REG - Stelrad Group PLC - Trading Update

StelradAnnouncement

22/05/2023 07:00

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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                        +44 (0)191 261 3301

 Trevor Harvey, Chief Executive Officer

 George Letham, Chief Financial Officer

 Powerscourt (Media Relations)            +44 (0)7855 432 699

 James White / Genevieve Ryan             stelrad@powerscourt-group.com (mailto: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/
(https://stelradplc.com/)

 

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