Investor Presentaiton
STRIX TECHNOLOGY
Capital Allocation
Prudent Capital Allocation Model
with 4 core priorities
Operating Cash Flow (£m)
22.3
2021
2020
2019
Investor Presentation | FY2021 Final Results
22.3
31.2
34.4
02
Value Accretive
Acquisitions
01
Operating Capital
Expenditure
Net Capital Expenditure
Land & Factory
(£m)
(£m)
2021
7.1
2020
8.3
2019
9.4
4.7
9.1
6.0
2021
1.6
2.7
2020
2019
1.0 1.0
11.6
Acquisitions
Exceptional Costs
3.1
Year-on-year growth demonstrates Strix's continued investment in its
manufacturing and development assets to support our strategic growth
objectives.
Acquisition of LAICA S.p.A in October 2020 for an initial consideration
of €11.9m. Highly targeted acquisitions remain an important part of the
Group's value creation strategy.
Operating Cash Flow
Fall in operating cash flow in 2021 predominantly driven by Group's
investment in net working capital in the current year.
Net working capital movements in FY2021 increased, reflecting a cash
outflow of £11.4m compared to prior year, as a result of increased stock
holdings at year-end due to forward procurement of commodities to
secure future profits, increased debtors in line with an increase in the top
line, and also due to VAT receivables, which will be reclaimed in FY
2022/2023.
03
Progressive Dividend
Policy
Pence per Share
2021
2020
2019
7.70
7.85
Conservative Balance
04
Sheet
(£m)
2021
8.35
2020
2019
Net Debt
37.2
26.3
Strix
TECHNOLOGY
Net Debt/
Adj. EBITDA
51.2
1.3x
1.0x
Growth in line with the Group's Adjusted PAT, reiterating the intention
to implement a progressive dividend policy that is linked to underlying
earnings for the full year.
Net debt increased to £51.2m, which equates to a 1.3x trailing
twelve months' EBITDA, comparing favourably to the Group's debt
covenant of 2.5x.
0.7x
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