REG - Stelrad Group PLC - Trading update

StelradAnnouncement

19/01/2022 07:05

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RNS Number : 8632Y  Stelrad Group PLC  19 January 2022

19 January 2022

 

Stelrad Group PLC

("Stelrad" or "the Group")

Trading update

Stelrad, a leading specialist manufacturer and distributor of steel panel
radiators in the UK, Europe and Turkey, today announces a trading update for
the twelve months ended 31 December 2021.

The strong trading performance detailed in the Prospectus published in
November 2021 as part of Stelrad's successful IPO continued during the final
quarter of 2021.

While the Group's performance in the UK has remained broadly unchanged to that
outlined in the Prospectus, as anticipated, trading across the Group's
European markets has strengthened further, driven by the continued success of
the Group's products across the replacement, residential new build and
commercial sectors.

In addition, the wider focus on the decarbonisation agenda and measures to
reduce the carbon footprint of the built environment continues to fuel
interest in alternative heat sources, resulting in increased awareness of
lower temperature heating systems, driving interest in the Group's larger
radiators.

Even though steel prices have appreciated throughout the period, the Group has
continued to effectively manage this price volatility and, as a result, the
Board now expects full year EBITDA for 2021 to be slightly ahead of its
previous view.

Longer term, the Group continues to adopt a conservative approach to steel
price movements and is continually looking to achieve cost and price
optimisation.

The Board intends to issue its full year Preliminary Announcement on 14 March
2022.

Trevor Harvey, Chief Executive of Stelrad, commented:

"2021 was a pivotal year for our business and, following our successful IPO in
November and a robust end to the year from a trading perspective, we enter
2022 with strong momentum.  Macro trends such as the ongoing focus on
decarbonisation and the trend towards premium steel panel radiators continue
to provide a positive backdrop for our business and support ongoing demand for
our products and the Group remains confident in its ability to deliver on its
long term growth plans."

 

For further information:

Media enquiries

 Stelrad Radiator Group                   +44 (0)191 261 3301

 Trevor Harvey, Chief Executive Officer

 George Letham, Chief Financial Officer

 Powerscourt                              stelrad@powerscourt-group.com (mailto:Stelrad@powerscourt-group.com)

 James White / Ollie Head                 +44 (0)7855 432 699

 

 

 

 

 

Notes to Editors

Stelrad Group PLC is a leading specialist manufacturer and distributor of
steel panel radiators in the UK, Europe and Turkey, selling an extensive range
of standard and premium steel panel radiators, low surface temperature (LST)
radiators, towel warmers, decorative steel tubular radiators and other steel
"column" radiators to more than 500 customers annually.

The Group has four core brands: Stelrad, Henrad, Hudevad and Termo Teknik,
which had approximately 16.6 per cent. share by volume of total markets in the
UK, Europe, and Turkey in 2020, including 50.2 per cent. market share in the
UK. In 2020, the Group held top 3 share positions in 11 countries and was #1
in the UK, Ireland, the Netherlands, Belgium and Denmark.

It is headquartered in Newcastle upon Tyne in the United Kingdom with
manufacturing and distribution facilities at Mexborough in the UK, Nuth in the
Netherlands and Çorlu in Turkey, employing 1,325 employees across the
business, as at 31 December 2020.

The origins of the Group date back to the 1930s and, today, Stelrad enjoys
long established commercial relationships with many of its customers, having
served each of its top five customers for over twenty years.

 

 

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