South Yorkshire manufacturer Stelrad sees 'record' results despite pressures caused by Turkish economy

Revenue rose 14.6 per cent for the year to £312.1 million, while adjusted operating profit rose 2.4 per cent to £34 million.

The firm’s statutory profit decreased 70.6 per cent to £4.3 million.

CEO Trevor Harvey noted that this was due to the “stringent and difficult to accommodate” IAS 29 accounting rules which the firm had to adopt because of its operations in Turkey, and use of the Turkish Lira.

Mr Harvey added that these rules would not impact the firm going forward, as it had switched to the use of the Euro for its business in Turkey.

Speaking of the firm’s performance overall, Mr Harvey said: “We entered 2023 in a very robust position. We have a robust business plan ahead of us and are slightly ahead of where we expect to be at this stage of the year, albeit very early.”

"We delivered a record performance in 2022 thanks to the resilience of our business model combined with the hard work of our employees, the strength of our product offering, the quality of our customer relationships and our relentless approach to operational improvements across the firm.”

In July of 2022, Stelrad acquired Italian firm DL Radiators for £28.4 million.

2022 was Stelrad’s first year as a public limited company.

Throughout the year, the firm reduced its scope one and scope two emissions by 61 per cent.