Stelrad Group PLC Trading Update (0483A)
22 Mai 2023 - 8:00AM
UK Regulatory
TIDMSRAD
RNS Number : 0483A
Stelrad Group PLC
22 May 2023
22 May 2023
Stelrad Group plc
("Stelrad" or "the Group")
Trading Update
Stelrad Group plc ("Stelrad" or "the Group", LSE: SRAD), a
leading specialist manufacturer and distributor of steel panel and
other designer radiators in the UK, Europe and Turkey, is holding
its Annual General Meeting today when the following comments will
be made regarding current trading, financial performance and
outlook for the financial year.
The Group's performance year-to-date has been in line with
management expectations, and the outlook for the Group remains
unchanged from that presented in its full year results on 13 March
2023. The Board is pleased with the encouraging start to the first
four months of 2023 with UK volumes in particular exhibiting
resilience.
As outlined at the full year results, the Group has seen the
lower volumes reported in the second half of 2022 stabilise in the
first half of 2023. After an exceptionally strong first half prior
year comparator, 2023 is expected to return to historical seasonal
patterns with volumes in the second half of the year stronger than
the first half.
The strategic acquisition of DL Radiators in July 2022 has been
successfully integrated into the Group, enabling Stelrad to
leverage a complementary product range, additional geographic
territories and channels to market that enhance the transition to
the low and zero carbon heating systems of the future.
Stelrad's strategic objectives of growing market share,
improving product mix, optimising routes to market, and positioning
the business for decarbonisation mean that the Group remains very
well positioned to deliver on its full year expectations and
deliver long-term, sustainable value for all our stakeholders.
Trevor Harvey, Chief Executive of Stelrad, commented:
"We are pleased that the positive start to the current financial
year outlined at our full year results has continued and we remain
on track to deliver on our full year expectations. Our customer
base is increasingly focused on reducing energy consumption in
their homes and Stelrad's products are well positioned to help
consumers achieve affordable and environmentally sustainable
heating solutions. Our strategic objectives are unchanged and we
are confident in our ability to continue growing our market share
and to deliver long-term, increasing value for all our
stakeholders."
Stelrad intends to announce its interim results for the six
months ending 30 June 2023 on 14 August 2023 and will provide a
further update on its progress at this time.
- ENDS -
Enquiries
Stelrad Group plc
Trevor Harvey, Chief Executive Officer
George Letham, Chief Financial Officer +44 (0)191 261 3301
Powerscourt (Media Relations) +44 (0)7855 432 699
James White / Genevieve Ryan stelrad@powerscourt-group.com
Notes to Editors
Stelrad Group plc is a leading specialist radiator manufacturer,
selling an extensive range of hydronic, hybrid, dual fuel and
electrical heat emitters to more than 500 customers in over 40
countries. These include standard, premium and low surface
temperature (LST) steel panel radiators, towel warmers, decorative
steel tubular, steel multicolumn and aluminium radiators.
Following the acquisition of DL Radiators in July 2022, the
Group has five core brands: Stelrad, Henrad, Termo Teknik, DL
Radiators and Hudevad. In 2022, Stelrad Group companies gained a
market-leading 18.9% share by volume of the combined UK, European
and Turkish steel panel radiator markets, as recently reported by
BRG Building Solutions covering over 90% of the total market. In
addition to becoming European market leader in steel panel
radiators, Stelrad moved into the number one position in France and
consolidated its market leadership in the UK, Ireland, the
Netherlands, Belgium and Denmark.
Stelrad is headquartered in Newcastle upon Tyne in the UK and in
2022 employed 1,500+ people, with manufacturing and distribution
facilities in Çorlu (Turkey), Mexborough (UK), Moimacco (Italy) and
Nuth (Netherlands), with further commercial and distribution
operations in Kolding (Denmark) and Krakow (Poland).
The Group's origins date back to the 1930s and Stelrad enjoys
long established commercial relationships with many of its
customers, having served each of its top five current customers for
over twenty years.
Further information can be found at: https://stelradplc.com/
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END
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