The outlook is improving for Strix with the recovery in Consumer Goods continuing into the current financial year and volumes improving within Controls. Andy Rainforth has arrived as the new CEO, with a revised growth strategy that will target opportunities for product launches and in technology. The Group’s Chief Commercial Officer, Rachel Pallett, has left to join Billi as its new CEO. The 15-month period to March 2026 proved eventful, as the group sold its most valuable asset while realising an impressive near three-fold return on the initial investment. The proceeds enabled the Board to eliminate group indebtedness and end the period with £38m of net cash that will soothe investor concerns. Despite the encouraging start to the year across both divisions, we have left our estimates unchanged for now. The change in valuation of Strix’s quoted peers results in a modest reduction in our estimated fair value to 59p per share (previously 62p).