Stelrad Group plc, the manufacturer and distributor of steel panel radiators in the UK, Europe and Turkey, has performed slightly ahead of management expectations so far this year, and the outlook for the Group remains unchanged.
A trading update ahead of the AGM yesterday (May 16th), reported that, while overall volumes are lower year-on-year against very strong comparators, this softening has been more than offset by improved margins, enhanced by cost management actions and an improved mix of premium steel panel radiators.
The Group continues to manage inflationary cost increases and avoid any adverse impact from supply chain dynamics through its well established supplier relationships.
Trevor Harvey, Chief Executive of Stelrad, said: “The Group continues to trade well thanks to our brand strength and well-established relationships with major distributors and specifiers. As energy prices continue to place pressure on household incomes, our products remain central to how consumers across Europe affordably heat homes and reduce energy consumption while governments continue to debate how best to decarbonise homes and meet long-term net zero carbon commitments. We are confident in our strategy and ability to continue growing our market share both organically and through M&A as we address this important trend.”