North East and South Yorkshire radiator manufacturer Stelrad says it is prepared for a shrinking market despite posting record profits.
The London Stock Exchange-listed firm, which has bases in Newcastle, Mexborough, Holland and Turkey, said full year trading for 2022 had been as anticipated, with difficult economic conditions weighing on its key markets. In an update to investors Stelrad said group revenue grew about 15% on the previous year to £312m and that it expected to report record adjusted operating profit of around £34m.
The performance includes the benefit of Stelrad's £24m acquisition of Italy-based DL Radiators in spring last year, a move it said had pushed leverage to 1.6 times Ebitda. Work is under way on a new production line at DL's Friuli-Venezia Giulia facility.
