile (the Isle of Man) and foreign countries, primarily China, Italy, Australia, New Zealand and the United Kingdom where
the Group’s principal subsidiaries are domiciled.
Major customers
In FY24, there was one major customer that accounted for at least 10% of total revenues (FY23: one customer). The revenue
relating to this customer in FY24 was £17.0m (FY23: £16.9m).
Country
2024
£000s
2023
Restated
£000s
Australia
27,301
26,985
China
66,674
67,210
Italy
13,651
14,478
UK
16,417
16,376
Others
17,725
18,758
Total
141,768
143,807
2024
£000s
2023
Restated*
£000s
Country of domicile
Intangible assets
10,966
13,084
Property, plant and equipment
1,826
2,599
Total country of domicile non-current assets
12,792
15,683
Foreign countries
Intangible assets
52,055
58,500
Property, plant and equipment
42,317
43,616
Total foreign non-current assets
94,372
102,116
Total
107,164
117,799
Notes to the Consolidated Financial Statements continued
for the year ended 31 December 2024
* Prior period intangibles have been restated as a result of correction of a technical accounting error, see note 29.

104
Financial statements
Strategic report
Governance report
2024
£000s
2023
Restated*
£000s
Wages and salaries
39,289
36,302
Pension cost (note 5(c))
1,434
1,352
Employee benefit expenses
40,723
37,654
Share-based payment transactions (note 21)
343
380
Total employee benefit expenses
41,066
38,034
2024
£000s
2023
£000s
Wages and salaries
2,159
2,325
Pension cost (note 5c)
184
175
Share based payment transactions (note 21)
279
57

2,622
2,557
5. EMPLOYEES AND DIRECTORS
(a) Employee benefit expenses
* Prior period numbers have been restated as a result of discontinued operations, see note 28.
The total employee benefit expense includes compensation to key management.
(b) Key management compensation
The following table details the aggregate compensation paid in respect of the key management, which includes the
Directors and the members of the Executive team (previously called the Operational Board), representing members of the
senior management team from all key departments of the Group.
There are no defined benefit schemes for key management. Pension costs under defined contribution schemes are
included in the post-employment benefits disclosed above.
(c) Retirement benefits
(i) The Strix Limited Retirement Fund
The Strix Limited Retirement Fund is a defined contribution scheme under which the assets of the scheme are held
separately from those of the Group in an independently administered fund. The pension cost charge represents
costs payable by the Group to the fund and amounted to £0.6m (FY23: £0.6m).
(ii) Billi Retirement fund
The company contributes 11% of salary to an employee nominated superannuation fund, which is independent to the
employing company. Billi has no post employment liability to employees. The pension cost charge represents costs
payable by the Group to the fund and amounted to £0.7m (FY23: £0.6m).
(iii)LAICA S.p.A. Termination Indemnity
LAICA S.p.A. operates a defined benefit plan for its employees in accordance with the Italian Termination Indemnity
(named “Trattamento di Fine Rapporto” or “TFR”) provisions defined by the National Civil Code (Article 2120). In
accordance with IAS 19, the TFR provision is a defined benefit plan, which is based on the principle to allocate the final
cost of benefits over the periods of service which give rise to an accrual of deferred rights under each particular
benefit plan.
The calculation of the liability is based on both the length of service and on the remuneration received by the employee
during that period of service. Article 2120 states that severance pay is due to the employee by the companies in any
case of termination of the employment contract. For each year of service, severance pay accruals are based on total
annual compensation divided by 13.05. Although the benefit is paid in full by the employer, part (0.5% of pay) of the
annual accrual is paid to INPS by the employer, and is subtracted from the severance pay accruals for the contribution
reference period. As of 31 December, of every year, the severance pay accrued as of 31 December of the preceding
year is revalued by an index stipulated by law as follows: 1.5% plus 75% of the increase over the last 12 months in the
consumer price index, as determined by the Italian Statistical Institute.

Strix Group Plc Annual Report and Accounts 2024
105
5. EMPLOYEES AND DIRECTORS continued
(c) Retirement benefits continued
(iii)LAICA S.p.A. Termination Indemnity continued
In accordance with IAS 19, the determination of the present value of the liability is carried out by an independent
actuary under the projected unit method. This method considers each period of service provided by workers at the
company as a unit of additional right.
The actuarial liability must therefore be quantified based on seniority reached at the valuation date and re-
proportioned based on the ratio between the years of service accrued at the reference date of the assessment
and the overall seniority reached at the time scheduled for the payment of the benefit. Furthermore, this method
provides to consider future salary increases, due to any cause (inflation, career, contract renewals, etc.), up to the
time of termination of the employment relationship.
The below table summarises the defined benefit pension liability of LAICA S.p.A. at 31 December 2024:
2024
£000s
2023
£000s
Liability as at 1 January
802
832
Service Cost
68
69
Interest Cost
21
27
Total amount recognised in profit or loss
89
96
Remeasurements
Experience losses
7
12
Loss from change in financial assumptions
1
20
Total amount recognised in other comprehensive income
8
32
Exchange differences on translation of foreign operations
(35)
(14)
Benefits paid
(240)
(144)
Liability as at 31 December
624
802
The key actuarial assumptions used in arriving at these figures include:
• Annual discount rate of 3.2% (FY23: 3.2%).
• Annual price inflation of 2.0% (FY23: 2.0%).
• Annual TFR increase of 3.0% (FY23: 3.0%).
• Demographic assumptions based on INPS published data.
The remainder of the post-employment benefit liability of £93k (FY23: £86k) as at 31 December 2024 is made up of
contractual post-employment liabilities within LAICA S.p.A. that do not meet the definition of a defined benefit plan in
accordance with IAS 19.
6. EXPENSES
(a) Expenses by nature
2024
£000s
2023
Restated*
£000s
Employee benefit expense (note 5a)
40,723
37,654
Depreciation charges
5,670
5,239
Amortisation
2,258
1,919
Adjusting items before tax(see below)
13,536
4,192
Net foreign exchange losses
259
521
* Prior period numbers have been restated as a result of discontinued operations, see note 28.
Notes to the Consolidated Financial Statements continued
for the year ended 31 December 2024

106
Financial statements
Strategic report
Governance report
1 £0.8m (FY23: £0.1m) of adjusting items from restructuring are included in cost of sales. The balance of all other adjusting items are in
administrative expenses.
2£2.2m (FY23: £nil) of adjusting items in settlements are against controls revenue, in line with IFRS 15 Revenue from Contracts with Customers.
3£10.5m (FY23: £4.1m) of total adjusting items for continuing operations are included in administrative expenses.
(a) Expenses by nature continued
Research and development (R&D) expenditure totalled £4.3m (FY23: £4.3m), and £2.6m (FY23: £3.6m) of development
costs have been capitalised during the year.
(b) Adjusting items
Adjusting items are excluded from our adjusted results by virtue of their nature, cause and predictability of occurrence,
frequency, and scale of impact on underlying performance in order to better reflect management’s view of the underlying
trends and operating performance of the Group that is more comparable over time.
Adjusting items have been broken down as follows:
2024
Adjusting items
Continuing
operations
£000s
Discontinued
operations
£000s
Total
£000s
Non-recurring items:
Restructuring/rebasing1:
Controls
1,529
-
1,529
Consumer Goods
6,433
-
6,433
Billi (previously PFS)
-
2,830
2,830
Central costs
580
-
580
Mergers and acquisitions
28
-
28
Settlements2
3,296
-
3,296
Total (A)
11,866
2,830
14,696
Recurring items:
Share-based payments
343
-
343
Amortisation charges on acquired intangible assets
1,327
-
1,327
Total (B)
1,670
-
1,670
Total adjusting items before tax(A+B)3
13,536
2,830
16,366
Deferred taxation credits relating to amortisation charges on
acquired intangible assets
(271)
-
(271)
Total adjusting items
13,265
2,830
16,095
2023
Adjusting items
Continuing
operations
£000s
Discontinued
operations
£000s
Total
£000s
Non-recurring items:
Restructuring/rebasing1:
Controls
278
-
278
Billi (previously PFS)
-
34
34
Consumer Goods
186
-
186
COVID-19 related costs
14
-
14
Mergers and acquisitions
2,073
-
2,073
Total (A)
2,551
34
2,585
Recurring items:
Share-based payments
380
-
380
Amortisation charges on acquired intangible assets
1,261
-
1,261
Total (B)
1,641
-
1,641
Total adjusting items before tax(A+B)
4,192
34
4,226
Deferred taxation credits relating to amortisation charges on acquired
intangible assets
(329)
-
(329)
Total adjusting items
3,863
34
3,897

Strix Group Plc Annual Report and Accounts 2024
107
6. EXPENSES continued
(b) Adjusting items continued
Adjusting items in segmental reporting:
As announced in our FY23 presentations and as part of the Group’s subsequent updates to the market, restructuring and rebasing of
the business has continued into FY24 to build strong foundations for medium-term growth opportunities as the market continues to
recover. The Board is focused on maximising cash generation to support debt reduction, allocating resources to optimise commercial
success and realigning efforts from commercially less sustainable projects to commercially more attractive ones.
A key part of this process has been the ongoing commercial review of product lines/ groups (predominantly within the
Consumer Goods division) with the intention of providing the business with the flexibility to selectively invest time and
resources in those projects with higher returns. As a result of this process, the business has approved the cessation of a
number of product lines/groups and associated capital development projects, which has resulted in the write off/impairment
of certain items on the balance sheet, including capital development assets, stock and some licensing debtors. The Group has
also consequently disposed of the HaloSource business in the current year.
Adjusting items non-recurring from continuing operations:
1. Restructuring/rebasing of £8.5m (FY23: £0.5m), includes the following:
a) Consumer Goods £6.4m (FY23: £0.2m) - £5.9m (FY23: £nil) write off/impairments including tooling/intangibles,
inventories and licensing agreements associated with product lines in the Consumer Goods division where the
group does not intend to place further commercial focus or allocate resources. Decisions have been made based
on the level of additional investment in both time and resources required to get to an end product that can be
successfully marketed, including the provision of a suitable marketing and promotional strategy versus the expected
timing and profitability of that product line/group.
Additional personnel costs relate to the restructuring of the Consumer Goods division totalling £0.5m (FY23: £0.2m).
b) Controls £1.5m (FY23: £0.3m) - Certain controls capital expenditure projects were deferred to allow the business
to retain additional cash within the Group and reduce net debt levels. This timing change has resulted in the £0.9m
(FY23: £nil) write off/impairment of specific fixed term licensing debtors that related to this technology.
Additional restructuring costs related to the announced part-closure of our Ramsey manufacturing site totalled
£0.6m (FY23: £0.3m).
c) Central costs of £0.6m (FY23: £nil) - Additional personnel costs relating to the restructuring of the central team
totalling £0.6m (FY23: £nil).
2. Settlements:
The £3.3m (FY23: £nil) of non-recurring adjusting costs relates predominantly to a commercial settlement of £2.2m
with one of the Group’s key OEM customers of which a payment of £1.0m was made prior to year end with a remaining
balance of £1.2m to be settled subsequently. £0.7m relates to a final settlement agreement with all parties to the LAICA
acquisition, regarding the transfer of a Taiwanese property. The remaining £0.4m relates to provisions for legal costs
and other supplier settlements.
* Prior period numbers have been restated as a result of discontinued operations, see note 28.
Notes to the Consolidated Financial Statements continued
for the year ended 31 December 2024
2024
£000s
Controls
Billi
Consumer goods
Total
Revenue: settlements
2,200
-
-
2,200
Cost of sales: restructuring
416
-
402
818
2,616
-
402
3,018
2023
Restated*
£000s
Controls
Billi
Consumer goods
Total
Cost of sales: restructuring
65
-
-
65
65
-
-
65

108
Financial statements
Strategic report
Governance report
3. Mergers and acquisitions:
Current year M&A cost of £28k is not significant when compared with previous year cost of £ 2.1m which was mainly
related to legal and consultancy fees and other acquisition related costs incurred on transition from previous
shareholders and integration of the Billi entities into the group.
Adjusting items from discontinued operations:
Following a comprehensive review of the Group’s business unit HaloSource (part of our Premium Filtration Systems
division, now classified as Billi), it was concluded that, as an industrial farming filtration product, the Halopure technology
does not fit well with the rest of the group’s focus on smaller scale domestic filtration products. The business was loss
making since acquisition and was forecast to continue to be for the medium term, whilst requiring additional investment
to support ongoing growth. HaloSource was subsequently disposed of via sale at a nominal value which led to HaloSource
being disclosed as a discontinued operation. The £2.8m adjusting costs relates to write off/impairments of £2.3m of
assets before classification as held for sale, redundancy costs of £0.3m and loss on disposal of £0.2m.
Consolidated statement of financial position impact of adjusting items
Adjusting items
Intangibles
£000s
PPE
£000s
Net
investment
in finance
leases
£000s
Inventories
£000s
Debtors
£000s
Cash
£000s
Creditors
£000s
Lease
liability
£000s
Deferred
tax
liabilities
£000s
Retained
earnings
£000s
Total
£000s
Continuing operations:
Restructuring/rebasing:
- Controls
-
-
-
17
449
1,025
38
-
-
-
1,529
- Consumer Goods
3,761
532
-
554
932
661
(7)
-
-
-
6,433
- Central costs
-
-
-
-
40
539
1
-
-
-
580
M&A
-
-
-
-
-
28
-
-
-
-
28
Settlements
-
-
-
-
-
1,878
1,418
-
-
-
3,296
Share-based payments
-
-
-
-
-
-
-
-
-
343
343
Amortisation charges on
acquired intangible assets
1,327
-
-
-
-
-
-
-
-
-
1,327
Deferred taxation credits
relating to amortisation
charges on acquired
intangible assets
-
-
-
-
-
-
-
-
(271)
-
(271)
Total continuing operations (A)
5,088
532
-
571
1,421
4,131
1,450
-
(271)
343
13,265
Discontinued operations:
Restructuring/rebasing
-
-
-
-
-
280
-
-
-
-
280
Loss on disposal
-
112
7
-
337
605
(744)
(92)
-
-
225
Impairment to fair value less
costs to sell
1,556
111
-
384
274
-
-
-
-
-
2,325
Total discontinued operations (B)
1,556
223
7
384
611
885
(744)
(92)
-
-
2,830
Total adjusting items (A+B)
6,644
755
7
955
2,032 5,016
706
(92)
(271)
343 16,095

Strix Group Plc Annual Report and Accounts 2024
109
6. EXPENSES continued
(c) Auditor’s remuneration
During the year the Group (including its subsidiaries) obtained the following services from the Company’s auditor,
PricewaterhouseCoopers (PwC) LLC and other firms in the PwC network, as detailed below:
2024
£000s
2023
£000s
Fees payable to Company’s auditor and its associates for the audit of the
consolidated financial statements
452
283
Fees payable to Company’s auditor and its associates for other services:
– the audit of Company’s subsidiaries
14
13
– other assurance services
4
4
– tax compliance and other
9
191

479
491
Analysis of charge/(credit) in year
2024
£000s
2023
£000s
Current tax (overseas)
Current tax on overseas profits for the year
3,555
3,270
Adjustments to prior years - overseas
443
-
Total current income tax
3,998
3,270
Deferred tax
Movement in deferred tax assets and liabilities
(672)
(978)
Adjustments to prior years - overseas
(311)
(749)
Total deferred tax
(983)
(1,727)
Total tax charge
3,015
1,543
In FY24, fees for the audit of the consolidated financial statements include one-off amounts relating to commercial reviews
and discontinued operations and the transfer of the Billi Australia audit to PwC.
Included within ‘other’ are fees of £nil (FY23: £184k) paid to PricewaterhouseCoopers LLP, UK in relation to integration costs
of the Billi UK acquisition.
7. FINANCE COSTS
The FY23 numbers for current tax and adjustments to prior year have been re-presented to show these amounts on a gross
basis for better comparability.
Total tax charge relates to continuing operations.
There were no tax provision releases in the current year.
8. TAXATION
The comparatives have been re-represented to conform with the more detailed current year disclosures.
2024
£000s
2023
Restated*
£000s
Letter of credit charges
184
176
Right-of-use lease interest
240
190
Borrowing costs
8,763
10,012
Total finance costs
9,187
10,378
* Prior period numbers have been restated as a result of discontinued operations, see note 28.
Notes to the Consolidated Financial Statements continued
for the year ended 31 December 2024

110
Financial statements
Strategic report
Governance report
As the most significant subsidiary in the Group is based on the Isle of Man, this is considered to represent the most relevant
standard rate for the Group. The tax assessed for the year is different to the standard rate of income tax in the Isle of Man
of 0% (FY23: 0%). The differences are explained below:
The Group is subject to Isle of Man income tax on profits at a rate of 0% (FY23: 0%), UK at a rate of 25% (FY23: 25%), China
at a rate of 15% (FY23: 25%), Italy at a rate of 27.9% (FY23: 27.9%), Spain at a rate of 25% (FY23: 25%), Taiwan at a rate of
20% (FY23: 20%), Australia at a rate of 30% (FY23: 30%) and New Zealand at a rate of 28% (FY23: 28%).
Deferred tax assets and liabilities are attributable to the following:
* Prior period numbers have been restated as a result of correction of a technical accounting error affecting intangible assets, see note 29.
2024
£000s
2023
Restated*
£000s
Profit from continuing operations before income tax
4,972
18,143
Loss from discontinued operation before income tax
(3,315)
(440)
Accounting profit before income tax
1,657
17,703
At Group's statutory income tax rate of 0% (FY23: 0%)
-
-
Impact of higher Overseas tax
3,404
3,120
Tax disallowed expenses
97
274
Adjustments to current tax of prior periods
443
-
Adjustments to deferred tax of prior periods
(311)
(749)
Previously unrecognised tax losses used to reduce current tax expense
(15)
(583)
Research and development tax credit
(418)
(399)
Other
(185)
(120)
Income tax in the consolidated income statement
3,015
1,543
* Prior period numbers have been restated as a result of discontinued operations, see note 28.
Assets
Liabilities
2024
£000s
2023
£000s
2024
£000s
2023
Restated*
£000s
Property, plant and equipment
-
-
393
360
IFRS 16 Leases
(299)
(200)
-
-
Intangible assets
-
-
9,083
9,952
Provision on inventories
(518)
(482)
-
-
Expected credit losses on receivables
(15)
(32)
-
-
Provisions/accruals
(1,085)
(534)
-
-
Pension benefit
-
-
12
13
IFRS 2 Share based Payments
(22)
(90)
-
-
Derivatives
-
(4)
-
-
Tax losses
(63)
(69)
-
-
Tax (assets)/liabilities
(2,002)
(1,411)
9,488
10,325
Tax set-off - Billi Australia
490
454
(490)
(454)
Net tax (assets)/liabilities
(1,512)
(957)
8,998
9,871

Strix Group Plc Annual Report and Accounts 2024
111
Notes to the Consolidated Financial Statements continued
for the year ended 31 December 2024
8. TAXATION continued
Strix Australia and Billi Australia are tax assessed as a group under the tax consolidation legislation in Australia, which
means that these entities are taxed as a single entity. As a consequence, the deferred tax assets and deferred tax liabilities
of these entities have been offset in the consolidated financial statements.
Movement in deferred tax asset during the current year:
1 January
2024
£000s
Recognised
in year
£000s
31 December
2024
£000s
IFRS 16 Leases
(200)
(99)
(299)
Provision on inventories
(482)
(36)
(518)
Expected credit losses on receivables
(32)
17
(15)
Provisions/accruals
(534)
(551)
(1,085)
IFRS 2 Share based Payments
(90)
68
(22)
Derivatives
(4)
4
-
Tax losses
(69)
6
(63)
Total
(1,411)
(591)
(2,002)
1 January
2024
£000s
Recognised
in year
£000s
31 December
2024
£000s
Property, plant and equipment
360
33
393
Intangible assets
9,952
(869)
9,083
Pension benefit
13
(1)
12
Total
10,325
(837)
9,488
1 January
2023
£000s
Recognised
in year
£000s
31 December
2023
£000s
Property, plant and equipment
(10)
10
-
IFRS 16 Leases
-
(200)
(200)
Provision on inventories
(190)
(292)
(482)
Expected credit losses on receivables
(6)
(26)
(32)
Provisions/accruals
(21)
(513)
(534)
IFRS 2 Share based Payments
(18)
(72)
(90)
Derivatives
(3)
(1)
(4)
Tax losses
(65)
(4)
(69)
Total
(313)
(1,098)
(1,411)
1 January
2023
£000s
Recognised
in year
£000s
31 December
2023
Restated*
£000s
Property, plant and equipment
653
(293)
360
Intangible assets
10,719
(767)
9,952
Pension benefit
15
(2)
13
Total
11,387
(1,062)
10,325
Movement in deferred tax assets during the prior year:
Included within the amount recognised in the year is £49k recognised in equity (FY23: (£13k))
Movement in deferred tax liabilities during the current year:
Movement in deferred tax liabilities during the prior year:
* Prior period numbers have been restated as a result of correction of a technical accounting error relating to intangible assets, see note 29.
Included within the amount recognised in the year is £(0.4)m recognised in equity (FY23: £(0.4)m)

112
Financial statements
Strategic report
Governance report
9. EARNINGS/(LOSS) PER SHARE
The calculation of basic and diluted earnings/(loss) per share is based on the following data.
The weighted average dilutive effect of conditional share awards of 4,908,871 are not included in the weighted average
calculation for diluted loss per ordinary share for discontinued and total operations and diluted adjusted loss per ordinary
share for discontinued operations because they are anti-dilutive since there is a loss after tax.
The calculation of basic and diluted adjusted earnings per share is based on the following data:
2024
Continuing
operations
Discontinued
operations
Total
Profit/(loss) (£000s)
Profit/(loss) for the purpose of basic and diluted earnings per share
1,938
(3,315)
(1,377)
Number of shares (000s)
Weighted average number of shares for the purposes of basic earnings
per share
224,924
224,924
224,924
Weighted average dilutive effect of conditional share awards
4,909
4,909
4,909
Weighted average number of shares for the purposes of diluted
earnings per share (000s)
229,833
229,833
229,833
Earnings/(loss) per ordinary share (pence)
Basic loss per ordinary share
0.9
(1.5)
(0.6)
Diluted loss per ordinary share
0.8
(1.5)
(0.6)
Adjusted earnings/(loss) per ordinary share (pence)
Basic adjusted earnings/(loss) per ordinary share
6.8
(0.2)
6.6
Diluted adjusted earnings/(loss) per ordinary share
6.6
(0.2)
6.4
2024
Continuing
operations
£000s
Discontinued
operations
£000s
Total
£000s
Profit/(loss) for the year
1,938
(3,315)
(1,377)
Total adjusting items before taxation (note 6b)
(A)
13,536
2,830
16,366
Deduct adjusting items in taxation credits:
Deferred taxation credits relating to amortisation charges on
acquired intangible assets
(B)
(271)
-
(271)
Total adjusting items (A+B)
13,265
2,830
16,095
Adjusted earnings/(loss)
15,203
(485)
14,718

Strix Group Plc Annual Report and Accounts 2024
113
Notes to the Consolidated Financial Statements continued
for the year ended 31 December 2024
The weighted average dilutive effect of conditional share awards of 3,422,078 are not included in the weighted average
calculation for both diluted loss per ordinary share and diluted adjusted loss per ordinary share for discontinued operations
because they are anti-dilutive since there is a loss after tax.
The calculation of basic and diluted adjusted earnings per share is based on the following data:
2023
Continuing
operations
Discontinued
operations
Total
Profit/(loss) (£000s)
Profit/(loss) for the purpose of basic and diluted earnings per share
16,643
(440)
16,203
Number of shares (000s)
Weighted average number of shares for the purposes of basic earnings
per share
218,713
218,713
218,713
Weighted average dilutive effect of conditional share awards
3,422
3,422
3,422
Weighted average number of shares for the purposes of diluted
earnings per share (000s)
222,135
222,135
222,135
Earnings/(loss) per ordinary share (pence)
Basic earnings/(loss) per ordinary share
7.6
(0.2)
7.4
Diluted earnings/(loss) per ordinary share
7.5
(0.2)
7.3
Adjusted earnings/(loss) per ordinary share (pence)
Basic adjusted earnings/(loss) per ordinary share
9.4
(0.2)
9.2
Diluted adjusted earnings/(loss) per ordinary share
9.2
(0.2)
9.0
2023
Continuing
operations
£000s
Discontinued
operations
£000s
Total
£000s
Profit/(loss) for the period
16,643
(440)
16,203
Total adjusting items before taxation (note 6b)
(A)
4,192
34
4,226
Deduct adjusting items in taxation credits:
Deferred taxation credits relating to amortisation charges on
acquired intangible assets
(B)
(329)
-
(329)
Total adjusting items (A+B)
3,863
34
3,897
Adjusted earnings/(loss)
20,506
(406)
20,100
9. EARNINGS/(LOSS) PER SHARE continued

114
Financial statements
Strategic report
Governance report
10. INTANGIBLE ASSETS
Cost
Capitalised
development
costs
£000s
Software
£000s
Intellectual
property
£000s
Customer
relationships
£000s
Brands
£000s
Goodwill
£000s
Intangible
assets under
construction
£000s
Total
£000s
At 1 January 2023
19,428
4,452
1,482
18,549
19,785
20,067
103
83,866
Additions
3,870
448
464
-
-
242
5,024
Transfers
-
9
42
(116)
28
69
(32)
-
Purchase consideration refund
-
-
-
-
-
(1,046)
-
(1,046)
Fair value adjustments
-
-
-
(84)
-
654
-
570
Disposals
(494)
(50)
-
-
-
-
-
(544)
Effect of movement in exchange rates
(62)
(11)
(38)
(790)
(866)
(841)
16
(2,592)
At 31 December 2023 – restated*
22,742
4,848
1,950
17,559
18,947
18,903
329
85,278
At 1 January 2024
22,742
4,848
1,950
17,559
18,947
18,903
329
85,278
Additions
2,629
331
370
-
-
-
6
3,336
Transfers
(88)
389
26
-
-
-
(327)
-
Disposals
-
(31)
(83)
-
-
-
-
(114)
Write off/impairment
(5,570)
(50)
(592)
-
-
(384)
-
(6,596)
Effect of movement in exchange rates
(76)
(4)
(32)
(1,172)
(1,038)
(994)
(3)
(3,319)
At 31 December 2024
19,637
5,483
1,639
16,387
17,909
17,525
5
78,585
Amortisation and impairment
Balance at 1 January 2023
7,716
1,817
256
703
-
-
-
10,492
Amortisation charge for the period
1,304
641
159
1,261
-
-
-
3,365
Disposals
(184)
(46)
-
-
-
-
-
(230)
Effect of movement in exchange rates
230
(6)
(7)
(150)
-
-
-
67
At 31 December 2023 - restated*
9,066
2,406
408
1,814
-
-
-
13,694
Balance at 1 January 2024
9,066
2,406
408
1,814
-
-
-
13,694
Amortisation charge for the period
1,453
730
184
1,327
-
-
-
3,694
Write off/impairment
(1,145)
(41)
(93)
-
-
-
-
(1,279)
Effect of movement in exchange rates
(16)
(1)
(14)
(514)
-
-
-
(545)
Balance at 31 December 2024
9,358
3,094
485
2,627
-
-
-
15,564
Net book value
At 31 December 2022
11,712
2,635
1,226
17,846
19,785
20,067
103
73,374
At 31 December 2023 – restated*
13,676
2,442
1,542
15,745
18,947
18,903
329
71,584
At 31 December 2024
10,279
2,389
1,154
13,760
17,909
17,525
5
63,021
* Prior period numbers for customer relationships, brands and goodwill have been restated as a result of correction of a technical accounting
error, see note 29.

Strix Group Plc Annual Report and Accounts 2024
115
Notes to the Consolidated Financial Statements continued
for the year ended 31 December 2024
10. INTANGIBLE ASSETS continued
The reconciliation of the carrying amount of intangible assets was presented on a net basis in the prior year. This has been
presented in the current year, including the comparatives, on a gross basis as the Group believes it provides users with
more sufficient details, as presentation on gross basis ensures details relating to disposals and write offs are provided to
users of the financial statements particularly due to the adjusting items during 2024.
Amortisation charges for continuing operations allocated to cost of sales are £1.8m (FY23: £1.5m) and administrative
expenses £1.8m (FY23: £1.7m).
Amortisation charges for discontinued operations allocated to cost of sales are £0.1m (FY23: £0.2m) and administrative
expenses £nil (FY23: £nil).
As disclosed in note 6(b), the commercial review of product lines/ groups resulted in the write off of certain intangible
assets. These write off/impairment charges are allocated to administrative expenses with £3.8m (FY23: £nil) relating to
continuing operations and £1.6m (FY23: £nil) to discontinued operations.
Impairment review
The Group tests goodwill and brands annually for impairment.
For impairment testing, the goodwill and brands acquired are allocated to the following cash generating units (“CGUs”).
The recoverable amount of cash generating units is determined based on value in use calculations for goodwill over a
five-year forecast period, and for brands over a twenty-year and ten-year forecast period for Laica and Billi entities
respectively. The recoverable amounts have been calculated with reference to the key assumptions shown below:
Goodwill
Brands
Total
CGU
2024
£000s
2023
Restated
£000s
2024
£000s
2023
Restated
£000s
2024
£000s
2023
Restated
£000s
Billi Australia
6,747
7,335
8,248
8,884
14,995
16,219
Billi New Zealand
227
253
1,005
1,109
1,232
1,362
Billi UK
2,289
2,289
2,548
2,548
4,837
4,837
HaloSource Astrea*
-
324
-
-
-
324
HaloSource Shanghai*
-
60
-
-
-
60
Laica S.p.A
8,262
8,642
6,108
6,406
14,370
15,048
Total
17,525
18,903
17,909
18,947
35,434
37,850
Laica S.p.A
Billi Australia
Billi New Zealand
Billi UK
CGU
2024
£000s
2023
£000s
2024
£000s
2023
£000s
2024
£000s
2023
£000s
2024
£000s
2023
£000s
Terminal growth rate
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
Post-tax discount rate
8.0%
11.8%
12.0%
14.9%
12.5%
16.2%
12.5%
15.4%
Pre-tax discount rate
11.1%
16.4%
17.1%
21.3%
17.4%
22.5%
16.7%
19.0%
Royalty savings for brands
5.6%
5.8%
5.8%
5.8%
5.8%
5.8%
5.8%
5.8%
*The prior year numbers have been represented to include goodwill relating to HaloSource Astrea and HaloSource Shanghai to allow reconciliation
to the carrying value table on page 114.
Prior period numbers have been restated as a result of correction of a technical accounting error, see note 29.

116
Financial statements
Strategic report
Governance report
Royalty Rate
Management used publicly available trademark licensing data and applied judgement to arrive at an appropriate royalty rate
with reference to comparable data.
Discount rate
The discount rate applied to the cash flows of each of the Group’s operations is based on the Weighted Average Cost of
Capital (“WACC”). The cost of equity element uses the risk-free rate for thirty-year bonds issued by the government in
Australia, Italy and UK and twenty-year bonds issued by the government in New Zealand, adjusted for a risk premium to
reflect both the increased risk of investing in equities and the systemic risk of the specific Group operating company.
In making this adjustment, inputs required are the equity market risk premium (that is, the increased return required over
and above a risk-free rate by an investor who is investing in the market as a whole) and the risk adjustment, beta, applied to
reflect the risk of the specific Group operating company relative to the market as a whole.
All discount rates disclosed on the previous page have been subject to appropriate review and recalculation in 2024.
In determining the risk adjusted discount rate, management has applied an adjustment for the systemic risk to each of the
Group’s operations determined using an average of the betas of comparable listed companies and, where available and
appropriate, across a specific territory. Management has used an equity market risk premium that takes into consideration
studies by independent economists, the average equity market risk premium over the past five years and the market risk
premiums typically used by investment banks in evaluating acquisition proposals.To calculate the pre-tax discount rate, we
have taken the post-tax discount rate and divided this by one minus the applicable tax rate. We consider this an appropriate
approximation of the pre-tax rate as there are no significant timing differences between the tax cash flows and tax
charges. Overall, Management is confident that the discount rate adequately reflects the circumstances in each location
and is in accordance with IAS 36.
Impairments
£0.4m goodwill allocated to HaloSource Astrea and HaloSource Shanghai were fully written off during the current year
as part of the restructuring/rebasing activities of the Group. £0.3m relates HaloSource Astrea which is included in
restructuring adjusting items (see note 6(b)) for Consumer Goods. The remaining £60k relates to HaloSource Shanghai
which is included in adjusting items for discontinued operations (see note 6(b)). No impairments were recognised in the
prior year.

Strix Group Plc Annual Report and Accounts 2024
117
Notes to the Consolidated Financial Statements continued
for the year ended 31 December 2024
Cost
Plant &
Machinery
£000s
Fixtures,
Fittings &
Equipment
£000s
Motor
Vehicles
£000s
Production
Tools
£000s
Land &
Buildings
£000s
Right-of-
use Assets
£000s
Point of use
Dispensers
£000s
Assets under
construction
£000s
Total
£000s
Balance at 1 January 2023
29,988
8,124
375
13,693
20,690
8,678
1,430
2,247
85,225
Additions
79
705
67
101
332
2,321
297
807
4,709
Transfers
742
-
-
492
-
-
-
(1,234)
-
Fair value adjustments (note 13)
-
-
-
-
-
-
(136)
-
(136)
Disposals
(183)
(378)
(67)
(11)
-
(1,143)
(36)
(18)
(1,836)
Effect of movement in exchange rates
(96)
(136)
(86)
(3)
(10)
(283)
(2)
(11)
(627)
Balance at 31 December 2023
30,530
8,315
289
14,272
21,012
9,573
1,553
1,791
87,335
Balance at 1 January 2024
30,530
8,315
289
14,272
21,012
9,573
1,553
1,791
87,335
Additions
535
354
46
280
163
730
469
2,453
5,030
Transfers
579
139
25
390
291
-
-
(1,424)
-
Disposals
(88)
(203)
(94)
(28)
-
(543)
(250)
-
(1,206)
Write off/impairment
(290)
(308)
(1)
(63)
(51)
-
-
(394)
(1,107)
Effect of movement in exchange rates
(282)
(115)
(6)
(1)
(44)
(342)
-
(37)
(827)
Balance at 31 December 2024
30,984
8,182
259
14,850
21,371
9,418
1,772
2,389
89,225
Depreciation and impairment
Balance at 1 January 2023
15,775
4,604
331
11,049
978
5,053
71
-
37,861
Depreciation charge for the period
1,553
1,010
24
601
452
1,321
380
-
5,341
Disposals
(164)
(240)
(65)
(6)
-
(1,127)
(30)
-
(1,632)
Effect of movement in exchange rates
(58)
(109)
(85)
(4)
(8)
(184)
(2)
-
(450)
Balance at 31 December 2023
17,106
5,265
205
11,640
1,422
5,063
419
-
41,120
Balance at 1 January 2024
17,106
5,265
205
11,640
1,422
5,063
419
-
41,120
Depreciation charge for the period
1,521
947
22
882
482
1,503
416
-
5,773
Disposals
(88)
(202)
(85)
(28)
-
(418)
-
-
(821)
Write off/impairment
(174)
(230)
(1)
(54)
(5)
-
-
-
(464)
Effect of movement in exchange rates
(235)
(84)
(4)
(1)
(38)
(165)
1
-
(526)
Balance at 31 December 2024
18,130
5,696
137
12,439
1,861
5,983
836
-
45,082
Net book value
At 31 December 2022
14,213
3,520
44
2,644
19,712
3,625
1,359
2,247
47,364
At 31 December 2023
13,424
3,050
84
2,632
19,590
4,510
1,134
1,791
46,215
At 31 December 2024
12,854
2,486
122
2,411
19,510
3,435
936
2,389
44,143
11. PROPERTY, PLANT AND EQUIPMENT
The reconciliation of the carrying amount of property, plant and equipment was presented on a net basis in the prior year. This
has been presented in the current year, including the comparatives, on a gross basis as the Group believes it provides users
with more sufficient details. The presentation on gross basis ensures details relating to disposals and write offs are provided to
users of the financial statements.
Depreciation charges for continuing operations allocated to cost of sales are £4.1m (FY23: £3.9m), distribution costs £0.4m
(FY23: £0.2m), and administrative expenses £1.2m (FY23: £1.1m).
Depreciation charges for discontinued operations allocated to cost of sales are £0.1m (FY23: £0.1m), distribution costs £1k
(FY23: £nil), and administrative expenses £1k (FY23: £2k).
Write off/impairment charges as a result of the commercial review of product lines/ groups are allocated to administrative
expenses. £0.5m of this amount relates to continuing operations and £0.1m to discontinued operations (note 6b).

118
Financial statements
Strategic report
Governance report
12. SUBSIDIARY UNDERTAKINGS AND JOINT ARRANGEMENTS OF THE GROUP
A list of all subsidiary undertakings controlled by the Group, and existing joint arrangements the Group is currently part of,
which are all included in the consolidated financial statements, is set out below.
On January 19th 2024 the Group entered in an agreement finally settled on March 18th 2024, for acquiring 55% of the
shares and voting interests in LAICA Brand House (“LBH”), previously owned by Drangon Will Enterprise Limited. As a result,
the Group’s equity interest in LBH increased from 45% to 100%, granting it control of LBH. Cash consideration of £0.1m was
paid being the fair value of 55% of the net assets at the acquisition date.
Name of entity
Nature of business
Country of
incorporation
% of ordinary
shares held
by the Group
Nature of
shareholding
Sula Limited
Holding company
IOM
100
Subsidiary
Strix Limited
Manufacture and sale of products
IOM
100
Subsidiary
Strix (U.K.) Limited
Holding company and group’s sale and
distribution centre
United Kingdom
100
Subsidiary
Strix Hong Kong Limited
Sale and distribution of products
Hong Kong
100
Subsidiary
Strix (China) Limited
Manufacture and sale of products
China
100
Subsidiary
Strix (USA), Inc.
Research and development, sales, and
distribution of products
USA
100
Subsidiary
LAICA S.p.A.
Manufacture and sale of products
Italy
100
Subsidiary
LAICA Iberia Distribution S.L.
Sale and distribution of products
Spain
100
Subsidiary
LAICA International Corp.
Sale and distribution of products
Taiwan
67
Subsidiary
Taiwan LAICA Corp.
Sale and distribution of products
Taiwan
67
Subsidiary
LAICA Brand House Limited
Holding and licensing of trademarks
Hong Kong
100
Subsidiary
Strix Australia Pty Limited
Holding company
Australia
100
Subsidiary
Billi UK Limited
Manufacture and sale of products
United Kingdom
100
Subsidiary
Billi Australia Pty Limited
Manufacture and sale of products
Australia
100
Subsidiary
Billi New Zealand Limited
Manufacture and sale of products
New Zealand
100
Subsidiary
Billi R&D Pty Limited
Dormant company
Australia
100
Subsidiary
Billi Financial Services Pty Limited
Dormant company
Australia
100
Subsidiary

Strix Group Plc Annual Report and Accounts 2024
119
Notes to the Consolidated Financial Statements continued
for the year ended 31 December 2024
13. INVENTORIES
14. TRADE AND OTHER RECEIVABLES
2024
£000s
2023
£000s
Raw materials and consumables
8,009
9,444
Finished goods and goods in transit
17,382
15,996

25,391
25,440
2024
£000s
2023
£000s
Amounts falling due within one year:
Trade receivables – current
15,254
11,495
Trade receivables - past due
1,251
8,419
Trade receivables – gross
16,505
19,914
Loss allowance
(569)
(222)
Trade receivables - net
15,936
19,692
Prepayments
1,434
1,448
Advances to suppliers
520
1,477
VAT receivable
3,576
1,399
Other receivables
1,210
3,697
22,676
27,713
The cost of inventories recognised as an expense and included in cost of sales amounted to £61.7m (FY23: £59.2m).
Included in this amount are adjusting items from continuing operations of £0.6m arising from impairment due to
restructuring/rebasing activities (FY23: £nil). £0.4m (FY23: £nil) relating to discontinued operations was also impaired due
to restructuring/rebasing activities and was recognised in administrative expenses. Inventory provisions in continuing
operations amounted to £0.4m (FY23: £nil).
In the current year, current tax receivable of £0.3m (FY23: £0.2m) has been excluded from the trade and other receivables
note as this is separately presented on the statement of financial position. Consequently, the prior year numbers have been
re-represented.
Trade and other receivables carrying values are considered to be equivalent to their fair values. The amount of trade
receivables impaired at 31 December 2024 is equal to the loss allowance provision (FY23: equal).
Adjusting items from continuing operations of £1.4m (FY23: £nil) relating to the impairment of trade and other receivables
were recognised in administrative expenses in relation to restructuring/rebasing activities and £0.6m (FY23: £nil) relating
to discontinued operations.
Other receivables include receivables from licensing income of £nil (FY23: £1.0m) and £0.4m (FY23: £2.0m) rebates
receivable from suppliers from procurements made in prior years. Settlement of the rebates receivable from suppliers will
be via net cash settlement of future purchases.
Government grants due amounted to £0.2m (FY23: £0.1m). There were no unfulfilled conditions in relation to these grants at
the year end, although if the Group ceases to operate or leaves the Isle of Man within 5 years (FY23: 3 years) from the date
of the last grant payment, funds may be reclaimed.

120
Financial statements
Strategic report
Governance report
Currency
2024
£000s
2023
£000s
Pound Sterling
8,333
8,026
Chinese Yuan
1,362
3,068
US Dollar
2,208
5,740
Euro
5,249
6,788
Hong Kong Dollar
85
84
Australian Dollar
5,028
3,539
New Zealand Dollar
304
399
Taiwan Dollar
107
69
22,676
27,713
Currency
2024
£000s
2023
£000s
Pound Sterling
3,557
3,402
Chinese Yuan
1,779
2,654
US Dollar
5,271
2,869
Euro
2,450
7,132
Hong Kong Dollar
181
78
Australian Dollar
1,148
3,028
New Zealand Dollar
270
352
Taiwan Dollar
430
599
Japanese Yen
31
-
15,117
20,114
The Group’s trade and other receivables are denominated in the following currencies:
Movements on the Group’s provision for impairment of trade receivables and the inputs and estimation technique used to
calculate expected credit losses have not been disclosed on the basis the amounts are not material. The provision at 31
December 2024 was £0.6m (FY23: £0.2m).
15.CASH AND CASH EQUIVALENTS
Cash and cash equivalents are denominated in the following currencies:

Strix Group Plc Annual Report and Accounts 2024
121
Notes to the Consolidated Financial Statements continued
for the year ended 31 December 2024
16.TRADE AND OTHER PAYABLES
17. BORROWINGS
2024
£000s
2023
£000s
Trade payables
15,115
13,847
Social security and other taxes
392
410
Customer rebates provisions
1,827
179
Capital creditors
626
756
VAT liabilities
905
721
Other liabilities
2,675
3,618
Payments in advance from customers
3,020
2,483
Accrued expenses
6,169
5,151

30,729
27,165
In the current year, current tax payable of £2.4m (FY23: £2.1m) has been excluded from the trade and other payable note as this
is separately presented on the statement of financial position. Consequently, the prior year numbers have been re-represented.
The fair value of financial liabilities approximates their carrying value due to short maturities. Other liabilities include goods
received not invoiced amounts of £1.0m (FY23: £1.4m).
Movement in payments in advance from customers were all driven by normal trading, with the full amounts due at beginning
of the year released to revenues in the current year.
Trade and other payables and current income tax liabilities are denominated in the following currencies:
The current portion of borrowings include accrued interest of £1.2m (FY23: £2.0m).
Current bank borrowings include small individual short-term arrangements for financing purchases and optimising cash
flows within the Italian subsidiary.
Current and non-current borrowings are shown net of loan arrangement fees of £1.0m (FY23: £1.0m) and £0.7m
(FY23: £0.9m), respectively.
Currency
2024
£000s
2023
£000s
Pound Sterling
6,923
4,618
Chinese Yuan
11,623
11,175
US Dollar
1,983
2,412
Euro
4,346
3,342
Hong Kong Dollar
187
132
Australian Dollar
4,964
5,116
New Zealand Dollar
615
262
Taiwan Dollar
88
108

30,729
27,165
2024
£000s
2023
£000s
Total current borrowings
11,230
16,062
Total non-current borrowings
68,807
89,743
80,037
105,805

122
Financial statements
Strategic report
Governance report
Total cash outflows relating to loan/RCF repayments and interest payments were £26.0m (FY23: £15.1m) and £8.7m (FY23:
£7.6m) respectively.
Term and debt repayment schedule for long-term borrowings
Term loan (facility A) – The Company has a three-year term loan of £39.0m payable by eleven fixed repayments with the first
quarterly repayment of £3.5m made on 31 March 2023. The purpose of the term loan was to part finance the acquisition of
Billi. As at 31 December 2024, the outstanding balance on the term loan is £10.6m (FY23: £24.8m).
Revolving credit facility (“RCF”) – The Group has a RCF of £80.0m. The RCF was utilised to finance the acquisition of LAICA
as well as other significant capital projects including the new factory in China and the ongoing working capital needs of
the Group.
In March 2024, the Group received approval from its banking syndicate to normalise its net debt leverage covenant to 2.75x
(FY23: 2.25x).
On 11 September 2024 a one-year extension was approved for the Group’s £80m RCF facility, taking maturity out to 25
October 2026 (FY23: 25 October 2025). As at 31 December 2024, the total facility utilised is £69.5m (FY23: £80.0m).
In response to more volatile trading conditions in Q4 of FY24, in December 2024, the Group received approval from its
banking syndicate for the temporary relaxation of the debt service cover covenant to the following.
Transactions costs amounting to £0.8m (FY23: £0.2m) incurred as part of the extension and amending the RCF agreement
were capitalised and will be amortised over the extension period.
The various agreements contain representations and warranties which are usual for an agreement of this nature. The
agreements also provide for the payment of commitment fees, agency fees and arrangement fees, contain certain
undertakings, guarantees and covenants (including financial covenants) and provide for certain events of default. During
FY24, the Group has not breached any of the financial covenants contained within the agreements – see note 20(d) for
further details (FY23: same).
The fair values of the Group’s borrowings are not materially different from their carrying amounts, since the interest payable
on those borrowings is close to current market rates.
Currency
Interest rate
Maturity date
31 December 2024
Commitments
31 December 2023
Commitments
Revolving credit facility B
GBP
SONIA + 2.00% to 4.00%
25-Oct-26
69,055
80,120
Term loan (facility A)
GBP
SONIA + 2.00% to 4.00%
30-Nov-25
10,636
24,818
UniCredit facility
EUR
EURIBOR 6M + 1.20%
28-Jun-24
-
43
BNP Paribas
EUR
4.07%
31-Jan-24
-
379
Credito Emiliano
EUR
3.10%
24-Jan-25
346
433
Other
EUR
-
-
-
12
80,037
105,805
Relevant period
Relaxed debt service cover ratio
Original debt service cover ratio
31 December 2024
0.85:1
1.10:1
31 March 2025
0.85:1
1.10:1
30 June 2025
0.70:1
1.10:1
30 September 2025 and each Relevant Period thereafter
1.10:1
1.10:1

Strix Group Plc Annual Report and Accounts 2024
123
Notes to the Consolidated Financial Statements continued
for the year ended 31 December 2024
17. BORROWINGS continued
Interest applied to the term loan and revolving credit facility is calculated as the sum of the margin and SONIA. The margin
under the amended agreement was 3.5% until 31 March 2023, and then 2.85% from 1 April 2023 to 30 June 2023, and
thereafter the margin is dependent on the net leverage of the Group based on the following table:
At 31 December 2024, the margin applied was 2.35% (FY23: 2.85%).
18.CAPITAL COMMITMENTS
The above commitments include capital expenditure of £1.7m (FY23: £0.1m) relating to investment in the Next Gen
Automation Line in China.
19.CONTINGENT ASSETS AND CONTINGENT LIABILITIES
There continues to be a number of ongoing intellectual property infringement cases initiated by the Group, as well as
patent validation challenges brought by the defendants. All of these cases are still subject to due legal process in the
countries in which the matters have been raised. As a result, no contingent assets have been recognised at 31 December
2024 (FY23: £nil), as any receipts are dependent on the final outcome of each case. There are also no contingent liabilities
at 31 December 2024 (FY23: £nil).
20.FINANCIAL RISK MANAGEMENT
The Group’s activities expose it to a variety of financial risks: market risk (including currency risk, interest rate risk and
commodity price risk), credit risk, liquidity risk and capital management risk.
The Group uses financial instruments where required to provide flexibility regarding its working capital requirements and to
enable it to manage specific financial risks to which it is exposed. Transactions are only undertaken if they relate to actual
underlying exposures and hence cannot be viewed as speculative.
(a) Market risk
(i) Foreign exchange risk
The Group operates in the Isle of Man (“IOM”), United Kingdom (“UK”), Europe (“EU”), United States of America
(“USA”), Australia, New Zealand and China and is therefore exposed to foreign exchange risk. Foreign exchange
risk arises on sales and purchases made in foreign currencies and on recognised assets and liabilities and net
investments in foreign operations.
The Group monitors its exposure to currency fluctuations on an ongoing basis. The Group uses foreign currency
bank accounts to reduce its exposure to foreign currency translation risk, and the Group is naturally hedged, where
possible, against foreign exchange risk as it both generates revenues and incurs costs in the major currencies with
which it deals. The major currencies the Group transacts in are:
•
British Pounds (“GBP”)
•
Chinese Yuan (“CNY”)
•
United States Dollar (“USD”)
2024
£000s
2023
£000s
Contracted for but not provided in the consolidated financial statements –
Property, plant and equipment
1,792
245
Leverage
Facility A Margin % p.a.
Facility B Margin % p.a.
Greater than or equal to 3.0:1
4.00
4.00
Less than 3.0:1 but greater than or equal to 2.5:1
3.50
3.50
Less than 2.5:1 but greater than or equal to 2.0:1
2.85
2.85
Less than 2.0:1 but greater than or equal to 1.5:1
2.35
2.35
Less than 1.5:1 but greater than or equal to 1.0:1
2.15
2.15
Less than 1.0:1
2.00
2.00

124
Financial statements
Strategic report
Governance report
(i) Foreign exchange risk continued
•
Euro (“EUR”)
•
Hong Kong Dollar (“HKD”)
•
Australian Dollar (“AUD”)
•
New Zealand Dollar (“NZD”)
•
Taiwan Dollar (“TWD”)
Exposure by currency is analysed in notes 14, 15 and 16.
(ii) Interest rate risk
The Group is exposed to interest rate risk on its long-term borrowings, being the revolving credit facility and term
loan and other borrowings disclosed in note 17. The interest rates on the revolving credit facility are variable, based
on SONIA and certain other conditions dependent on the financial condition of the Group, which exposes the Group
to cash flow interest rate risk which is partially offset by cash held at variable rates. Other borrowings are made up of
both fixed rate loans and variable loans based on EURIBOR.
(iii) Price risk
The Group is exposed to price risk, principally in relation to commodity prices of raw materials. The Group enters into
forward commodity contracts, forward commits or makes payments in advance in order to mitigate the impact of
price movements on its gross margin.
The Group has not designated any of these contracts as hedging instruments in either FY24 or FY23 as they relate to
physical commodities being purchased for the Group’s own use. At 31 December 2024 and 2023, £nil payments were
made in advance to buy commodities at fixed prices.
(iv) Sensitivity analysis
Foreign exchange risk: The Group is primarily exposed to exchange rate fluctuations between GBP and USD, CNY,
HKD, EUR, TWD, AUD and NZD. Assuming a reasonably possible change in FX rates of +10% (FY23: +10%), the impact
on profit would be a decrease of £3.7m (FY23: a decrease of £2.5m), and the impact on equity would be a decrease of
£3.6m (FY23: decrease of £1.5m). A -10% change (FY23: -10%) in FX rates would cause an increase in profit of £4.6m
(FY23: an increase in profit of £3.0m) and a £4.4m increase in equity (FY23: £1.8m increase in equity). This has been
calculated by taking the profit generated by each currency and recalculating a comparable figure on a constant
currency basis, and by retranslating the amounts in the consolidated statement of financial position to calculate the
effect on equity.
Interest rate risk: The Group is exposed to interest rate fluctuations on its non-current borrowings, as disclosed in
note 17. Assuming a reasonably possible change in the SONIA/EURIBOR rate of ±0.5% (FY23: ±0.5%), the impact on
profit/net assets would be an increase/decrease of £0.4m (FY23: £0.6m). This has been calculated by recalculating
the loan interest using the revised rate to calculate the impact on profit, and recalculating the year end loan interest
balance payable using the same rate.
Commodity price risk: The Group is exposed to commodity price fluctuations, primarily in relation to copper
and silver. Assuming a reasonably possible change in commodity prices of ±15% for silver (FY23: ±13%) and ±21%
for copper (FY23: ±15%) based on volatility analysis for the past year, the impact on profit would be an increase/
decrease of £2.4m (FY23: £1.8m). The Group does not hold significant quantities of copper and silver inventory,
therefore the impact on equity would be the same as the profit or loss impact disclosed (FY23: same). This has been
calculated by taking the average purchase price of these commodities during the year in purchase currency and
recalculating the cost of the purchases with the price sensitivity applied.
(b) Credit risk
The Group has policies in place to ensure that sales of goods are made to customers with an appropriate credit history.
The Group uses letters of credit and advance payments to minimise credit risk (see note 16). Management believe there
is no further credit risk provision required in excess of the normal loss allowances, as disclosed in note 14. The amount of
trade and other receivables written off during the year amounted to 0.2% of revenue (FY23: 0% of revenue).
Cash and cash equivalents are held with reputable institutions. All material cash amounts are deposited with financial
institutions whose credit rating is at least B based on credit ratings according to Standard & Poor’s. At the year end
2024, £5.2m was held with one financial institution with a credit rating of BBB- and the total of £2.2m in BBB+ category
was held with three financial institutions with one of them holding £1.6m. At the year end 2023, £4.5m was held with
one financial institution with a credit rating of BBB+ and the total of £8.2m in BBB category was held with five financial
institutions with one of them holding £4.7m.

Strix Group Plc Annual Report and Accounts 2024
125
Notes to the Consolidated Financial Statements continued
for the year ended 31 December 2024
20.FINANCIAL RISK MANAGEMENT continued
(b) Credit risk continued
The following table shows the external credit ratings of the institutions with whom the Group has cash deposits:
(c) Liquidity risk
The Group maintained appropriate cash balances and accessible credit facilities throughout the period to manage liquidity
risk. Cash flow forecasting is performed for the Group by the finance function, which monitors rolling forecasts of the
Group’s liquidity requirements to ensure it has sufficient cash to meet operational needs and so that the Group minimises
the risk of breaching borrowing limits or covenants on any of its borrowing facilities. The Group has revolving credit facilities
to provide access to cash for various purposes. The total available Revolving credit facility of £80.0m (FY23: £80.0m) had
loan utilisations of £69.5m (FY23: £80.0m) as at 31 December 2024.
The table below analyses the group’s financial liabilities as at 31 December 2024 into relevant maturity groupings based on
their contractual maturities for all non-derivative financial liabilities. There are no derivative financial liabilities. The amounts
disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying
balances as the impact of discounting is not significant.
The table below analyses the respective financial liabilities as at 31 December 2023:
2024
£000s
2023
£000s
AA
-
2,635
AA-
1,273
-
A+
3,226
1,037
A
3,086
3,280
BBB+
2,237
4,462
BBB
67
8,213
BBB-
5,178
-
B+
11
-
B
-
32
NA
39
455

15,117
20,114
Less than
6 months
£000s
6 – 12
months
£000s
2
years
£000s
3-5
years
£000s
Over
5 years
£000s
Total
contractual
cash flows
£000s
Carrying
amount
liabilities
£000s
Trade and other payables
30,729
-
-
-
-
30,729
30,729
Borrowings
10,500
6,366
74,633
-
-
91,499
80,037
Lease liabilities
768
768
1,091
1,168
587
4,382
3,674
Total financial liabilities
41,997
7,134
75,724
1,168
587
126,610
114,440
Less than
6 months
£000s
6 – 12
months
£000s
2
years
£000s
3-5
years
£000s
Over
5 years
£000s
Total
contractual
cash flows
£000s
Carrying
amount
liabilities
£000s
Trade and other payables
27,165
-
-
-
-
27,165
27,165
Borrowings
12,007
10,530
95,700
-
-
118,237
105,805
Lease liabilities
852
852
1,406
1,694
746
5,550
4,810
Total financial liabilities
40,024
11,382
97,106
1,694
746
150,952
137,780

126
Financial statements
Strategic report
Governance report
(d) Capital risk management
The Group manages its capital to ensure its ability to continue as a going concern and to maintain an optimal capital
structure to reduce the cost of capital. The aim of the Group is to maintain sufficient funds to enable it to make suitable
capital investments. In order to maintain or adjust capital, the Group may adjust the amount of cash distributed to
shareholders, return capital to shareholders, issue new shares or raise debt through its access to the AIM market.
Capital is monitored by the Group on a monthly basis by the finance function. This includes the monitoring of the
Group’s gearing ratios and monitoring the terms of the financial covenants related to the revolving credit facilities as
disclosed in note 17. These ratios are formally reported on a quarterly basis. The financial covenants were complied with
throughout the period. At 31 December 2024 these ratios were as follows:
Debt Service Cover ratio (“DSCR”): 1.15x (FY23: 1.18x) – minimum per facility terms is 0.85x; and
Leverage ratio: 1.87x (FY23: 2.19x) – maximum per facility terms is 2.75x.
In March 2024, the Group received approval from its banking syndicate to normalize its net debt leverage covenant to
2.75x (FY23: 2.25x). In December 2024, the Group received approval from its banking syndicate for the relaxation of the
debt service cover covenant to 0.85x {FY23: 1.1x} (see note 17 for details).
The Group has taken a number of actions to prioritise cash generation and conservation.
As a result of the actions taken, as at 31 December 2024 the Group has:
• Significantly improved RCF headroom of £10.5m (FY23: £nil).
• Reduced net debt to £63.7m (FY23: £83.7m).
• Lowered net debt leverage to 1.87x (FY23: 2.19x), providing substantial covenant headroom.
• Reduced interest costs on borrowing by 50bps to a margin of 2.35% (FY23: 2.85%).
21. SHARE-BASED PAYMENTS
Long-Term Incentive Plan terms
As part of the admission to trading on AIM in August 2017, the Group granted a number of share options to employees of the
Group. All of the shares granted were subject to service conditions, being continued employment with the Group until the
end of the vesting period. The shares granted to the executive Directors and senior staff also included certain performance
conditions which must be met, based on predetermined earnings per share and the achievement of specific ESG targets
for the three financial years from grant date.
During 2020, the Group amended the terms of the Isle of Man share options to conditional share awards.
Participation in the plan is at the discretion of the Board and no individual has a contractual right to participate in the plan
or to receive any guaranteed benefits. Where the employee is entitled to share options, these remain exercisable until the
ten-year anniversary of the award date. Where the employee is entitled to conditional share awards, these are exercised on
the vesting date.
The dividends that would be paid on a share in the period between grant and vesting reduce the fair value of the award if, in
not owning the underlying shares, a participant does not receive the dividend income on these shares during the vesting
period.
All of the options and conditional share awards are granted under the plan for nil consideration and carry no voting rights. A
summary of the options and conditional share awards is shown in the table below:
2024
Number of Shares
2023
Number of Shares
At 1 January
4,221,520
1,654,667
Granted during the year
2,230,718
2,821,338
Exercised during the year
(209,890)
(3,448)
Forfeited during the year
(1,102,249)
(251,037)
As at 31 December
5,140,099
4,221,520

Strix Group Plc Annual Report and Accounts 2024
127
Notes to the Consolidated Financial Statements continued
for the year ended 31 December 2024
21. SHARE-BASED PAYMENTS continued
Long-Term Incentive Plan terms continued
The Group has recognised a total expense of £0.3m (FY23: £0.4m) in respect of equity-settled share-based payment
transactions in the year ended 31 December 2024.
For each of the tranches, the first day of the exercise period is the vesting date and the last day of the exercise period is
the expiry date, as listed in the valuation model input table below. The weighted average contractual life of options and
conditional share awards outstanding at 31 December 2024 was 8.7 years (FY23: 8.8 years).
Valuation model inputs
The key inputs to the dividend discount model for the purposes of estimating the fair values of the share options
outstanding at the end of the year are as follows:
The key inputs to the dividend discount model for the purposes of estimating the fair values of the conditional share awards
outstanding at the end of the year are as follows:
The reduction in the fair value of the awards as a consequence of not being entitled to dividends reduced the charge for the
options granted during the year by £32k (FY23: £20k) and the expected charge over the life of the options by a total of £34k
(FY23: £20k).
The other factors in the model do not affect the calculation and have not been disclosed, as the share options were issued
for nil consideration and do not have an exercise price. The weighted average fair value of the options outstanding at the
period end was £0.9506 (FY23: £1.51).
Grant date
Share price
on grant date
(p)
Expiry date
Weighted average
probability
of meeting
performance
criteria
Share options
outstanding at
31 December 2024
Share options
outstanding at
31 December 2023
21 April 2021
290.00
21 April 2031
26.3%
-
747,493
01 January 2022
303.50
01 January 2032
0.0%
9,164
9,164
21 April 2022
208.50
21 April 2031
15.0%
382,359
382,359
20 April 2023
96.90
20 April 2033
15.0%
1,096,439
1,340,208
01 November 2023
59.60
01 November 2033
0.0%
229,216
229,216
01 May 2024
76.50
01 May 2034
100.0%
546,686
-
03 June 2024
79.10
03 June 2034
100.0%
30,496
-
Total Share Options

2,294,360
2,708,440
Grant date
Share price
on grant date
(p)
Vesting date
Weighted average
probability
of meeting
performance
criteria
Conditional
share awards
outstanding at
31 December 2024
Conditional
share awards
outstanding at
31 December 2023
21 April 2021
290.00
20 April 2024
0.0%
-
210,253
06 December 2021
296.50
20 April 2024
0.0%
-
-
06 December 2021
296.50
20 April 2024
0.0%
-
6,364
21 April 2022
208.50
20 April 2025
15.0%
156,051
160,571
20 April 2023
96.90
19 April 2026
0.0%
1,036,152
1,135,892
01 February 2024
71.60
31 January 2027
100.0%
225,089
-
01 May 2024
76.50
30 April 2027
100.0%
1,394,126
-
03 June 2024
79.10
30 April 2027
100.0%
34,321
-
Total conditional share awards

2,845,739
1,513,080
Total share options and conditional share awards

5,140,099
4,221,520

128
Financial statements
Strategic report
Governance report
Valuation model inputs continued
The movement within the share-based payments reserve during the period is as follows:
Other movements
Other transactions recognised directly in equity represent employer contributions to national insurance for vested LTIPs.
The Group previously presented its share-based payment reserve separately in the statement of changes in equity.
However, management considers it to be more relevant if it is added to the retained earnings to simplify the presentation.
Under the Isle of Man Companies Act 2006, the Company is not required to have an authorised share capital.
Transaction costs of £0.4m (FY23: £0.2m) recognised directly in share premium relate to costs associated with the raise
of equity.
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one
vote per share at meetings of the Company. All shares rank pari passu in all respects including voting rights and dividend
entitlement.
See note 21 for further information regarding share-based payments which may impact the share capital in future periods.
2024
£000s
2023
£000s
Shared-based payments reserves as at 1 January
572
202
Share-based payments transactions (note 5(a))
343
380
Other share-based payments
(3)
-
Share-based payments transferred to retained earnings upon exercise/vesting
(572)
(10)
Share-based payments transferred to retained earnings
(340)
-
Shared-based payments reserve as at 31 December
-
572
2024
Number of shares
000s
Par value
£000s
Share premium
£000s
Total
£000s
Allotted and fully paid: ordinary shares of 1p each
Balance at 1 January 2024
218,714
2,186
21,456
23,642
Shares issued during the year
10,936
109
8,639
8,748
Transaction costs
-
-
(390)
(390)
Share options exercised during the year (note 21)
210
2
-
2
Balance at 31 December 2024
229,860
2,297
29,705
32,002
2023
Number of shares
000s
Par value
£000s
Share premium
£000s
Total
£000s
Allotted and fully paid: ordinary shares of 1p each
Balance at 1 January 2023
218,711
2,186
21,675
23,861
Transaction costs
-
-
(219)
(219)
Share options exercised during the year (note 21)
3
-
-
-
Balance at 31 December 2023
218,714
2,186
21,456
23,642
22.SHARE CAPITAL AND SHARE PREMIUM

Strix Group Plc Annual Report and Accounts 2024
129
Notes to the Consolidated Financial Statements continued
for the year ended 31 December 2024
23.DIVIDENDS
The following amounts were recognised as distributions in the year:
24.LEASES
(a) Amounts recognised in the consolidated statement of financial position
The consolidated statement of financial position shows the following amounts relating to leases:
In the current year, right-of-use assets have been allocated to the appropriate category of leased assets, being land and
buildings and motor vehicles. In the prior year, right-of-use assets were reported under land and buildings. The prior year
amounts have been re-represented to reflect this change.
Additions to the right-of-use liabilities during FY24 were £0.7m (FY23: £2.3m). Disposals of right-of-use liabilities during the
current year were £14k (FY23: £16k).
Short-term leases and leases of low values were recognised directly in the consolidated income statement, amounting to
£0.4m (FY23: £0.3m). Total cash outflows relating to all lease payments, including short-term leases and leases of low values
were £2.2m (FY23: £1.7m).
The movement in lease liabilities is as follows:
2024
£000s
2023
£000s
Interim FY24 dividend of nil per share (FY23: 0.9p)
-
1,967
Final FY23 dividend of nil per share (FY22: 3.25p)
-
7,103
Total dividends recognised in the year
-
9,070
The Directors have proposed not to pay a final dividend (FY23: Nil).
2024
£000s
2023
£000s
Right-of-use assets
Land and buildings
2,656
3,860
Motor Vehicles
779
650
Total right-of-use assets
3,435
4,510
Lease liabilities
Current future lease liabilities (due within 12 months)
1,129
1,218
Non-current future lease liabilities (due in more than 12 months)
2,545
3,592
Total future lease liabilities
3,674
4,810
2024
£000s
2023
£000s
Balance as at 1 January
4,810
3,888
Additions
730
2,321
Disposals
(14)
(16)
Adjustments to leases
-
(49)
Repayments
(1,847)
(1,426)
Interest expense (included in finance cost) *
251
198
Disposal of SSH (note 28)
(92)
-
Foreign exchange differences
(164)
(106)
Balance as at 31 December
3,674
4,810
*Included in this amount is £11k (FY23: £8k) interest expense relating to discontinued operations (see note 28).

130
Financial statements
Strategic report
Governance report
* Prior period numbers have been restated as a result of discontinued operations, see note 28.
* Prior period numbers have been restated as a result of discontinued operations, see note 28.
(b) Amounts recognised in the consolidated income statement
The consolidated income statement shows the following amounts relating to leases from continuing operations:
(c) Group as a lessor
Rental income recognised by the Group during the year is £2.2m (FY23: £2.4) is included in the Billi segment as revenue in
the consolidated income statement.
Minimum lease payments receivable under non-cancellable operating leases are as follows:
25.STATEMENT OF CASH FLOWS NOTES
(a) Cash generated from operations
2024
£000s
2023
Restated*
£000s
Depreciation of right-of-use assets
(1,427)
(1,257)
Short-term and low value leases
(363)
(317)
Interest expense (included in finance cost)
(240)
(190)
Total cost relating to leases
(2,030)
(1,764)
Note
2024
£000s
2023
Restated*
£000s
Cash flows from operating activities
Operating profit from continuing operations
13,935
28,346
Loss from discontinued operations before interest
28
(3,304)
(432)
Operating profit
10,631
27,914
Adjustments for:

Depreciation of property, plant and equipment
11
4,270
4,020
Depreciation of right-of-use assets
11
1,503
1,321
Amortisation of intangible assets
10
3,694
3,365
Share of (profits)/losses from joint ventures
-
(85)
Write off/impairment of intangible assets/PPE from continuing operations
6(b)
4,293
-
Write off/impairment associated with discontinued operations
28
2,325
-
Loss on disposal of discontinued operations
28
203
-
Loss on disposal of property, plant and equipment
343
-
Other non-cash flow items
3,482
73
Share based payment transactions
21
343
380
Net exchange differences

334
(435)
31,421
36,553
Changes in working capital:

(Increase)/decrease in inventories
(1,704)
1,639
Decrease/(increase) in trade and other receivables
1,853
(2,422)
Increase in trade and other payables

4,247
3,132
Cash generated from operations

35,817
38,902
2024
£000s
2023
£000s
Less than 6 months
727
679
6 – 12 months
1,048
981
1-2 Years
514
1,167
3-5 Years
513
261
Total
2,802
3,088

Strix Group Plc Annual Report and Accounts 2024
131
Notes to the Consolidated Financial Statements continued
for the year ended 31 December 2024
25.STATEMENT OF CASH FLOWS NOTES continued
(a) Cash generated from operations continued
Other non-cash flow items include inventory provision of £0.7m (FY23: £nil), receivable write off of £1.8m (FY23: £nil), provision
for settlements of £1.4m (FY23: £nil), reductions in warranty provision of £0.5m (FY23: £nil) and others of £0.1m (FY23: £0.1m).
(b) Movement in net debt
26.ULTIMATE BENEFICIAL OWNER
There is not considered to be any ultimate beneficial owner, as the Company is listed on AIM. No single shareholder
beneficially owns more than 25% of the Company’s share capital.
27.RELATED PARTY TRANSACTIONS
(a) Identity of related parties
Related parties include all of the companies within the Group, however, these transactions and balances are eliminated on
consolidation within the consolidated financial statements and are not disclosed, except for related party balances held with
Joint Ventures which are not eliminated.
The Group also operates a defined contribution pension scheme which is considered a related party.
(b) Related party transactions
The following transactions with related parties occurred during the year:
Revenue earned from Laica Brand House Limited represents the amount earned to the date control was gained on 18 March
2024, see note 12.
Further information is given on the related party balances and transactions below:
•
Key management compensation is disclosed in note 5(b).
•
Information about the pension schemes operated by the Group is disclosed in note 5(c), and transactions with the
pension schemes operated by the Group relate to contributions made to those schemes on behalf of Group employees.
•
Information on dividends paid to shareholders is given in note 23.
Non-cash movements
At
01 January
2024
£000s
Cash flows
£000s
Currency
movements
£000s
Other
movements
£000s
At
31 December
2024
£000s
Borrowings, net of loan arrangement fees
(105,805)
25,957
45
(234)
(80,037)
Lease liabilities
(4,810)
1,847
164
(875)
(3,674)
Total liabilities from financing activities
(110,615)
27,804
209
(1,109)
(83,711)
Cash and cash equivalents
20,114
(4,492)
(505)
-
15,117
Net debt
(90,501)
23,312
(296)
(1,109)
(68,594)
Name of related party
2024
£000s
2023
£000s
Transactions with related parties
Revenue earned from LAICA Brand House Limited
-
3
Contributions paid to The Strix Limited Retirement Fund (note 5(c)(i))
(1,434)
(1,352)

132
Financial statements
Strategic report
Governance report
28.DISCONTINUED OPERATIONS
(a) Description
On 16 May 2024, the Board of Directors approved the disposal of HaloSource Water Purification Technology (Shanghai)
Co. Ltd (known as HSS), a wholly owned subsidiary. This was announced to the wider business in June 2024. Following a
commercial review, it was determined that the primary product line of HSS, industrial scale water filtration branded as
Halopure, does not align commercially with the rest of the Group’s main focus on smaller scale water filtration products. The
associated assets and liabilities were consequently presented as held for sale in the HY 2024 financial statements.
Assets which had a carrying value at point of classification to assets held for sale of £2.3m (intangibles: £1.6m; PPE: £0.1m;
inventories: £0.4m and debtors: £0.3m) were impaired to £nil in line with IFRS5 – Non-current Assets Held for Sale and
Discontinued Operations, to reflect the expected fair value less costs to sell of the disposal group.
The subsidiary was sold on 30 November 2024, and it is reported in the current period as a discontinued operation. Before
classification as discontinued, HSS formed part of our Premium Filtration Systems division, which has been subsequently
renamed as Billi (see note 4).
Financial information relating to the discontinued operations for the period to the date of disposal is set out below.
(b) Financial performance and cash flow information
The financial performance and cash flow information presented below are for the eleven months ended 30 November 2024
(2024 column) and the year ended 31 December 2023:
2024
£000s
2023
£000s
Revenue
196
779
Net expenses
(692)
(1,177)
Operating loss
(496)
(398)
Finance costs
(11)
(8)
Loss before taxation
(507)
(406)
Income tax expense
-
-
Loss after taxation before adjusting items
(507)
(406)
Loss on sale of the subsidiary before reclassification of foreign currency reserve
(see (c) below)
(225)
-
Impairment loss recognised before classification to held for sale (see note 6(b))
(2,325)
-
Redundancy/re-organisation costs (see note 6(b))
(280)
(34)
Adjusting items
(2,830)
(34)
Reclassification of foreign currency translation reserve
22
-
Loss from discontinued operations
(3,315)
(440)
Exchange differences on translation of discontinued operations
(22)
(135)
Other comprehensive expense from discontinued operations
(22)
(135)
Earnings per share (pence)
Basic
(1.5)
(0.2)
Diluted
(1.5)
(0.2)

Strix Group Plc Annual Report and Accounts 2024
133
Notes to the Consolidated Financial Statements continued
for the year ended 31 December 2024
28.DISCONTINUED OPERATIONS continued
(b) Financial performance and cash flow information continued
The net cash flows incurred by HSS are, as follows:
2024
£000s
2023
£000s
Operating
(418)
(203)
Investing
(896)
(344)
Financing
(133)
(45)
Net cash outflow
(1,447)
(592)
2024
£000s
Consideration received
-
Carrying amount of net assets sold
(225)
Loss on sale before income tax and reclassification of foreign currency translation reserve
(225)
Reclassification of foreign currency translation reserve
22
Income tax expense
-
Loss on sale after income tax
(203)
30 November 2024
£000s
Assets
Property, plant and equipment
112
Net investments in finance leases
7
Trade and other receivables
337
Cash and cash equivalents
605
Total Assets
1,061
Liabilities
Trade and other payables
(744)
Future lease liabilities
(92)
Total Liabilities
(836)
Net Assets
225
The net cash flow from investing activities includes an outflow of £0.6m (FY23: £nil) from sale of the subsidiary.
(c) Details of the sale of the subsidiary
The carrying amounts of assets and liabilities as at the date of sale (30 November 2024) were:

134
Financial statements
Strategic report
Governance report
29.CORRECTION OF TECHNICAL ACCOUNTING ERRORS

(a) In 2024, the Group discovered a historic technical accounting error with the translation of the goodwill, acquired
intangibles and deferred tax liabilities on acquired intangibles for its subsidiaries Billi Australia and Billi New Zealand. The
error resulted in a material understatement of other comprehensive expense recognised for 2023, and a corresponding
overstatement of intangible assets and deferred tax liabilities in the statement of financial position.

(b) The Group has also re-presented the translation of its foreign operations into a separate component of equity, foreign
currency translation reserve as required by IAS 21. The translation of foreign operations was previously reported as part of
retained earnings.
These corrections have had no impact on the Group’s consolidated income statement, its consolidated statement of cash
flows, its banking covenants or its prior year KPIs. However, we have presented this as a prior year restatement to provide
full details and context to the corrections, and to allow improved comparability to the prior year.
The Group has not presented a third balance sheet because it is not considered material to users of the financial statements.
The balance on the reserve at 1 January 2023 would be £0.6m.
The errors have been corrected by restating each of the affected financial statements line items for the prior period as follows:
Consolidated statement of financial position (extract)
Basic and diluted earnings per share for the prior year have not been restated as there was no impact on profit after tax. Some of
the amounts disclosed in note 4, note 8 and note 10 were restated, as indicated in those notes.
30. POST BALANCE SHEET EVENTS
The Group does not have any material events after the reporting period to disclose.
Consolidated statement of comprehensive income (extract)
31 December
2023
As previously presented
£000s
Movement
£000s
31 December
2023
Restated*
£000s
Intangible assets (a)
73,409
(1,825)
71,584
Deferred tax liabilities (a)
(10,304)
433
(9,871)
Retained earnings (a&b) *
18,167
967
19,134
Foreign currency translation reserve (b)
-
(2,359)
(2,359)
Total equity
43,034
(1,392)
41,642
2023
As previously presented
£000s
Movement
£000s
2023
Restated*
£000s
Profit for the year
16,160
-
16,160
Other comprehensive expense for the year:
Exchange differences on translation of foreign operations
from continuing operations
(1,477)
(1,392)
(2,869)
Exchange differences on translation of foreign operations
from discontinued operations
(135)
-
(135)
Total comprehensive income/(expense) for the year
14,548
(1,392)
13,156
Total comprehensive income/(expense) is attributable to:
Equity holders of the Company
14,602
(1,392)
13,210
Non-controlling interests
(54)
-
(54)
14,548
(1,392)
13,156
* £1.0m movement in retained earnings relates to presentational change (see (b) above).

Strix Group Plc Annual Report and Accounts 2024
135
Other Supplementary Information
ALTERNATIVE PERFORMANCE MEASURES
The financial statements include both GAAP measures and Alternative Performance Measures (“APM”), the latter of which
are considered by management to allow the readers of the accounts to understand the underlying trading performance
of the Group. A number of these APMs are used by management to measure the KPIs of the business and are therefore
aligned to the Group’s strategic aims. They are also used at Board level to monitor financial performance throughout the
year. The APMs used in these financial statements (including the basis of calculation, assumptions, use and relevance) are
detailed in note 2 (EBITDA and adjusted EBITDA – non-GAAP alternative performance measures) and below.
Constant Exchange Rate (“CER”) figures
These are used predominantly in the financial review and give the readers a better understanding of the performance
of the Group, regions and entities from a trading perspective. They have been calculated by translating the FY24 income
statement results (of subsidiaries whose presentational currency is not Sterling) using FY23 average annual exchange
rates to provide a comparison which removes the foreign currency translational impact. The impacts of translational gains
and losses made on non functional currency net assets held around the Group have not been removed.
Adjusted operating margin/EBIT margin
Adjusted operating margin is used in the financial review to give the reader an understanding of the performance of the
Group. It is calculated by dividing adjusted operating profit (see return on capital employed section for reconciliation to
operating profit) by adjusted revenue in the year.
Adjusted diluted EPS
A key measure for the Group to understand the underlying earnings per share. The calculation has been disclosed in note 9.
Adjusted profit before tax
A key measure for the Group to understand underlying results before taxes. The adjustments made to arrive at adjusted
profit before tax are detailed below.
Adjusted profit before tax and adjusting items
2024
£000s
2023
Restated
£000s
Adjusted profit before taxation from continuing operations
18,508
22,335
Adjusting items in revenue: settlements
(2,200)
-
Adjusting items in cost of sales: restructuring/rebasing
(818)
(65)
Adjusting items in administrative expenses:

Restructuring/rebasing
(7,724)
(399)
COVID-19 related costs
-
(14)
Mergers and acquisitions
(28)
(2,073)
Settlements
(1,096)
-
Amortisation charges on acquired intangible assets
(1,327)
(1,261)
Share-based payments
(343)
(380)
Total adjusting items
(13,536)
(4,192)
Profit before taxation – continuing operations
4,972
18,143

136
Financial statements
Strategic report
Governance report
2024
£000s
2023
Restated
£000s
Adjusted EBITDA from continuing operations
35,399
39,696
Adjusting items in revenue: settlements
(2,200)
-
Adjusting items in cost of sales: restructuring/rebasing
(818)
(65)
Adjusting items in administrative expenses:

Restructuring/rebasing
(3,431)
(399)
Mergers and acquisitions
(28)
(2,073)
COVID-19 related costs
-
(14)
Settlements
(1,096)
-
Share-based payments
(343)
(380)
EBITDA
27,483
36,765
Amortisation charges on acquired intangible assets
(1,327)
(1,261)
Depreciation and non acquired amortisation
(7,928)
(7,158)
Write off/impairment of non-current assets
(4,293)
-
Operating profit from continuing operations
13,935
28,346
Adjusted cash conversion as a percentage of adjusted EBITDA
This is another key metric used by investors to understand how effective the Group was at converting profit into cash.
The adjustments made to arrive at adjusted cash conversion from cash generated from operations are detailed below. To
reconcile operating profit to underlying EBITDA, refer to adjusted profit before tax and adjusting items section.
Net debt to adjusted EBITDA (net debt ratio)
This removes the impact of IFRS 16 Leases and accrued interest from net debt and impact of IFRS 16 Leases from adjusted
EBITDA in line with definitions in our banking facility agreement. Adjusted EBITDA is reconciled to operating profit, refer to
adjusted profit before tax and adjusting items section.
2024
£000s
2023
£000s
Adjusted cash conversion
40,364
41,657
Adjusting items in revenue: settlements
(1,000)
-
Adjusting items in cost of sales: restructuring/rebasing
(268)
(65)
Adjusting items in administrative expenses:
Restructuring/rebasing
(1,956)
(413)
Settlements
(879)
-
M&A
(28)
(2,073)
Cash generated from operations
36,233
39,106
2024
£000s
2023
£000s
Net debt (less cash and cash equivalents)
68,594
90,501
Right of use lease liabilities
(3,674)
(4,810)
Accrued interest
(1,237)
(2,031)
Net debt
63,683
83,660

Strix Group Plc Annual Report and Accounts 2024
137
Other Supplementary Information continued
2024
£000s
2023
Restated
£000s
Adjusted operating profit
27,471
32,538
Adjusting items in revenue: settlements
(2,200)
-
Adjusting items in cost of sales: restructuring/rebasing
(818)
(65)
Adjusting items in administrative expenses:

Restructuring/rebasing
(7,724)
(399)
Mergers and acquisitions
(28)
(2,073)
Settlements
(1,096)
-
COVID-19 related costs
-
(14)
Amortisation charges on acquired intangible assets
(1,327)
(1,261)
Share-based payments
(343)
(380)
Operating profit
13,935
28,346
2024
£000s
2023
£000s
Adjusted EBITDA*
35,399
39,585
Right of use depreciation
(1,427)
(1,321)
Adjusted EBITDA
33,972
38,264
Net debt to adjusted EBITDA (net debt ratio) continued
Adjusted return on capital employed (“ROCE”)
Return on capital employed is a key metric used by investors to understand how efficient the Group is with its capital
employed. It represents earnings before interest and tax against the money that is invested in the business. The numerator is
adjusted operating profit which has been reconciled to operating profit below. Capital employed is calculated as total assets
less current liabilities. Adjusting items have been removed to aid understanding of the underlying performance of the Group.
Working capital as a percentage of revenue
This is calculated as current assets excluding cash, less current liabilities excluding current portions of lease liabilities
and borrowings as a percentage of Group revenue. It is a KPI for the Group as it remains a key focus to ensure efficient
allocation of capital on the balance sheet to improve quality of earnings and reduce the additional investment needed to
support organic growth.
*Adjusted EBITDA for FY23 includes results from discontinued operations of £0.1m.

138
Financial statements
Strategic report
Governance report
Other Company Information and Advisors
Registered office
Strix Group Plc
Forrest House
Ronaldsway
Isle of Man
IM9 2RG

Principal bankers
The Royal Bank of Scotland International Limited
2 Athol Street
Douglas
Isle of Man
IM99 1AN
The Governor and Company of the Bank of Ireland
40 Mespil Road
Dublin 4
Ireland
Barclays Bank Plc
1 Churchill Place
Canary Wharf
London
E14 5HP
HSBC Bank Plc
8 Canada Square
London
E14 5HQ
Share registrars
MUFG Corporate Markets (Isle of Man) Limited
Central Square
29 Wellington Street
Leeds
LS1 4DL
Financial PR and IR
Gracechurch Group
4th floor
48 Gracechurch Street
London
EC3V 0EJ
Independent auditor
PricewaterhouseCoopers LLC
Sixty Circular Road
Douglas
Isle of Man
IM1 1SA
Nominated advisor and broker
Zeus Capital Limited
82 King Street
Manchester
M2 4WQ
and
125 Old Broad Street
London
EC2N 1AR
Joint broker
Stifel Nicolaus Europe Limited
150 Cheapside
London
EC2V 6ET
Solicitors
CMS Cameron McKenna Nabarro Olswang LLP
Cannon Place
78 Cannon Street
London
EC4N 6AF
Company number
014963V (Isle of Man)

Strix Group plc
Forrest House
Ronaldsway
Isle of Man
IM9 2RG
Tel: +44 (0)1624 829 829
Email: info@strix.com
www.strixplc.com
LinkedIn:
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