Leading radiator maker Stelrad has hailed an “encouraging” start to 2023, boosted by its performance in the UK.
The Newcastle company, which designs and manufactures steel panel and designer radiators from factories in Mexborough in South Yorkshire as well as sites in Holland, Italy and Turkey, issued a trading statement ahead of its AGM, highlighting year-to-date performance in line with management expectations.
It said it was pleased with the encouraging start to the first four months of 2023, with UK volumes in particular showing resilience. Lower volumes seen in the second half of 2022 stabilised in the first half of 2023, and this year is expected to return to historical seasonal patterns after an exceptionally strong first half prior year comparator, with volumes in the second half of the year stronger than the first half.
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It said the strategic acquisition of Italian firm DL Radiators last July had been successfully integrated into the group, allowing Stelrad to offer a complementary product range and extending its geographic footprint and channels to market, while enhancing the transition to the low and zero carbon heating systems of the future.
Trevor Harvey, chief executive of Stelrad, said the firm’s strategic objectives of growing market share, improving its product mix, optimising routes to market, and positioning the business for decarbonisation mean the group remains well positioned to deliver on its full year expectations and deliver long-term, sustainable value for stakeholders.
He said: “We are pleased that the positive start to the current financial year outlined at our full year results has continued and we remain on track to deliver on our full year expectations. Our customer base is increasingly focused on reducing energy consumption in their homes and Stelrad’s products are well positioned to help consumers achieve affordable and environmentally sustainable heating solutions.
"Our strategic objectives are unchanged and we are confident in our ability to continue growing our market share and to deliver long-term, increasing value for all our stakeholders.”
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