The CEO of radiator manufacturer Stelrad has hailed a significant year in its first full results as a listed company, in which profits more than doubled in a bouyant market.
The preliminary results for 2021 from the Newcastle-based firm – which has its main manufacturing base in Mexborough, South Yorkshire, as well as sites in Holland and Turkey – showed a 38.5% increase in revenues to £272.3m, while adjusted operating profit more than doubled to £33.2m.
Statutory operating profit came in at £26.6m, a rise of 36% on the previous year, with profitability seeing a boost as a result of the transfer of a small amount of production to its lowest cost facility in Turkey.
