StockMarketWire.com - Kettle safety controls company Strix has announced a refinancing of its debt facilities with RBS International and Bank of China, providing a £60m revolving credit facility.

Chief executive Mark Bartlett said the 'improved financial flexibility' provides significant additional headroom to the group for the medium term.

He also confirmed that the group remained on target to release 14 new products this year, the majority of which will be launched during the second half of the year in line with its original schedule.

Bartlett said: 'I'm pleased to report that Strix has continued to make a solid start to 2020, given the global macroeconomic disruption caused by the COVID-19 pandemic and the continued uncertainty.

'We have successfully implemented a range of efficiency measures and strategic initiatives to limit the impact on the full-year forecast and continue to monitor consumer demand carefully as lockdown restrictions are eased.'

In an update on its new factory in China, Bartlett reported that the second-floor construction is now complete and that the company remained on budget and on schedule to complete all construction work by the end of January 2021 and to be fully operational by August 2021 as planned.

At 9:21am: [LON:KETL] Strix Group PLC share price was +0.3p at 184.1p



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