Stelrad Group, a leading specialist manufacturer and distributor of steel panel and other design radiators in the UK, Europe and Turkey, has announced sales and profit growth for 2022.
Stelrad’s revenue for the year ended 31 December 2022 was £312m, representing 15% growth on prior year including the benefit of the acquisition of DL Radiators from August 2022. Revenue growth was up 3% on a like-for-like basis. It expects to deliver a record adjusted operating profit of £34m.
Stelrad said the benefits of a successful focus on margin management and operational improvements had more than offset the impact of a decrease in volumes during the period, resulting in a strong increase in contribution per radiator.
Rising energy costs across Europe and the drive towards decarbonisation were both expected to underpin further, long-term demand for the group’s products, a statement added.
Trevor Harvey, chief executive of Stelrad, said: “Despite well-publicised macroeconomic headwinds in our end markets, the group performed broadly in line with its expectations in 2022, a testament to the resilience of our business model and market position, the robustness of our strategy and the dedication of our team.
“We have more than offset a decline in volumes with proactive margin management initiatives while the acquisition of DL Radiators offers considerable potential for the future by extending our range of heat emitters and providing access to new markets and channels.”