Radiator manufacturer aims to grow market share despite tough conditions

Radiator manufacturer and distributor, Stelrad Group, has reported record first half revenues of £157m (H1 2022: £147.8m) in its half one 2023 results.

The group, which has a base in Mexborough, South Yorkshire, achieved pre-tax profits of £10.3m (H1 2022: £4.7m). Like-for-like revenues were 12.7% lower than prior year, against very strong first half comparatives in 2022, combined with the impact of high inflation and rising interest rates.

Trevor Harvey, chief executive officer, said: “Despite challenging macroeconomic conditions across a number of countries, Stelrad’s leading positions mean the group remains well placed to outperform the market and deliver on its full year expectations.

“Our focus remains on our key objectives of growing market share, improving product mix, optimising routes to market and positioning effectively for decarbonisation.

“Following a pivotal first year as a PLC in 2022, I am pleased that, despite the notable headwinds facing the wider industry, we have been able to deliver on our plans for the first half of 2023 and remain on course to achieve our expectations for the full year.

“The resilience of our business model, alongside our experience of navigating previous market downturns, means the group is well positioned to capitalise once markets improve.”

The company adds that it has for the first time become the European market leader in steel panel radiators.

It says it has adapted effectively to the current financial climate through proactive margin management and cost reduction activities, and has also benefited from a favourable geographic mix, with a particularly strong UK position.