Strix Group (LON: KETL), the Isle of Man based manufacturer of kettle safety controls issued reasonable results for the year ended 31 December 2018. However, it’s the overly generous share options which have left us scratching our heads.
Share based payment costs of a whopping £4.8m equate to 18.6 per cent of operating profit. Senior management of the company are the key beneficiaries of this generous scheme which takes their annual remuneration to £6.3m, to add to the £6.1m received in the prior year.
The company reassures us “There are no defined benefit schemes for key management” with pension costs under defined contribution schemes included in the post-employment benefits. We should think not!
Scrolling way down to Note 22. of the financials statements reveals further details of the overly generous share based compensation scheme which was put in place as part of the company’s admission to AIM in 2017.
The balance sheet of this interesting business with a 38 per cent global market share…
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