Stelrad to float on Stock Exchange

Radiator manufacturer Stelrad has announced its intention to float on the London Stock Exchange.

13 Oct, 21

Manufacturer and distributor Stelrad Radiator Group has announced its intention to float on the London Stock Exchange.

Stelrad Radiator Group acquires Hudevad

Headquartered in the UK, the group has been a supplier across Europe for over 20 years and has manufacturing and distribution facilities in the UK, Poland and Denmark, with sales personnel in seven other countries, including China.

The Stelrad Group included four business units: UK Radiators, Continental Radiators, Termo Teknik and Hudevad.

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It operates across six regions: the UK, Benelux, Germany, France, Turkey and Poland, selling approximately 24.4million radiators.

With revenue of £242,508million, in the twelve months ended June 30, 2021, sales were up 23.4% compared to the year ended December 31, 2020.

The company reported this was due to the COVID-19 pandemic and resulting price hikes, in the six months ended June 30, 2021, following an increase in steel prices.

During the same period, the Group’s operating profit grew to £31,991million, a 63.9% increase on the year ended December 31, 2020.

According to the company, it was as a result of increased sales volumes, as well as increased production at lower cost facilities and increased selling prices offset by the impact of steel price rises.

Chief executive officer of Stelrad Trevor Harvey commented: “Our successful growth strategy has been built upon a combination of standardised product design across all our manufacturing facilities, a key focus on specifiers across all of our end-markets and continued range innovation, alongside our multi-brand strategy that enables products and brands to be tailored to specific channels.

“As a result, we are the number one steel panel radiator business in a number of the markets where we operate.”

He added: “Our extensive product offering, strong relationships with all major distributors and specifiers, plus the supportive market backdrop mean that we are confident of delivering further upside as part of our growth plan as we continue to play a leading role in keeping Europe warm.”