Stelrad, which employs 300 people in South Yorkshire, delivers strong half year performance

Stelrad, which employs 300 people at its site in Mexborough, South Yorkshire, is a specialist manufacturer and distributor of steel panel radiators. It has announced its unaudited interim results for the six months ended 30 June 2022.

The group delivered 17.4% organic revenue growth in the first half of 2022, resulting in revenue up from £127.9 million in the first half of 2021 to £150.1 million this year. Adjusted operating profit rose to £19.0 million, a 13.1% increase from the £16.8 million reported in the first half of last year.

Trevor Harvey, the chief executive officer, said: “After entering 2022 with good momentum, we are pleased to have delivered a strong financial performance during the first half of the year, testament to the underlying resilience of our business, with increased revenues and improving margins per radiator more than offsetting previously flagged volume reductions.

“Rising energy costs across Europe are sharpening consumers’ focus on the need for more energy efficient heating solutions and this, combined with the ongoing decarbonisation agenda, is expected to drive increased, long-term demand for our products.

“Whilst we continue to monitor the challenging economic conditions in our end markets closely, we remain confident in the outcome for the full year and are well-positioned to drive long-term shareholder value thanks to the resilience of our business model, our market-leading positions and the strength of our customer and supplier relationships.”