Radiator manufacturer and distributor Stelrad Group plc has announced an encouraging start to 2023, with the UK exhibiting “resilience”.
Headquartered in Newcastle upon Tyne, the company supplies radiators and towel warmers across five brands – Stelrad, Henrad, Termo Teknik, DL Radiators and Hudevad – to more than 500 customers in over 40 countries.
As outlined at the full year results, the Group has seen the lower volumes reported in the second half of 2022 stabilise in the first half of 2023.
After an “exceptionally strong” first half prior year, Stelrad expects 2023 to return to historical seasonal patterns, with volumes in the second half of the year stronger than the first half.
The acquisition of DL Radiators in July 2022 enabled Stelrad to leverage a complementary product range, and add geographic territories and channels to enhance a transition to low and zero carbon heating systems of the future.
According to the company, the Group remains “very well positioned “to deliver on its full year expectations and deliver long-term, sustainable value.
Chief executive of Stelrad Trevor Harvey commented: “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.”
Stelrad intends to announce its interim results for the six months ending 30 June 2023 on 14 August 2023, when it will provide a further update on its progress.
With origins that date back to the 1930s, Stelrad employs more than 1,500 people and has manufacturing and distribution facilities in the UK, Turkey, Italy and the Netherlands, with commercial operations in Denmark and Poland.