Strix Group in Search of new CFO following Raudres Wong’s Decision to Step Down

Strix Group, the Kettle safety controls group, revealed on Friday that its Chief Financial Officer, Raudres Wong, is planning to step down. Simultaneously, the company announced an agreed relaxation of its leverage covenant ratio.

Wong, who possesses over three decades of international experience in corporate finance, will retire from her position at Strix after 12 years with the company. This transition is effective immediately.

The AIM-listed group informed that the process to appoint Wong’s successor is already in progress, with non-executive director Mark Kirkland temporarily taking over until a suitable candidate is selected.

Strix also disclosed that it has proactively engaged with its banking syndicate and reached an agreement to relax the leverage ratio covenant to 2.5x in September 2023, with a subsequent reversion to 2.25x by December 2023.

As stated in the recent interim results, Strix emphasized that its capital allocation decisions will prioritize debt reduction and the generation of free cash flow. The company has a clear plan to bring the net debt-to-EBITDA ratio to below 1.5x over the medium term.

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