Builders Merchants Journal – BMJ Publishing to Builders Merchants and the UK merchanting industry for more than 95 years
Stelrad Group plc, steel panel and designer radiator manufacturer saw revenue rise 14.6% to £312.1m in the year ended 31 December 2022.
Adjusted operating profit was up 12.9 at £24.3m, with UK & Ireland seeing 6.5% revenue growth and a 5.2% growth in adjusted operating profit.
The group reported improved performance underpinned by proactive margin management and operational improvements across the business. Two further production line transfers from Western European plants were completed; these will lower costs at the Turkish facility, and the group also acquired Italian manufacturer of heat emitters, DL Radiators for €28.3 million in July 2022.
Trevor Harvey, Chief Executive Officer, said “We delivered a record performance in 2022 thanks to the resilience of our business model combined with the hard work of our employees, the strength of our product offering, the quality of our customer relationships and our relentless approach to operational improvements across the firm. While the market backdrop is not easy, as a business with a near 100-year track record, we have successfully navigated previous market downturns and our current management team has the experience and ability to deliver ongoing outperformance despite the challenging macroeconomic environment. Longer-term, the twin drivers of decarbonisation and energy efficient heating remain firmly in place and we remain well-placed to deliver value for stakeholders.”
