Stelrad Group, which employs 300 staff in Yorkshire, delivers record first half revenue of £157m

Commenting on the group’s performance, Trevor Harvey, chief executive, said: “Despite challenging macroeconomic conditions across a number of countries, Stelrad’s leading positions mean that the group remains well placed to outperform the market and deliver on its full year expectations.

“Our focus remains on our key objectives of growing market share, improving product mix, optimising routes to market and positioning effectively for decarbonisation.

"Following a pivotal first year as a PLC in 2022, I am pleased that, despite the notable headwinds facing the wider industry, we have been able to deliver on our plans for the first half of 2023 and remain on course to achieve our expectations for the full year.

“The resilience of our business model, alongside our experience of navigating previous market downturns, means that the group is well positioned to capitalise once markets improve.

"Regardless of the near term headwinds facing the wider sector, the increasing need for decarbonised, energy efficient heating systems remains unchanged and underpins our confidence in our ability to drive long-term shareholder value.”

In a statement to accompany the results , Stelrad said it remains well-positioned to deliver on expectations for the full year.

The statement added: “The integration of DL Radiators’ activities enabled the group to deliver 6.2 per cent revenue growth in the first half of the year, rising from £147.8m in 2022 to £157m in 2023.”

Stelrad said its outlook for the full year remains unchanged with the group remaining confident in its long-term growth plans.

The statement added: “For the second year in succession, economic conditions in our end markets remain extremely challenging, with the combined impact of high levels of inflation and rising interest rates constraining consumer confidence and disposable income.

“However, Stelrad’s strong, long-lasting customer relationships, combined with the group’s flexible, low-cost manufacturing capabilities, market-leading product availability and customer service, mean that the group is better placed than its competitors to trade through periods of wider market uncertainty.

"The group has also adapted effectively to the current financial climate through proactive margin management and cost reduction activities, and has also benefitted from a favourable geographic mix, with a particularly strong UK position. Encouragingly, volume mix of premium steel panel radiators, a group key performance indicator, has shown growth in the first half of 2023.”

Stelrad is headquartered in Newcastle and employs more than 1,500 people, with manufacturing and distribution facilities in Turkey, Mexborough, Italy and the Netherlands and further commercial and distribution operations in Denmark and Poland.​​​​​​​