REG - Stelrad Group PLC - Preliminary announcement of final results
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RNS Number : 4894W Stelrad Group PLC 13 March 2026
Stelrad Group plc
("Stelrad" or the "Group")
Final results for the year ended
31 December 2025
Further progress in adjusted operating profit, optimised for growth
Stelrad Group plc ("Stelrad" or "the Group" or "the Company", LSE: SRAD), a
leading specialist manufacturer and distributor of steel panel and other
designer radiators in the UK, Europe and Turkey, today announces its audited
financial results for the year ended 31 December 2025.
Results summary 2025 2024 Movement %
Revenue, £m 279.6 290.6 (3.8)
Operating profit, £m 17.5 31.4 (44.3)
Operating profit margin, % 6.3 10.8 (4.5 ppts)
Profit for the year, £m 0.8 16.5 (94.9)
Earnings per share - basic, pence 0.66 12.97 (94.9)
Exceptional items, £m (14.9) - n/a
Adjusted operating profit, £m ((1)) 32.5 31.5 3.0
Adjusted operating profit margin, % ((1)) 11.6 10.8 0.8 ppts
Adjusted profit for the year, £m ((1)) 16.7 16.6 0.2
Adjusted earnings per share - basic, pence ((1)) 13.08 13.05 0.2
Free cash flow, £m ((1)) 20.5 9.6 114.6
Return on capital employed, % ((1)) 30.1 27.1 3.0 ppts
Net debt before lease liabilities, £m ((1)) 51.2 59.7 (14.3)
Total dividend per share, pence 8.09 7.79 3.9
(1) The Group uses some alternative performance measures to track and assess
the underlying performance of the business. Alternative performance measures
are defined in the glossary of terms and reconciled to the appropriate
financial statements line item at the end of this announcement.
Further progress in adjusted operating profit
· Adjusted operating profit of £32.5 million, an increase of 3.0%
(2024: £31.5 million), driven by further margin management activities and
strategic initiatives to drive favourable product mix.
· Statutory operating profit of £17.5 million, after exceptional
items of £14.9 million relating to a non-cash impairment charge on the assets
of Radiators SpA and cost optimisation led restructuring activities in our
Turkish and Danish facilities.
· An eighth consecutive year of growth in contribution per radiator
to £20.50 (2024: £20.15), demonstrating the Group's proven ability to
continue to drive higher-margin sales mix and the cumulative benefits of
operational efficiencies across the Group.
· Continued economic uncertainty in core territories of UK &
Ireland and Europe resulted in a 3.8% decline in revenue to £279.6 million,
albeit at a lower rate of decline than the prior year (2024: (5.7%)).
o UK & Ireland: revenue down 4.4% against a volume decline of 6.9%, with
revenue supported by an increase in average size of radiators sold.
o Europe: revenue down 3.9%, primarily as a result of softer demand in the
French DIY market in quarter four.
o Turkey & International: revenue increased 3.9% with an improvement in
market conditions.
· Return on capital employed grew by 3.0 ppts (2024: 1.6 ppts) to
30.1% reflecting higher adjusted operating profit and the impairment of
Radiators SpA assets.
· Significantly increased free cash flow of £20.5 million (2024:
£9.6 million) driven by improved working capital control, disciplined capital
expenditure and reduced interest costs.
· Strong cash management, with leverage at 31 December 2025
improving to 1.16x (2024: 1.37x), based on net debt before lease liabilities.
· In December 2025, the Group's £100 million loan facility was
successfully renewed with our long-term banking partners, reducing the Group's
future borrowing costs.
· Recommended final dividend up 5% to 5.05 pence per share (2024:
4.81 pence per share), reflecting the Board's ongoing confidence in Stelrad's
future prospects, the strength of the Group's balance sheet and cash
conversion.
Optimised for growth
· Significant operational improvements and commercial optimisation
throughout the Group's flexible, low-cost manufacturing base.
o Further margin enhancement expected as a result of exit from loss making
contract in Radiators SpA and the full-year impact of 2025 restructuring
activities.
· Industry-leading customer service and product availability, with
On Time In Full ("OTIF") delivery in the UK of 98% (2024: 98%), underpinning
the Group's market share positions and ability to maximise opportunity from a
market recovery.
· Market leadership in six of Stelrad's ten core territories, with
a top three position in three of the remaining four, provides the Group with a
solid platform for future market share growth.
Driving structural trends of premiumisation and decarbonisation
· Continued progress in strategies to drive adoption of
higher-margin and value-added product ranges through leveraging Stelrad's
trade strengths, optimising distribution channels and boosting Stelrad's
consumer appeal delivered a record level of 6.4% premium steel panel mix of
total steel panel volume.
· In the UK market, the Group's strategic initiatives to promote
high output conventional radiators, develop hybrid products for low
temperature systems and introduce electric ranges into core markets have
driven 33% annual growth in these products since 2022, positioning Stelrad
effectively for decarbonisation.
Current trading and outlook
· The Board is confident in Stelrad making further progress in the
current financial year, underpinned by the Group's competitive advantages,
leading market share positions and strategic initiatives.
· Trading in the early months of the financial year has been in
line with management expectations. The Group's end markets are stable, but
market demand remains subdued, and we expect this to continue for at least the
first half of 2026. In the meantime, the Group continues to leverage
operational opportunities to optimise future growth and profitability.
· Whilst there remains a level of uncertainty around the timing of
a wider market recovery, we remain confident in the attractiveness of our
markets, underpinned by long-term structural growth drivers, and the
opportunities that a market recovery presents for a stronger, simpler Stelrad.
Commenting on the Group's performance, Trevor Harvey, Chief Executive Officer,
said:
"2025 demonstrated once again our ability to deliver adjusted operating profit
growth through the market cycle while continuously improving our operations
and positioning as we optimise our business for further progress. There
remains a level of uncertainty around the timing of a wider market recovery,
however, we remain confident in the opportunities that a market recovery
offers for a stronger, simplified and more operationally efficient Stelrad.
"Our leadership positioning across the range of markets where we operate
provides us with a platform from which to build and positions the Group well
to continue to drive the adoption of higher-margin, value-added products,
including increasing the penetration of premium panel and higher heat output
ranges in key markets.
"The Board remains confident in delivering further progress during 2026. Our
operational excellence initiatives, underpinned by our competitive advantages
and market positioning, mean that Stelrad remains well-placed to outperform
its peers in the near term and benefit from any medium-term market recovery."
For further information:
Stelrad Group plc +44 (0)191 261 3301
Trevor Harvey, Chief Executive Officer
Leigh Wilcox, Chief Financial Officer
Sodali & Co stelrad@sodali.com (mailto:stelrad@sodali.com)
James White / Pete Lambie +44 (0)7855 432 699
Notes to Editors
Stelrad Group plc is Europe's 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.
The Group has five core brands: Stelrad, Henrad, Termo Teknik, DL Radiators
and Hudevad. In the data reported by BRG Building Solutions for 2024,
Stelrad extended its market leadership position, with 24.2% share by volume of
the European steel panel radiator market, excluding Russia and Belarus. The
Group is now market leader in six countries - the UK, France, Belgium, the
Netherlands, Ireland and Denmark, with a top three position in a further 12
territories.
Stelrad is headquartered in Newcastle upon Tyne in the UK and in 2025 employed
1,300 people, with manufacturing and distribution facilities in Çorlu
(Turkey), Mexborough (UK), Moimacco (Italy) and Nuth (Netherlands), with a
further commercial and distribution operation in 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/) .
Chair's statement
Overview
Stelrad has consistently delivered a strong underlying financial performance
against a challenging macroeconomic backdrop in recent years and 2025 marked
the third consecutive year of progress in adjusted operating profit
performance.
Our core geographies of the UK and Europe continue to be impacted by the
ongoing effects of high interest rates and inflation suppressing activity in
both RMI and new build markets. However, Stelrad's ability to deliver
further progress despite these ongoing challenges clearly demonstrates the
inherent strengths of our business with the Group's flexible, low-cost
manufacturing footprint, leading levels of customer service and unrivalled
product availability underpinning our leading competitive position in the
market.
While these competitive strengths are ingrained within the business, our
highly experienced Executive and Senior Management teams further strengthened
and simplified our operations over the last year. As a result, we have
positioned the Group to fully capitalise on opportunities within an inherently
attractive market, with a stronger, simpler and more operationally efficient
Stelrad primed for growth.
Performance and results
The Group delivered another successive improvement in adjusted operating
profit, increasing by 3.0% to £32.5 million (2024: £31.5 million), with an
adjusted operating profit margin of 11.6% (2024: 10.8%) despite a decline in
revenue to £279.6 million (2024: £290.6 million), making strong progress
towards our medium-term targets. Statutory operating profit was £17.5 million
(2024: £31.4 million), with the statutory result stated after exceptional
items totalling £14.9 million, which are linked to non-cash impairment
charges and restructuring initiatives undertaken in the year.
This strong performance was the result of clear actions by our highly
experienced management team, driving an enhanced product mix combined with
tight cost control across our manufacturing sites. As a result, our key
contribution per radiator KPI increased for the eighth successive year to
£20.50 (2024: £20.15), nearing our medium-term target of £21.
Purpose
Stelrad's purpose is helping to heat homes sustainably. Given Stelrad's
influential market position with system specifiers, suppliers and customers,
we have a pivotal role to play in the transition to decarbonised heating
systems. We continue to develop our product range in this area, ensuring that
we can both capture market share arising from legislative tailwinds and drive
the wider transition to low carbon systems.
Environmental, social and governance ("ESG") objectives
Achieving our purpose, helping to heat homes sustainably, demands relentless
focus on reducing Stelrad's own environmental impact, a consistently high
level of employee engagement and high standards of corporate governance.
These elements are at the heart of Stelrad's culture and values.
Our sustainability framework, Fit for the Future, is consistent with that core
purpose, setting out our approach to delivering both our business strategy and
our sustainability commitments to stakeholders and the environment.
We continued to make significant progress with initiatives to reduce the
Group's carbon footprint in the year, reducing our energy consumption by 2.3%,
along with a 5.6% reduction in our Scope 1 and 2 emissions.
We also achieved further progress embedding safety across all of our
manufacturing sites, with a substantial reduction in lost time incidents at
our Çorlu facility, and several sites recording zero lost time incidents
during the year.
Board
In February 2026, Martin Payne, Non-Executive Director and Chair of the Audit
& Risk Committee, notified the Board that he will not be standing for
re-election and will retire from the Board at the 2026 AGM. Martin has been a
valued member of the Board since the Company's IPO in October 2021. On behalf
of the Board, I would like to thank Martin for the contribution that he has
made to the Company over the past four and a half years, and we wish him well
for the future. A process is underway to identify a replacement Non-Executive
Director and Chair of the Audit and Risk Committee.
Dividend
The Board is recommending a final dividend of 5.05 pence per share, a rise of
5% on the prior year, reflective of our ongoing confidence in Stelrad's future
prospects and the strength of the Group's balance sheet. The final dividend
will be paid on 26 May 2026 to shareholders on the register on 24 April 2026,
subject to approval by shareholders at the Annual General Meeting on 20 May
2026.
Summary
While there remains a level of uncertainty around the timing of a market
recovery, the work of our highly experienced management team over the last
three years in executing our strategy has positioned Stelrad incredibly well
to deliver continued progress through the cycle, underpinned by our
competitive advantages.
Bob Ellis
Chair
13 March 2026
Chief Executive Officer's review
Continued progress through the market cycle
During 2025, Stelrad continued to demonstrate and enhance our operational
excellence, underpinned by our core competitive advantages of:
1. a flexible, low-cost manufacturing footprint;
2. outstanding customer service; and
3. unmatched product availability.
These competitive advantages allowed us to continue to deliver growth in
adjusted operating profits and margins, despite the subdued market
environment. This was achieved through a combination of our strategy to drive
product mix towards higher specification products and an ongoing focus on cost
controls within our operations. Statutory operating profit fell in the year to
£17.5 million (2024: £31.4 million) due to exceptional items totalling
£14.9 million incurred in the year, the existence of which help position the
Group strongly for the future.
Reflecting the well documented market conditions in the UK and our core
European territories, volumes declined by 4% year on year, albeit with a small
improvement in volumes during the second half and encouraging progress in a
number of key markets.
As a result, revenues during the year declined 3.8% to £279.6 million, a
decrease of £11.0 million on the prior year (2024: £290.6 million),
primarily driven by revenue declines in the UK & Ireland (4.4% decrease)
and Europe (3.9% decrease), with an increase in revenues from our smaller
operations in Turkey & International (3.9%).
While persisting market headwinds remain frustrating, our performance over the
year further underlined Stelrad's ability to continue to deliver against our
strategy through the market cycle.
In the last three years we have driven operational excellence within both our
manufacturing sites and distribution networks. This is clearly demonstrated by
the progress in our contribution per radiator KPI, increasing for the eighth
successive year to £20.50, an increase of £0.35 on the prior year.
As a stronger, simpler Stelrad, enabled by our competitive advantages and
operational excellence, we continue to ensure that our business is well placed
to capture the opportunities posed by a market recovery and actively deliver
against our four key strategic priorities of:
1. growing market share;
2. improving product mix;
3. optimising our routes to market; and
4. positioning effectively for decarbonisation.
Market leadership provides a platform for growth
As we have emphasised previously, our highest priority as a management team is
to ensure that Stelrad is well placed to take advantage of a market recovery
when it materialises.
Key to this is maintaining both our market leadership and the operational
capabilities that underpin it, including our customer service and product
availability. The Group remains an industry leader when it comes to both of
these capabilities, with On Time In Full deliveries in the UK of 98% (2024:
98%).
As the clear leader of the European steel panel radiator market, with 24.2%
share in 2024 (source: BRG Building Solutions, excluding Russia and Belarus),
our competitive advantages underpin our market leadership in six of Stelrad's
ten core territories, with a top three position in three of the remaining
four. This provides the Group with a solid platform for future targeted,
profitable market share growth and positions us as a key beneficiary of a
market recovery.
Country 2024 Market volume 2024 Stelrad share Market position
('000 units)
UK 4,661 52.1% 1
Turkey 4,180 7.3% 4
Germany 1,880 17.5% 3
France 1,250 33.1% 1
Poland 1,172 10.8% 2
Sweden 500 15.4% 3
Belgium 395 43.1% 1
Netherlands 350 49.2% 1
Ireland 255 39.4% 1
Denmark 210 49.8% 1
Ten core markets 14,853 28.5% 1
Others 3,360 5.5%
Total 18,213 24.2% 1
Strategic initiatives enable above-market growth through product mix
Market leadership also means we are well positioned to both drive and benefit
from long-term structural trends of premiumisation and decarbonisation within
our markets. Both of these trends will underpin future demand for
higher-margin, higher added-value products, enabling both above-market growth
and further margin progression.
Premiumisation, the increased customer demand for premium steel panel and
designer radiators, remains a key trend and opportunity in our industry,
particularly in core territories such as the UK where premium steel panel
penetration is currently low.
Although the total volume of premium panel radiators decreased by 1.6% to 271k
units sold (2024: 276k), reflecting ongoing economic uncertainty, this was at
a rate lower than the decline in overall volume.
As a result, in 2025, continued progress in our three-pillar strategy to drive
adoption of higher-margin and value-added product ranges though leveraging
Stelrad's trade strengths, optimising distribution channels and boosting
Stelrad's consumer appeal, delivered a record level of 6.4% premium steel
panel mix of total steel panel volume.
Heating system decarbonisation remains a structural tailwind for us,
particularly following the implementation of Part L of the UK building
regulations. Reflecting this, and for a third consecutive year, in 2025 there
was a further increase in the heat output of the UK average radiator size
sold, up 1.5% versus 2024.
The Group has a clear, three-pillar strategy for decarbonisation growth, which
consists of promoting and developing our range of high-output conventional
radiators, developing hybrid heat emitters and introducing electric radiators
into core markets.
In the UK since 2022, Stelrad's combined sales of high-output conventional and
electric radiators have increased by 33% per annum and, at the beginning of
2026, the Group launched our ThermoBreeze hybrid heat emitter into mainland
European markets.
Embedded operational excellence driving continued progress
In tandem with our strategic initiatives, embedding operational and commercial
excellence has been a key driver of earnings growth throughout the current
market cycle. Over the last three years, we have embedded an array of cost
initiatives across all of the Group's sites, positioning us to benefit from a
market recovery and the ensuing increase in volumes with a minimal increase in
the Group's fixed cost base.
Prior to the year end, and following the earlier restructuring of our Turkish
operations, we restructured our Danish business to further enhance future
operational margins in 2026 and beyond, while maintaining our flexible,
low-cost manufacturing capability and capacity within these operations.
As detailed in the Group's interim results in August 2025, we took significant
steps to restructure our European operations, particularly in Radiators SpA.
This included the decision to terminate all supply under a loss-making
contract for steel panel radiators. The exit from this contract has been
margin-enhancing at a Group level in the first months of 2026.
We continue to work to reposition the focus of the Radiators SpA business on
electrical and designer products - the key ranges that underpinned the
strategic rationale for our acquisition in 2022, with Radiators SpA continuing
to provide increased access to new channels to markets, particularly in
European territories.
These proactive margin management and cost reduction activities across our
manufacturing sites, alongside our strategic initiatives to drive a more
favourable product mix, resulted in an adjusted operating profit for the year
of £32.5 million, an increase of 3.0% or £1.0 million (2024: £31.5
million). With the resulting exceptional items totalling £14.9 million,
including non-cash impairment charges of £12.6 million, statutory operating
profit reduced to £17.5 million (2024: £31.4 million).
We continue to assess opportunities to improve the Group's competitive
position and operational efficiency.
Outlook
The Board is confident in Stelrad making further progress in the current
financial year, underpinned by the Group's competitive advantages, leading
market share positions and strategic initiatives.
Trading in the early months of the financial year has been in line with
management expectations. The Group's end markets are stable, but market demand
remains subdued, and we expect this to continue for at least the first half of
2026. In the meantime, the Group continues to leverage operational
opportunities to optimise future growth and profitability.
Whilst there remains a level of uncertainty around the timing of a wider
market recovery, we remain confident in the attractiveness of our markets,
underpinned by long-term structural growth drivers, and the opportunities that
a market recovery present for a stronger, simpler Stelrad.
Our leadership across the range of markets where we operate positions the
Group well to continue to drive the adoption of higher-margin, value-added
products, including premium steel panel radiators and the higher heat output,
hybrid and electric radiators particularly suitable for low and zero carbon
heating systems.
Moreover, the Group's market leadership in Europe, low-cost manufacturing
footprint and outstanding customer proposition are expected to provide
opportunities for further market share gains, enabling Stelrad to maximise its
exposure to future growth across end markets.
Trevor Harvey
Chief Executive Officer
13 March 2026
Finance and business review
The Group has delivered another year of adjusted operating profit growth
driven by proactive margin management initiatives and cost reduction
activities across our manufacturing sites.
Group overview
The following table summarises the Group's results for the years ended 31
December 2025 and 31 December 2024.
2025 2024 Movement Movement
£m £m £m %
Revenue 279.6 290.6 (11.0) (3.8)
EBITDA((1)) 44.1 43.5 0.6 1.3
Adjusted operating profit((1)) 32.5 31.5 1.0 3.0
Exceptional items (14.9) - (14.9) n/a
Amortisation of customer relationships (0.1) (0.1) - 49.6
Operating profit 17.5 31.4 (13.9) (44.3)
Net finance costs (7.4) (8.0) 0.6 7.5
Profit before tax 10.1 23.4 (13.3) (56.9)
Income tax expense (9.3) (6.9) (2.4) (34.5)
Profit for the year 0.8 16.5 (15.7) (94.9)
Earnings per share - basic (p) 0.66 12.97 (12.31) (94.9)
Adjusted profit for the year((1)) 16.7 16.6 0.1 0.2
Adjusted earnings per share - basic (p)((1)) 13.08 13.05 0.03 0.2
Total dividend per share (p) 8.09 7.79 0.30 3.9
Return on capital employed (%)((1)) 30.1 27.1 n/a 3.0 ppts
Net debt before lease liabilities((1)) 51.2 59.7 (8.5) (14.3)
(1) The Group uses some alternative performance measures to track and assess
the underlying performance of the business. Alternative performance measures
are defined in the glossary of terms and reconciled to the appropriate
financial statements line item at the end of this announcement.
Financial overview
The Group delivered another year of adjusted operating profit growth, despite
the ongoing suppression of volumes across Stelrad's core UK and European
markets. The resilient adjusted operating performance has been driven by the
implementation of proactive margin management initiatives, cost reduction
activities and structural currency gains, which have allowed the Group to
offset the impact of a continued reduction in demand during 2025.
Revenue for the year was £279.6 million, a decrease of £11.0 million, or
3.8%, on last year (2024: £290.6 million). The decline in revenue was due to
a 4.3% decrease in sales volumes during the year, partially offset by selling
price benefits and product mix improvements. Selling prices have benefited
from a third successive annual increase in average radiator size in the UK and
the impact of price increases. Promisingly, there was a small improvement in
volumes in the second half versus the first half, and year on year there was
progress in a number of key markets.
Adjusted operating profit for the year was £32.5 million, an increase of
£1.0 million, or 3.0%, compared to last year (2024: £31.5 million).
Adjusted operating profit increased despite lower sales volumes, as a result
of proactive margin management and cost reduction activities across our
manufacturing sites, enhanced product mix, strong fixed cost control and
structural currency benefits. The structural currency benefits arise from the
way the Group has structured its Turkish operations, with the gain being a
result of the year-to-date devaluation of the Turkish Lira against the Euro
which will continue to benefit the cost base of our Turkish operations in the
future.
Operating profit for the year was £17.5 million, a decrease of £13.9
million, or 44.3%, compared to last year (2024: £31.4 million). Operating
profit is stated after the deduction of exceptional items of £14.9 million
(2024: £nil), of which £12.6 million relates to non-cash items, and the
amortisation of customer relationships of £0.1 million (2024: £0.1 million).
Despite a challenging market environment, proactive management actions have
meant that contribution per radiator has increased to £20.50 (2024: £20.15),
providing the Group with very strong operating leverage that will drive
considerable profitability improvements when volumes recover. The Group
continues to focus on the sale of premium, higher added-value products
throughout its markets, recognising the additional margin that these products
generate. Year on year the proportion of premium panel sales to total steel
panel volume increased by 0.1 ppts to 6.4% with further progress expected as
the economic environment improves.
The statutory profit for the year was £0.8 million (2024: £16.5 million)
due to exceptional items of £14.9 million (2024: £nil), of which £12.6
million relates to non-cash items. Adjusted profit for the year increased by
£0.1 million, or 0.2%, to £16.7 million (2024: £16.6 million). Interest
charges reduced by £0.6 million year on year, despite one-off amortisation
charges, as interest rates continue to fall. Tax charges increased year on
year due to a 5% increase in the withholding tax charges applied to
dividends received from Turkey during 2025, the country mix of profits and
the one-off derecognition of some tax losses.
Earnings per share was 0.66 pence (2024: 12.97 pence). Adjusted earnings per
share was 13.08 pence (2024: 13.05 pence).
At 31 December 2025 the Group had cash of £19.0 million (2024: £18.6
million) and undrawn available facilities of £30.6 million (2024:
£21.1 million), with net debt before lease liabilities of £51.1 million
(2024: £59.7 million).
Selective investments in working capital have been made in the year to enhance
customer relationships in the UK market, offset by more beneficial payment
terms due to a change of steel suppliers.
The Group has made pleasing progress towards its medium-term targets in the
year, despite challenging market conditions, with growth in contribution per
radiator, adjusted operating profit margins, operating cash flow conversion
and return on capital employed. The Board remains confident in the ability for
the Group to achieve all medium-term targets.
Revenue by geographical market
The table below sets out the Group's revenue by geographical market.
Revenue by geographical market 2025 2024 Movement Movement
£m £m £m %
UK & Ireland 131.3 137.4 (6.1) (4.4)
Europe 133.5 139.0 (5.5) (3.9)
Turkey & International 14.8 14.2 0.6 3.9
Total 279.6 290.6 (11.0) (3.8)
UK & Ireland
The Group's revenue in UK & Ireland for the year was £131.3 million
(2024: £137.4 million), a decrease of £6.1 million, or 4.4%. This was
principally a result of a decrease in sales volumes of 6.9%, partially offset
by a continued increase in the average size of radiators sold, with a 1.5%
year on year higher output, though the penetration of premium panel products
sold was impacted by low UK consumer confidence.
Europe
The Group's revenue in Europe for the year was £133.5 million (2024: £139.0
million), a decrease of £5.5 million, or 3.9%. Revenue has been negatively
impacted by a 3.4% decline in sales volumes, with volumes affected by weak
demand in the French DIY market in quarter four.
Turkey & International
The Group's revenue in Turkey & International for the year was £14.8
million (2024: £14.2 million), an increase of £0.6 million, or 3.9%. This
was principally a result of higher volumes sold in Turkey due to an
improvement in market conditions.
Adjusted operating profit by geographical market
The table below sets out the Group's adjusted operating profit by geographical
market.
Adjusted operating profit by geographical market 2025 2024 Movement Movement
£m £m £m %
UK & Ireland 30.0 29.6 0.4 1.4
Europe 7.3 7.9 (0.6) (7.6)
Turkey & International 1.2 1.0 0.2 13.5
Central costs (6.0) (7.0) 1.0 14.3
Total 32.5 31.5 1.0 3.0
UK & Ireland
The Group's adjusted operating profit in UK & Ireland for the year was
£30.0 million (2024: £29.6 million), an increase of £0.4 million, or 1.4%.
The result includes the benefit of favourable material prices and the increase
in the average size of radiators sold offset by lower sales volumes.
Europe
The Group's adjusted operating profit in Europe for the year was £7.3 million
(2024: £7.9 million), a decrease of £0.6 million, or 7.6%. A high fixed cost
base in Europe, combined with the sales volume decrease, has led to a
reduction in operating margin percentage in recent years. We expect margins
for the Europe segment to recover in line with market recovery as variable
profit margins remain strong.
The Group will continue to focus on improving the margins of Radiators SpA's
sales, with the exit from a significant loss-making contract at the end of
2025 providing renewed opportunity to focus business efforts on the product
ranges which are unique to Radiators SpA.
Turkey & International
The Group's adjusted operating profit in Turkey & International for the
year was £1.2 million (2024: £1.0 million), an increase of £0.2 million, or
13.5%. Turkish operating margins have benefited from the operational
efficiencies arising from the restructuring of our Turkish business in the
second half of 2025.
Central costs
Central costs for the year were £6.0 million (2024: £7.0 million), a
decrease of £1.0 million, or 14.3%. The reduction is due to the removal of
one-off costs from the prior year, supported by strong cost control year on
year.
Exceptional items
During the year, the charge for exceptional items was £14.9 million (2024:
£nil), of which £12.6 million relate to non-cash items and £2.3 million
relate to cash items.
The main elements of the non-cash exceptional items relate to impairment of
goodwill of £2.7 million, impairment of customer relationships of £1.4
million, impairment of property, plant and equipment of £5.8 million and a
provision against inventories of £2.3 million, all within the Radiators SpA
business.
The Radiators SpA business has been exposed to declining market volumes in
France and Germany since its acquisition in July 2022, resulting in
deteriorating operating margins despite active fixed cost management. Since
the acquisition, the business has been impacted by a significantly low margin,
and latterly a loss-making contract, for the supply of steel panel radiators
which has contributed to suppressed European operating margins.
Negotiations during the year to reset the price on this contract have been
unsuccessful and, in line with the Group's focus on commercial discipline,
decisive action has been taken to terminate all supply under this contract,
effective at the end of 2025. Whilst the exit from this loss-making contract
will negatively impact future revenue and volumes, it will result in improved
contribution and the opportunity to reduce fixed costs in the short term. The
exit from the contract presents an increased opportunity to focus attention on
the electrical and designer product ranges which are unique to this division
and were the key strategic rationale for acquiring the business. The refocused
business will be underpinned by a rationalised product profile that will
provide greater operational efficiency.
Additionally, restructuring costs of £2.7 million have been incurred or
provided for as a result of significant proactive margin management
initiatives and cost reduction activities across our sites in Turkey, Italy
and Denmark. Of these, £2.3 million relate to cash items and £0.4 million
relate to non-cash items.
These costs are one-off in nature and disclosing these costs as exceptional
allows the true underlying performance of the Group to be better understood.
Finance costs
The Group's net finance costs for the year were £7.4 million (2024: £8.0
million). The decrease of £0.6 million is due to a decrease in the interest
rate of the Group's debt from a blended rate of 6.6% during 2024 to a blended
rate of 5.3% during 2025, partially offset by the one-off loan fee
amortisation on the pre-existing loan facility of £0.3 million upon
refinancing.
The refinancing of the Group's £100 million loan facility, which completed in
December 2025, reduces the Group's future loan margin. The refinanced loan is
for an initial period of three years up to December 2028 and includes a
two-year extension option.
Income tax expense
The Group's income tax expense for the year was £9.3 million (2024: £6.9
million), an increase of £2.4 million, or 34.5%, which includes the
derecognition of tax losses in Radiators SpA, connected to the impairment
recognised in the year. In 2024, the effective tax rate was 29.4%. In 2025,
the Group's adjusted effective tax rate has risen to 34.4% due to a 5%
increase in the withholding tax charges applied to dividends received from
Turkey during 2025 and the country mix of profits.
Earnings per share and adjusted earnings per share
Profit for the year reduced to £0.8 million (2024: £16.5 million) and basic
earnings per share was 0.66 pence (2024: 12.97 pence) due to the impact of
the exceptional items and one-off refinancing costs, including exceptional
tax, of £15.8 million in the year (2024: £nil). The weighted average number
of shares was 127.4 million (2024: 127.4 million).
Adjusted profit for the year increased by £0.1 million, or 0.2%, to £16.7
million (2024: £16.6 million) and, consequently, basic adjusted earnings per
share was 13.08 pence (2024: 13.05 pence).
Dividends and reserves
The Group is committed to delivering returns for its shareholders via a
progressive dividend policy. The Board has confidence in the Group's financial
position and believes that its leading market positions, regulatory tailwinds,
product premiumisation upside and favourable contribution per radiator will
lead to strong future financial performance, as demonstrated by the Group's
medium-term targets published at our Capital Markets Event in November 2024.
On this basis, despite suppressed earnings caused by short-term trading
headwinds, the Board recommends payment of a final dividend of 5.05 pence per
share (2024: 4.81 pence per share) on 26 May 2026 to shareholders on the
register at 24 April 2026, an increase of 5% on the 2024 final dividend. The
cost to the Group of the 2025 final dividend is £6.4 million (2024: £6.1
million).
The Group paid an interim dividend in respect of the year ended 31 December
2025 of 3.04 pence per share (2024: 2.98 pence), an increase of 2% on the 2024
interim dividend. Therefore, the total dividend in respect of the year ended
31 December 2025 will be 8.09 pence per share (2024: 7.79 pence), an increase
of 3.9% on 2024.
Cash flow
The following table summarises the Group's cash flow for the years ended 31
December 2025 and 31 December 2024.
2025 2024 Movement
£m £m £m
EBITDA((1)) 44.1 43.5 0.6
Exceptional items - cash items (2.3) - (2.3)
Gain on disposal of property, plant and equipment (0.1) (0.1) -
Share-based payment charge 0.7 0.4 0.3
Working capital (0.8) (10.1) 9.3
Working capital - exceptional items 0.3 (2.3) 2.6
Net capital expenditure (7.7) (8.4) 0.7
Cash flow from operations((1)) 34.2 23.0 11.2
Income tax paid (8.0) (6.2) (1.8)
Net interest paid (5.7) (7.2) 1.5
Free cash flow((1)) 20.5 9.6 10.9
Cash flow from operations 34.2 23.0 11.2
Adjusted for
Exceptional items - cash items 2.3 - 2.3
Exceptional items impact on working capital (0.3) 2.3 (2.6)
Adjusted cash flow from operations((1)) 36.2 25.3 10.9
2025 2024 Movement
Cash flow from operations((1)) (£m) 34.2 23.0 11.2
Adjusted cash flow from operations((1)) (£m) 36.2 25.3 10.9
Adjusted operating profit((1)) (£m) 32.5 31.5 1.0
Cash flow from operations conversion((1)) (%) 105.4 73.0 32.4 ppts
Adjusted cash flow from operations conversion((1)) (%) 111.4 80.3 31.1 ppts
(1) The Group uses some alternative performance measures to track and assess
the underlying performance of the business. Alternative performance measures
are defined in the glossary of terms and reconciled to the appropriate
financial statements line item at the end of this announcement.
The Group's free cash flow for the year was £20.5 million (2024: £9.6
million), an increase of £10.9 million. This reflects improved working
capital control, reduced capital expenditure and reduced interest paid year on
year, partially offset by increased income tax paid. Selective investments in
working capital have been made in the year to enhance customer relationships
in the UK market; however, these have been offset by more beneficial payment
terms due to a change in steel suppliers. Interest payments have reduced year
on year due to reductions in interest rates. Capital expenditure has been
reduced due to a planned UK IT infrastructure project that has been deferred
until 2026. The increase in income tax paid is impacted by the Group's UK
business becoming cash tax paying in the year, after fully utilising its
historical tax losses.
The Group's cash flow from operations for the year was £34.2 million (2024:
£23.0 million), an increase of £11.2 million. Adjusted operating profit for
the year was £32.5 million (2024: £31.5 million), an increase of £1.0
million. Cash flow from operations conversion for the year was 105.4% (2024:
73.0%), an increase of 32.4 ppts. Adjusted cash flow from operations
conversion for the year was 111.4% (2024: 80.3%), an increase of 31.1 ppts.
Capital expenditure
The Group's capital expenditure mainly relates to investment in operating
plant and equipment. Key capital expenditure in the year ended 31 December
2025 related to various maintenance and upgrade projects, including a
successfully completed IT infrastructure upgrade in our Turkish business.
Capital expenditure for 2026 will continue to focus on ensuring our operating
platform is well maintained whilst making a periodic investment in our IT
infrastructure.
Return on capital employed and capital allocation priorities
Return on capital employed for the year was 30.1% (2024: 27.1%), an increase
of 3.0 ppts. This improvement is due to an increase in adjusted operating
profit and an impairment of assets.
Capital allocation considerations remain high on the Group's agenda, and
investment in working capital is considered a key part of the Group's
prioritisation of investment for organic growth under its capital allocation
framework set out at the Capital Markets Event in November 2024. Additionally,
alongside investment in organic growth, dividends have progressively
increased, whilst the Group's debt leverage ratio before lease liabilities has
improved to 1.16x (2024: 1.37x), demonstrating a controlled and balanced
approach to capital allocation and balance sheet prudence given the
challenging macroeconomic environment.
Net debt and leverage
At 31 December 2025, net debt (including lease liabilities) of £58.7 million
(2024: £67.6 million) comprises £70.1 million (2024: £78.3 million) drawn
down against the multicurrency facility and £7.6 million (2024: £7.9
million) lease liabilities net of £19.0 million (2024: £18.6 million) cash.
2025 2024
£m £m
Revolving credit facility - GBP 32.3 41.8
Revolving credit facility - Euro 13.1 13.1
Term loan 24.7 23.4
Cash (19.0) (18.6)
Net debt before lease liabilities 51.1 59.7
Lease liabilities 7.6 7.9
Net debt 58.7 67.6
EBITDA 44.1 43.5
Debt leverage ratio before lease liabilities 1.16x 1.37x
The debt leverage ratio before lease liabilities at 31 December 2025 was 1.16x
(2024: 1.37x).
Leigh Wilcox
Chief Financial Officer
13 March 2026
Consolidated income statement
for the year ended 31 December 2025
Note 2025 2024
£'000 £'000
Continuing operations
Revenue 3 279,598 290,577
Cost of sales (193,327) (201,617)
Gross profit 86,271 88,960
Selling and distribution expenses (40,588) (41,729)
Administrative expenses (16,282) (17,165)
Other operating income/(expenses) 4 3,001 1,319
Exceptional items 5 (14,925) -
Operating profit 17,477 31,385
Finance income 173 186
Finance costs 6 (7,576) (8,189)
Profit before tax 10,074 23,382
Income tax expense 7 (9,230) (6,864)
Profit for the year 844 16,518
Note 2025 2024
Earnings per share
Basic 8 0.66p 12.97p
Diluted 8 0.66p 12.87p
Consolidated statement of comprehensive income
for the year ended 31 December 2025
Note 2025 2024
£'000 £'000
Profit for the year 844 16,518
Other comprehensive income/(expense)
Other comprehensive income/(expense) that may be reclassified
to profit or loss in subsequent periods:
Net (loss)/gain on monetary items forming part of net investment in foreign (916) 867
operations and qualifying hedges of net investments in foreign operations
Income tax effect 7 229 (217)
Exchange differences on translation of foreign operations 5,009 (4,711)
Net other comprehensive income/(expense) that may be reclassified 4,322 (4,061)
to profit or loss in subsequent periods
Other comprehensive (expense)/income not to be reclassified
to profit or loss in subsequent periods:
Remeasurement losses on defined benefit plans (113) (925)
Income tax effect 7 28 232
Net other comprehensive expense not to be reclassified (85) (693)
to profit or loss in subsequent periods
Other comprehensive income/(expense) for the year, net of tax 4,237 (4,754)
Total comprehensive income for the year, 5,081 11,764
net of tax attributable to owners of the parent
Consolidated balance sheet
as at 31 December 2025
Note 2025 2024
£'000 £'000
Assets
Non-current assets
Property, plant and equipment 10 72,491 79,173
Intangible assets 11 347 4,652
Trade and other receivables 14 299 284
Deferred tax assets 7 4,836 4,821
77,973 88,930
Current assets
Inventories 13 62,402 67,311
Trade and other receivables 14 47,164 45,478
Income tax receivable 348 235
Financial assets - 293
Cash and cash equivalents 15 18,978 18,633
128,892 131,950
Total assets 206,865 220,880
Equity and liabilities
Equity
Share capital 18 127 127
Merger reserve (114,469) (114,469)
Retained earnings 231,253 239,788
Foreign currency reserve (63,531) (67,853)
Total equity 53,380 57,593
Non-current liabilities
Interest-bearing loans and borrowings 12 74,411 83,329
Deferred tax liabilities 7 222 209
Provisions 17 1,832 1,910
Net employee defined benefit liabilities 4,625 5,118
81,090 90,566
Current liabilities
Trade and other payables 16 67,058 69,210
Financial liabilities 12 221 -
Interest-bearing loans and borrowings 12 2,579 2,212
Income tax payable 1,466 550
Provisions 17 1,071 749
72,395 72,721
Total liabilities 153,485 163,287
Total equity and liabilities 206,865 220,880
Consolidated statement of changes in equity
for the year ended 31 December 2025
Attributable to the owners of the parent
Issued share Merger Retained Foreign Total
capital reserve earnings currency £'000
£'000 £'000 £'000 £'000
At 1 January 2024 127 (114,469) 233,329 (63,792) 55,195
Profit for the year - - 16,518 - 16,518
Other comprehensive expense for the year - - (693) (4,061) (4,754)
Total comprehensive income/(expense) - - 15,825 (4,061) 11,764
Share-based payment charge - - 440 - 440
Dividends paid (note 9) - - (9,806) - (9,806)
At 31 December 2024 127 (114,469) 239,788 (67,853) 57,593
Profit for the year - - 844 - 844
Other comprehensive income/(expense) for the year - - (85) 4,322 4,237
Total comprehensive income - - 759 4,322 5,081
Share-based payment charge - - 704 - 704
Dividends paid (note 9) - - (9,998) - (9,998)
At 31 December 2025 127 (114,469) 231,253 (63,531) 53,380
Consolidated statement of cash flows
for the year ended 31 December 2025
Note 2025 2024
£'000 £'000
Operating activities
Profit before tax 10,074 23,382
Adjustments to reconcile profit before tax to net cash flows:
- Depreciation of property, plant and equipment 10 11,393 11,692
- Amortisation of intangible assets 11 330 468
- Gain on disposal of property, plant and equipment (80) (118)
- Share-based payments charge 704 440
- Exceptional items - non-cash elements 12,663 -
- Finance income (173) (186)
- Finance costs 6 7,576 8,189
Working capital adjustments:
- Decrease in trade and other receivables 517 3,885
- Decrease/(increase) in inventories 4,690 (6,143)
- Decrease in trade and other payables (4,430) (6,743)
- Increase/(decrease) in provisions 94 (2,176)
- Movement in other financial assets/liabilities 531 (610)
- Decrease in other pension provisions (1) (7)
- Difference between pension charge and cash contributions (1,921) (581)
41,967 31,492
Income tax paid (8,000) (6,265)
Interest received 173 186
Net cash flows generated from operating activities 34,140 25,413
Investing activities
Proceeds from sale of property, plant, equipment and intangible assets 185 341
Purchase of property, plant and equipment 10 (5,215) (5,861)
Purchase of intangible assets 11 (35) (100)
Net cash flows used in investing activities (5,065) (5,620)
Financing activities
Transaction costs related to refinancing (733) -
Proceeds from external borrowings - 3,388
Repayment of external borrowings (10,219) (5,150)
Payment of lease liabilities (2,662) (2,865)
Interest paid (5,905) (7,372)
Dividends paid 9 (9,998) (9,806)
Net cash flows used in financing activities (29,517) (21,805)
Net decrease in cash and cash equivalents (442) (2,012)
Net foreign exchange difference 787 (797)
Cash and cash equivalents at 1 January 15 18,633 21,442
Cash and cash equivalents at 31 December 15 18,978 18,633
Notes to the consolidated financial statements
for the year ended 31 December 2025
1 Basis of preparation
The results for the year ended 31 December 2025, including comparative
financial information, have been prepared in accordance with UK adopted
international accounting standards ("IFRS") in conformity with the
requirements of the Companies Act 2006 and the disclosure guidance and
transparency rules sourcebook of the United Kingdom's Financial Conduct
Authority.
Stelrad Group plc ("the Company") has adopted all IFRS in issue and effective
for the year.
While the financial information included in this preliminary announcement has
been prepared in accordance
with the recognition and measurement criteria of IFRS, this announcement does
not itself contain sufficient
information to comply with IFRS. The Company expects to publish full financial
statements that comply with
IFRS in March 2026.
The financial information set out above does not constitute the Company's
statutory accounts for the year
ended 31 December 2025 but is derived from those accounts. Statutory accounts
for 2025 will be delivered in due course. The auditors have reported on those
accounts: their report was unqualified, did not draw attention to any matters
by way of emphasis and did not contain statements under s498 (2) or (3) of the
Companies Act 2006.
Going concern
Having considered the Group's current trading, cash flow generation and debt
maturity and applying severe but plausible stress testing scenarios, the
Directors have concluded that it is appropriate to prepare the consolidated
financial statements on a going concern basis. Under a severe but plausible
downside scenario, the Group remains within its debt facilities and its
financial covenants for at least 12 months after the date the accounts are
signed. Based on this going concern review, the Directors have concluded
that, at the time of approving the financial statements, the Group will be
able to continue to operate within its existing facilities and is well placed
to manage its business risks successfully.
The financial information presented in respect of the year ended 31 December
2025 has been prepared on a basis consistent with the financial information
presented for the year ended 31 December 2024.
2 Significant accounting judgements, estimates and assumptions
The preparation of the Group's consolidated financial statements requires
management to make judgements, estimates and assumptions that affect the
reported amounts of revenues, expenses, assets and liabilities, and the
accompanying disclosures, and the disclosure of contingent liabilities.
Uncertainty about these assumptions and estimates could result in outcomes
that require a material adjustment to the carrying amount of assets or
liabilities affected in future periods.
Judgements
In the process of applying the Group's accounting policies, management has
made judgements which would have a significant effect on the amounts
recognised in the consolidated financial statements.
Impairment of non-financial assets
Intangible assets, including goodwill, that have an indefinite useful life are
not subject to amortisation and are tested annually for impairment. Assets
that are subject to amortisation and depreciation are reviewed for impairment
whenever events or circumstances indicate that the carrying amount may not be
recoverable. Details of the impairment assessment of goodwill and other
assets, which includes key estimates, are disclosed in note 11.
Impairment of inventories
Following the exit from a loss making contract in the Radiators SpA business
in the year, the Group has reduced the operational complexity and product
range of the business, resulting in a one-off inventory provision of £2.3
million. The inventory provision has been classified as exceptional in nature
because of the direct link between the exit from the loss making contract and
the reduction in operational complexity of the business, and resultant product
range rationalisation.
Estimates and assumptions
The key assumptions concerning the future and other key sources of estimation
uncertainty at the reporting date, which have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within
the next financial year, are described below. The Group based its assumptions
and estimates on parameters available when the consolidated financial
statements were prepared. Existing circumstances and assumptions about future
developments, however, may change due to market changes or circumstances
arising beyond the control of the Group. Such changes are reflected in the
assumptions when they occur.
Rebates
A proportion of rebates is paid to the end consumers of goods sold.
Uncertainties exist over the value of the rebates recognised as, until claims
are made by end consumers, the Group cannot be certain which consumers have
purchased which products. Due to this uncertainty, estimates are made over
what contractual rates, if any, will apply to goods sold.
Management makes significant estimates and assumptions in order to assess the
level of rebate required at the balance sheet date. Management is able to
utilise market information and historical/current data and trends in order to
make an appropriate estimate.
A reasonably possible change in the estimates surrounding rebates would not
result in a material impact on the financial statements.
3 Segmental information
IFRS 8 Operating Segments requires operating segments to be determined from
the Group's internal reporting to the Chief Operating Decision Maker ("CODM").
The CODM has been determined to be the Chief Executive Officer and Chief
Financial Officer. The operating segments are determined to be the key
geographical regions in which the Group operates. The CODM receive management
information as part of the internal reporting framework based upon the key
geographical regions. The CODM assesses the performance of geographical
segments based on a measure of revenue and adjusted operating profit.
Adjusted operating profit is earnings before interest, tax, amortisation of
customer relationships and exceptional items.
Revenue by geographical market
2025 2024
£'000 £'000
UK & Ireland 131,254 137,351
Europe 133,526 138,971
Turkey & International 14,818 14,255
Total revenue 279,598 290,577
The revenue arising in the UK, being the Company's country of domicile, was
£126,046,000 (2024: £134,442,000). All revenue arising in the UK was to
external customers.
Adjusted operating profit by geographical market
2025 2024
£'000 £'000
UK & Ireland 29,959 29,548
Europe 7,331 7,937
Turkey & International 1,183 1,042
Central costs (6,002) (7,005)
Adjusted operating profit 32,471 31,522
Exceptional items (14,925) -
Amortisation of customer relationships (69) (137)
Operating profit 17,477 31,385
Further detail on the exceptional items can be found in note 5.
The revenue information above is based on the locations of the customers. All
revenue arises from the sale of goods.
One customer has revenues in excess of 10% of revenue (2024: one).
Non-current operating assets
2025 2024
£'000 £'000
UK 14,662 16,324
The Netherlands 16,779 17,453
Turkey 26,622 25,549
Italy 13,916 23,894
Other 859 605
Total 72,838 83,825
The CODM reviews the non-current operating assets based on the geographical
regions in the table above, rather than those used when reviewing revenue and
adjusted operating profit, because this is the physical location of the
assets. These values agree to the measurement of the assets per the financial
statements.
4 Other operating income/(expenses)
2025 2024
£'000 £'000
Net gain on disposal of property, plant and equipment 80 118
Foreign currency gains 3,559 723
Net losses on forward derivative contracts (1,052) (35)
Sundry other income 414 513
3,001 1,319
5 Exceptional items
2025 2024
£'000 £'000
Impairment of goodwill 2,694 -
Impairment of customer relationships 1,392 -
Impairment of property, plant and equipment 5,814 -
Inventory provision 2,307 -
Restructuring costs 2,718 -
14,925 -
During the year ended 31 December 2025, the charge for exceptional items was
£14,925,000, of which £2,262,000 relates to cash items and £12,663,000
relates to non-cash items.
During the year, an impairment was recognised in respect of the Radiators SpA
cash-generating unit, resulting in an impairment of goodwill of £2,694,000,
an impairment of customer relationships of £1,392,000, an impairment of
property, plant and equipment of £5,814,000 and an inventory provision of
£2,307,000, which has arisen due to the circumstances surrounding the
impairment.
Additionally, restructuring costs of £2,718,000 have been incurred or
provided for as a result of proactive margin management initiatives and cost
reduction activities across our sites in Turkey, Italy and Denmark.
Further detail can be found in the Finance and Business Review within the
exceptional items section on page 13.
All exceptional items have been presented as such because they are one-off in
nature and separate disclosure allows the underlying trading performance of
the Group to be better understood.
6 Finance costs
2025 2024
£'000 £'000
Interest on bank loans 4,461 5,723
Amortisation of loan issue costs 692 375
Interest expense on defined benefit liabilities 1,047 921
Finance charges payable on lease liabilities 97 129
Other finance charges 1,279 1,041
7,576 8,189
Amortisation of loan issue costs includes £342,000 related to a one-off loan
fee amortisation upon refinancing, which has been classified as one-off
refinancing costs in note 8 when calculating the adjusted earnings per share.
7 Income tax expense
The major components of income tax expense are as follows:
2025 2024
£'000 £'000
Consolidated income statement
Current income tax:
Current income tax charge 8,794 5,083
Adjustments in respect of current income tax charge of previous year (41) (127)
Deferred tax:
Relating to origination and reversal of temporary differences 477 1,908
Income tax expense reported in the income statement 9,230 6,864
2025 2024
£'000 £'000
Consolidated statement of comprehensive income
Tax related to items recognised in other comprehensive income/(expense) during
the year:
Deferred tax on actuarial loss (28) (232)
Current tax on monetary items forming part of net investment and on hedges of (229) 217
net investment
Income tax credited to other comprehensive income (257) (15)
Reconciliation of tax expense and the accounting profit at the tax rate in the
United Kingdom of 25% (2024: 25%):
2025 2024
£'000 £'000
Profit before tax 10,074 23,382
Profit before tax multiplied by standard rate of corporation tax in the UK of 2,519 5,846
25% (2024: 25%)
Adjustments in respect of current income tax charge of previous year (41) (127)
Non-deductible expenses 2,883 352
Differences arising due to tax losses 1,048 286
Other timing differences (including exceptional charges) 2,150 721
Benefit of overseas investment incentives - (220)
Withholding tax on dividend income 1,508 1,032
Effect of different overseas tax rates (837) (1,026)
Total tax expense reported in the income statement 9,230 6,864
Deferred tax
Deferred tax relates to the following:
Consolidated balance sheet Consolidated income statement
2025 2024 2025 2024
£'000 £'000 £'000 £'000
Capital allowances (784) (641) 11 (742)
Pension 901 1,010 (189) 99
Fixed asset fair value adjustments (184) (1,303) 1,165 58
Losses available for offsetting against future income 2,343 3,322 (1,069) (965)
Other temporary differences 2,338 2,224 (395) (358)
Deferred tax charge (477) (1,908)
Net deferred tax assets 4,614 4,612
Reflected in the balance sheet as:
Deferred tax assets 4,836 4,821
Deferred tax liabilities (222) (209)
Deferred tax assets, net 4,614 4,612
Reconciliation of deferred tax assets, net
2025 2024
£'000 £'000
Opening balance as at 1 January 4,612 6,467
Tax charge recognised in income statement (477) (1,908)
Tax income recognised in other comprehensive income/(expense) 28 232
Exchange adjustment 451 (179)
Closing balance as at 31 December 4,614 4,612
The Group offsets tax assets and liabilities if it has a legally enforceable
right to set them off and they are levied by the same tax authority.
Deferred tax assets in respect of losses of £602,000 (2024: £2,118,000) have
been recognised in respect of two (2024: two) loss-making subsidiary
companies; these are recognised on the grounds of future projected
performance.
Deferred tax asset recognition
The deferred tax assets have been analysed in detail at the year end and the
recognition of assets, in particular those in respect of tax losses, has been
scrutinised in detail with modelling undertaken to ensure that they are likely
to be utilised over a period of time where profitability can be estimated with
reasonable certainty.
Unrecognised deferred tax balances
2025 2024
£'000 £'000
Capital allowances 14 13
Losses available for offsetting against future income 2,741 3,486
2,755 3,499
The Group has tax losses which arose in the United Kingdom of £10,964,000
(2024: £13,944,000) that are available indefinitely for offsetting against
future taxable profits of the companies in which the losses arose. Deferred
tax assets have not been recognised in respect of these losses as they either
relate to CIR losses which cannot be reliably utilised in the short term or
they arose prior to April 2017 in subsidiaries that are not profit making and
where there is no evidence of recoverability in the near future.
8 Earnings per share
2025 2024
£'000 £'000
Net profit for the year attributable to owners of the parent 844 16,518
Exceptional items 14,925 -
Amortisation of customer relationships 69 137
Refinancing costs (note 6) 342 -
Tax on exceptional items 582 -
Tax on amortisation of customer relationships (19) (38)
Tax on refinancing costs (86) -
Adjusted net profit for the year attributable to owners of the parent 16,657 16,617
2025 2024
Number Number
Basic weighted average number of shares in issue 127,352,555 127,352,555
Diluted weighted average number of shares in issue 127,474,048 128,389,983
Earnings per share
Basic earnings per share (pence per share) 0.66 12.97
Diluted earnings per share (pence per share) 0.66 12.87
Adjusted earnings per share
Basic earnings per share (pence per share) 13.08 13.05
Diluted earnings per share (pence per share) 13.07 12.94
9 Dividends paid
The Board is recommending a final dividend of 5.05 pence per share (2024: 4.81
pence per share), which, if approved, will mean a final dividend payment of
£6,431,000 (2024: £6,126,000).
The proposed final dividend is subject to approval by shareholders at the
Annual General Meeting and has not been included as a liability in these
consolidated financial statements.
2025 2024
£'000 £'000
Declared and paid during the year
Equity dividend on ordinary shares:
Final dividend for 2024: 4.81p per share (2023: 4.72p per share) 6,126 6,011
Interim dividend for 2025: 3.04p per share (2024: 2.98p per share) 3,872 3,795
9,998 9,806
2025 2024
£'000 £'000
Dividend proposed (not recognised as a liability)
Equity dividend on ordinary shares:
Final dividend for 2025: 5.05p per share (2024: 4.81p per share) 6,431 6,126
10 Property, plant and equipment
Freehold land Leasehold Assets under Plant and Fixtures, fittings Total
and buildings buildings construction equipment and motor £'000
£'000 £'000 £'000 £'000 vehicles
£'000
Cost
At 1 January 2024 46,202 12,741 1,266 89,078 12,280 161,567
Additions 124 214 4,951 980 742 7,011
Transfers 214 - (4,438) 3,820 404 -
Disposals - (140) - (829) (806) (1,775)
Exchange adjustment (1,675) (587) (19) (3,929) (331) (6,541)
At 31 December 2024 44,865 12,228 1,760 89,120 12,289 160,262
Additions 201 706 2,243 2,748 1,267 7,165
Transfers 34 - (1,346) 1,114 198 -
Disposals (259) (1,422) - (11,869) (1,065) (14,615)
Exchange adjustment 1,961 669 60 4,601 411 7,702
At 31 December 2025 46,802 12,181 2,717 85,714 13,100 160,514
Accumulated depreciation and impairment
At 1 January 2024 14,749 5,760 - 45,766 8,045 74,320
Depreciation charge 1,616 1,489 - 6,766 1,821 11,692
Disposals - (47) - (806) (699) (1,552)
Exchange adjustment (411) (298) - (2,461) (201) (3,371)
At 31 December 2024 15,954 6,904 - 49,265 8,966 81,089
Depreciation charge 1,415 1,486 - 6,745 1,747 11,393
Disposals (260) (1,422) - (11,853) (1,061) (14,596)
Impairment (note 11) 5,815 - - (23) 22 5,814
Exchange adjustment 654 388 - 3,002 279 4,323
At 31 December 2025 23,578 7,356 - 47,136 9,953 88,023
Net book value
At 31 December 2025 23,224 4,825 2,717 38,578 3,147 72,491
At 31 December 2024 28,911 5,324 1,760 39,855 3,323 79,173
At 31 December 2023 31,453 6,981 1,266 43,312 4,235 87,247
The carrying value of right-of-use assets within property, plant and
equipment, by line item, at the year end is:
2025 2024
£'000 £'000
Leasehold buildings 4,819 5,299
Plant and equipment 1,546 1,175
Fixtures, fittings and motor vehicles 1,040 1,255
7,405 7,729
Right-of-use asset additions within property, plant and equipment, by line
item, during the year are:
2025 2024
£'000 £'000
Leasehold buildings 706 214
Plant and equipment 736 523
Fixtures, fittings and motor vehicles 508 413
1,950 1,150
Depreciation of right-of-use assets within property, plant and equipment, by
line item, during the year is:
2025 2024
£'000 £'000
Leasehold buildings 1,465 1,462
Plant and equipment 577 565
Fixtures, fittings and motor vehicles 607 739
2,649 2,766
Land and buildings with a carrying amount of £12,024,000 (2024: £18,095,000)
are subject to a first charge to secure the Group's bank loan.
No borrowing costs have been capitalised since the assets have not met the
criteria for qualifying assets.
11 Intangible assets
Goodwill Customer Technology Total
£'000 relationships and software £'000
£'000 costs
£'000
Cost
At 1 January 2025 2,607 1,737 1,357 5,701
Additions - - 35 35
Disposals - - (210) (210)
Exchange adjustment 146 97 73 316
At 31 December 2025 2,753 1,834 1,255 5,842
Accumulated amortisation and impairment
At 1 January 2025 - 323 726 1,049
Amortisation - 69 261 330
Disposals - - (124) (124)
Impairment 2,694 1,392 - 4,086
Exchange adjustment 59 50 45 154
At 31 December 2025 2,753 1,834 908 5,495
Net book value
At 31 December 2025 - - 347 347
At 31 December 2024 2,607 1,414 631 4,652
Included in technology and software costs are assets under construction of
£nil (2024: £nil), which are not amortised.
Impairment
Goodwill is subject to annual impairment testing. All of the goodwill
recognised was allocated to a single cash‑generating unit ("CGU"), being the
Radiators SpA division which, after the impairment was recognised, had a total
carrying value of £13.9 million. A CGU represents the lowest level in the
Group at which goodwill is monitored for internal management purposes.
Management is required to assess CGUs for impairment where it believes there
are triggers for impairment. During the year, management identified that there
were triggers for impairment with respect to the Radiators SpA CGU and
performed an impairment review as set out below.
Impairment tests were performed by analysing the carrying amount allocated to
the CGU against the higher of fair value less costs to sell or its value in
use. Both methods used the net present value of the CGU's discounted future
cash flows covering a three‑year period.
Terminal growth rates of 1.8% were applied beyond this, based on historical
macroeconomic performance and projections of the sector served by the CGUs.
When assessing for impairment, management has considered the impact of climate
change, particularly in the context of the risks and opportunities identified
within the Task Force on Climate‑related Financial Disclosures Report, and
has not identified any material short‑term impacts from climate change that
would impact the recoverable amount of the CGU.
For the value in use model, a pre‑tax discount rate of 14.8% has been
applied in determining the recoverable amounts of the CGU. The pre‑tax
discount rate was estimated based on the Group's risk adjusted cost of
capital. Other key assumptions throughout the budget period are EBITDA, which
has been included in the terminal value at a margin of 7%, volumes,
contribution per radiator sold and capital expenditure. The key assumptions
have been determined using past experience or external sources of information.
Further detail on the impairment can be found in the Finance and Business
Review within the exceptional items section on page 13.
Based on the impairment tests performed, the recoverable amount calculated in
the impairment review of the Radiators SpA CGU was lower than the carrying
amount. As a result, an impairment has been recognised, reducing goodwill by
£2,694,000, customer relationships by £1,392,000 and property, plant and
equipment by £5,814,000. Inventories are not included in the carrying value
of the CGU; however, the circumstances surrounding the impairment have
resulted in an additional inventory provision of £2,307,000. The tax impact
of the total impairment was a charge of £856,000.
12 Financial liabilities
Financial liabilities - other - not interest bearing
Financial instruments through profit or loss reflect the change in fair value
of those foreign exchange forward contracts that are not designated in hedge
relationships, but are, nevertheless, intended to reduce the level of foreign
currency risk for expected sales and purchases.
Liabilities 2025 2024
£'000 £'000
Financial instruments at fair value through profit or loss
Derivatives not designated as hedges - foreign exchange forward contracts 221 -
Total instruments at fair value through profit or loss 221 -
Current 221 -
Non-current - -
Financial liabilities - interest-bearing loans and borrowings
Effective Maturity 2025 2024
interest rate £'000 £'000
%
Current interest-bearing loans and borrowings
Lease liabilities 2,579 2,212
2,579 2,212
Non-current interest-bearing loans and borrowings
Lease liabilities 4,979 5,671
Revolving credit facility - GBP SONIA + 1.75% 4 Dec 2028 32,300 41,750
Revolving credit facility - Euro Euribor + 1.75% 4 Dec 2028 13,097 13,146
Term loan Euribor + 1.75% 4 Dec 2028 24,750 23,436
Unamortised loan costs (715) (674)
74,411 83,329
Total interest-bearing loans and borrowings 76,990 85,541
The Group has a £100 million loan facility jointly financed by National
Westminster Bank plc and Barclays Bank plc. The facility consists of a
£76.027 million revolving credit facility ("RCF") and a €28.346 million
term loan facility.
During the year ended 31 December 2025, the £100 million loan facility was
renewed. The renewed facility is for an initial three-year term until
December 2028, with an extension option for two further years, and is provided
by the two existing lenders.
The RCF and term loan facilities are secured on the assets of certain
subsidiaries within the Group.
Changes in liabilities arising from financing activities
1 January Cash flows Non-cash 31 December
2025 £'000 changes 2025
£'000 £'000 £'000
Liabilities from financing activities
Revolving credit facility - GBP 41,750 (9,450) - 32,300
Revolving credit facility - Euro 13,146 (769) 720 13,097
Term loan 23,436 - 1,314 24,750
Lease liabilities 7,883 (712) 387 7,558
86,215 (10,931) 2,421 77,705
Other assets
Cash and cash equivalents (18,633) 442 (787) (18,978)
(18,633) 442 (787) (18,978)
Net liabilities arising from financing activities 67,582 (10,489) 1,634 58,727
The non-cash changes all relate to foreign exchange differences.
13 Inventories
2025 2024
£'000 £'000
Raw materials 23,183 23,818
Work in progress 2,796 3,388
Finished goods 33,350 37,063
Other consumables 3,073 3,042
62,402 67,311
The cost of inventories recognised as an expense in the year was £193,327,000
(2024: £201,617,000). The provision for the impairment of stocks increased in
the year, giving rise to a cost of £3,754,000 (2024: cost of £760,000), of
which £2,307,000 was recognised as an exceptional item (note 5). At 31
December 2025, the provision for the impairment of stocks was £7,958,000
(2024: £3,974,000).
14 Trade and other receivables
2025 2024
£'000 £'000
Current
Trade receivables 43,508 42,279
Other receivables 2,842 2,629
Prepayments 814 570
47,164 45,478
Non-current
Other receivables 299 284
299 284
The table below sets out the movements in the allowance for expected credit
losses of trade receivables:
2025 2024
£'000 £'000
At 1 January 548 806
Charge for the year - 14
Utilised (20) -
Unused amounts reversed (7) (246)
Exchange adjustment 31 (26)
At 31 December 552 548
As at 31 December, the ageing of trade receivables (gross of impairment) is as
follows:
Total Current <30 days 30-90 days >90 days
£'000 £'000 £'000 £'000 £'000
2025
Gross carrying amount 44,060 32,679 9,881 1,500 -
2024
Gross carrying amount 42,827 33,241 5,464 3,873 249
15 Cash and cash equivalents
2025 2024
£'000 £'000
Cash at bank and on hand 18,978 18,633
16 Trade and other payables
2025 2024
£'000 £'000
Current
Trade payables 44,040 46,581
Other payables and accruals 17,168 18,485
Other taxes and social security 5,595 3,822
Interest payable 255 322
67,058 69,210
17 Provisions
Warranty Compensation Restructuring Unused Total
£'000 fund £'000 vacation £'000
£'000 £'000
At 1 January 2024 746 1,220 2,684 347 4,997
Arising during the year 332 126 - 765 1,223
Released (169) - - - (169)
Utilised (430) - (2,323) (440) (3,193)
Exchange adjustment (27) (59) (52) (61) (199)
At 31 December 2024 452 1,287 309 611 2,659
Arising during the year 362 3 332 626 1,323
Released - (115) - - (115)
Utilised (310) (65) (9) (461) (845)
Exchange adjustment 27 67 24 (237) (119)
At 31 December 2025 531 1,177 656 539 2,903
Current 116 - 656 299 1,071
Non-current 415 1,177 - 240 1,832
Compensation fund
The supplementary customer compensation fund is made in accordance with
European legislation to provide for potential severance payments to agents.
Restructuring
The restructuring provision relates to Group-wide restructuring programmes
undertaken to drive cost savings for future periods.
Unused vacation
A provision is recognised in respect of an unused vacation pay liability due
to certain employees in Turkey. The timing of the provision is dependent on
the rate at which employees take additional vacation.
18 Share capital and reserves
2025 2025 2024 2024
Number £ Number £
Authorised, called up and fully paid
Ordinary shares of £0.001 each 127,352,555 127,353 127,352,555 127,353
127,353 127,353
19 Commitments and contingencies
Commitments
Amounts contracted for but not provided in the financial statements amounted
to £1,349,000 (2024: £177,000) for the Group. All amounts relate to
property, plant and equipment.
Contingent liabilities
Termo Teknik Ticaret ve Sanayi A.S. has issued letters of guarantee and
letters of credit to its steel suppliers amounting to $846,000 (2024:
$17,917,000) and $36,444,000 (2024: $18,071,000) respectively. Termo Teknik
Ticaret ve Sanayi A.S. has also issued letters of guarantee denominated in
Turkish Lira totalling TL28,993,000 (2024: TL26,514,000).
The Group enters into various forward currency contracts to manage the risk of
foreign currency exposures on certain purchases and sales. The total amount of
unsettled forward contracts as at 31 December 2025 is £13,863,000 (2024:
£12,123,000) on purchases and £23,750,000 (2024: £17,500,000) on sales.
The fair value of the unsettled forward contracts held at the balance sheet
date, determined by reference to their market values, is a liability of
£221,000 (2024: asset of £293,000).
As part of the £100 million loan facility, renewed in December 2025, the
Group is party to a cross-collateral agreement secured on specific assets of
certain Group companies. No liability is expected to arise from
the agreement.
Under an unlimited multilateral guarantee, the Company, in common with certain
fellow subsidiary undertakings in the UK, has jointly and severally guaranteed
the obligations falling due under the Company's net overdraft facilities. No
liability is expected to arise from this arrangement.
Reconciliation of alternative performance measures and glossary of terms
The Group uses some alternative performance measures to monitor and assess the
underlying performance of the business. These measures include adjusted
operating profit and adjusted profit for the year. These measures are deemed
useful as they aid comparability year on year. The use of alternative
performance measures compared to statutory IFRS measures does give rise to
limitations, including a lack of comparability across companies and the
potential for them to present a more favourable view. Further, these measures
are not a substitute for IFRS measures of profit. Alternative performance
measures are defined in the glossary of terms below. Alternative performance
measures are reconciled to the appropriate financial statements line item
being disclosed.
Reconciliation of adjusted profit for the year and adjusted earnings per share
2025 2024
£'000 £'000
Profit for the year 844 16,518
Adjusted for:
Exceptional items 14,925 -
Amortisation of customer relationships 69 137
Refinancing costs 342 -
Tax on exceptional items 582 -
Tax on amortisation of customer relationships (19) (38)
Tax on refinancing costs (86) -
Adjusted profit for the year 16,657 16,617
Basic weighted average number of shares in issue 127,352,555 127,352,555
Diluted weighted average number of shares in issue 127,474,048 128,389,983
Earnings per share
Basic earnings per share (pence per share) 0.66 12.97
Diluted earnings per share (pence per share) 0.66 12.87
Adjusted earnings per share
Basic earnings per share (pence per share) 13.08 13.05
Diluted earnings per share (pence per share) 13.07 12.94
Reconciliation of adjusted operating profit and EBITDA
2025 2024
£'000 £'000
Operating profit 17,477 31,385
Adjusted for:
Exceptional items 14,925 -
Amortisation of customer relationships 69 137
Adjusted operating profit 32,471 31,522
Adjusted for:
Depreciation 11,393 11,692
Amortisation (excluding customer relationships) 261 331
EBITDA 44,125 43,545
Reconciliation of cash flow from operations, adjusted cash flow from
operations and free cash flow
2025 2024
£'000 £'000
EBITDA (see reconciliation above) 44,125 43,545
Adjusted for:
Exceptional items - cash items (2,262) -
Gain on disposal of property, plant and equipment (80) (118)
Share-based payments 704 440
Working capital adjustments (520) (12,375)
Net capital expenditure (7,727) (8,485)
Cash flow from operations 34,240 23,007
Income tax paid (8,000) (6,265)
Interest paid - net (5,732) (7,186)
Free cash flow 20,508 9,556
Cash flow from operations (see reconciliation above) 34,240 23,007
Adjusted for:
Exceptional items 2,262 -
Exceptional items' impact on working capital (330) 2,320
Adjusted cash flow from operations 36,172 25,327
2025 2024
£'000 £'000
Decrease in trade and other receivables 517 3,885
Decrease/(increase) in inventories 4,690 (6,143)
Decrease in trade and other payables (4,430) (6,743)
Increase/(decrease) in provisions 94 (2,176)
Movement in other financial assets/liabilities 531 (610)
Decrease in other pension provisions (1) (7)
Difference between pension charges and cash contributions (1,921) (581)
Working capital adjustments (520) (12,375)
2025 2024
£'000 £'000
Proceeds from sale of property, plant, equipment and intangible assets 185 341
Purchase of property, plant and equipment (5,215) (5,861)
Purchase of intangible assets (35) (100)
Payment of lease liabilities (2,662) (2,865)
Net capital expenditure (7,727) (8,485)
Reconciliation of business capital employed and return on capital employed
2025 2024
£'000 £'000
Property, plant and equipment 72,491 79,173
Technology and software costs 347 631
Inventories 62,402 67,311
Trade and other receivables 47,463 45,762
Trade and other payables (67,058) (69,210)
Provisions (2,903) (2,659)
Net employee defined benefit liabilities (4,625) (5,118)
Financial (liabilities)/assets (221) 293
Business capital employed 107,896 116,183
2025 2024
£'000 £'000
Adjusted operating profit 32,471 31,522
Business capital employed 107,896 116,183
Return on capital employed 30.1% 27.1%
Reconciliation of net debt and leverage
2025 2024
£'000 £'000
Total interest-bearing loans and borrowings 76,990 85,541
Cash and cash equivalents (18,978) (18,633)
Adjusted for:
Unamortised loan costs 715 674
Net debt 58,727 67,582
EBITDA (see reconciliation above) 44,125 43,545
Debt leverage ratio 1.33 1.55
Reconciliation of net debt and leverage before lease liabilities
2025 2024
£'000 £'000
Total interest-bearing loans and borrowings 76,990 85,541
Cash and cash equivalents (18,978) (18,633)
Adjusted for:
Unamortised loan costs 715 674
Lease liabilities (7,558) (7,883)
Net debt before lease liabilities 51,169 59,699
EBITDA (see reconciliation above) 44,125 43,545
Debt leverage ratio before lease liabilities 1.16 1.37
Adjusted cash flow from operations: Cash flow from operations before
exceptional items and the impact of exceptional items on working capital.
Adjusted EPS: Adjusted earnings per share is calculated on adjusted profit for
the year divided by the weighted average number of shares in issue.
Adjusted operating profit: Operating profit before exceptional items,
amortisation of customer relationships, foreign exchange differences (until 31
December 2022) and the impact of IAS 29 (until 31 December 2022).
Adjusted profit for the year: Earnings before exceptional items, amortisation
of customer relationships, foreign exchange differences (until 31 December
2022), the impact of IAS 29 (until 31 December 2022) and tax thereon.
Business capital employed: The sum of property, plant and equipment,
technology and software costs, trade and other receivables, inventories, other
current financial assets, provisions, net employee defined benefit
liabilities, trade and other payables and other current financial
liabilities.
CAGR: Compound annual growth rate.
Cash flow from operations: EBITDA, less exceptional items, plus or minus
movements in operating working capital, less share-based payment expense, less
net investments in property, plant and equipment, less technology and software
costs, less finance lease payments.
Cash flow from operations conversion: Calculated by dividing cash flow from
operations by adjusted operating profit.
Contribution: Revenue from sale of the Group's products less any cost of
direct materials, variable distribution costs, variable selling costs, direct
labour costs and other variable costs.
Debt leverage ratio: Calculated by dividing net debt by EBITDA.
Debt leverage ratio before lease liabilities: Calculated by dividing net
debt before lease liabilities by EBITDA.
EBITDA: Profit before interest, taxation, depreciation, amortisation,
exceptional items, foreign exchange differences (until 31 December 2022) and
the impact of IAS 29 (until 31 December 2022).
Free cash flow: Cash flow from operations less tax paid less net interest
paid.
Net debt: The sum of revolving credit facilities, term loan and lease
liabilities net of cash.
Return on capital employed: Adjusted operating profit as a percentage of
business capital employed.
RMI: Repair, maintenance and improvement activities.
Certain statements in this presentation are forward-looking statements which
are based on Stelrad Group plc's expectations, intentions and projections
regarding its future performance, anticipated events or trends and other
matters that are not historical facts. Such forward-looking statements can be
identified by the fact that they do not relate only to historical or current
facts. Forward-looking statements sometimes use words such as "aim",
"anticipate", "target", "expect", "estimate", "intend", "plan", "goal",
"believe", or other words of similar meaning. These statements are not
guarantees of future performance and are subject to known and unknown risks,
uncertainties and other factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking statements.
Given these risks and uncertainties, prospective investors are cautioned not
to place undue reliance on forward-looking statements. Forward-looking
statements speak only as of the date of such statements and, except as
required by applicable law, Stelrad Group plc undertakes no obligation to
update or revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise.
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