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Stelrad Announces Positive Results Across all Territories

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Stelrad Group plc a leading specialist manufacturer and distributor of steel panel radiators in the UK, Europe and Turkey, has announced its audited financial results for the 12 months ended 31 December 2021.

Financial and operational highlights

·            Good progress across all territories during 2021:

    • UK & Ireland – 45.8% revenue growth, 150.5% growth in adjusted operating profit.
    • Europe – 30.4% revenue growth, 31.6% growth in adjusted operating profit.
    • Turkey & International – 43.7% revenue growth, 137.9% growth in adjusted operating profit.
  • Total sales volume increased by 20% versus 2020 and was 9% higher than in 2019, the last pre-pandemic year.
  • Profitability enhanced by further production transfers to low-cost Turkish facility and an improved mix of premium steel panel radiators where volumes rose by 15% versus 2020 and 23% relative to 2019.
  • Proactive price optimisation in light of substantial increases in steel prices.
  • Completed a six-year, c£25 million programme of incremental investment into Stelrad’s three main operational facilities.
  • Successful IPO on the London Stock Exchange's Main Market.

Commenting on the Group’s performance, Trevor Harvey, Chief Executive Officer, said:

“2021 was a pivotal year for Stelrad 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 growing appeal of premium steel panel radiators continue to provide a positive backdrop for our business and support ongoing demand for our products.  As a result, the Group remains confident in its ability to deliver on its long-term growth plans.”  

Current trading and outlook

Trading since the period end has remained broadly in line with management expectations with some reduction in overall volumes more than offset by increased revenues and improving margins. The Group’s market leading products and brands, coupled with unrivalled access to specifiers, mean that the Group remains very well positioned versus its competitors across all key geographies.  

Notwithstanding supply chain challenges impacting the building products sector, including the situation in Ukraine, expectations for the year remain unchanged and the Group remains well placed to build on the strong momentum generated in 2021.

Source: Insight Team & Stelrad

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17 March 2022

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