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Stelrad Group PLC - Newcastle upon Tyne, England-based manufacturer and distributor of steel panel radiators - Says 2023 adjusted operating profit will be about GBP29 million, in line with market consensus of GBP28.5 million but down 15% from GBP34.0 million in 2022. Revenue is about GBP308 million, down 2.6% from GBP316.3 million the year before. Excluding the full-year benefit from Stelrad's acquisition of Radiators Spa, like-for-like revenue is down 13%. Stelrad says high inflation and rising interest rates reduced new construction and renovation activity in the second half of last year.
Looking ahead, Stelrad says cost savings made in the second half of 2023 will benefit 2024 and beyond. "Strong replacement demand across Europe and longer-term regulatory tailwinds for decarbonised energy efficient heating systems continue to underpin the group's confidence in the future," it says. Full annual results will be released on March 8.
Stelrad also hires Katherine Innes Ker to be senior independent director, joining the board on February 1. Ker currently is chair of Mortgage Advice Bureau Holdings PLC, senior independent director of building products maker Forterra PLC, and non-executive director of Ground Rents Income Fund PLC.
Current stock price: 128.00 pence
12-month change: up 7.6%
By Tom Waite, Alliance News editor
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