Stelrad Group, specialist manufacturer and distributor of steel panel radiators in the UK, Europe and Turkey, has reported increased sales as homeowners look to heat their homes more efficiently.
The company posted 13.1% revenue growth in the UK and 19.4% growth in adjusted operating profit.
Trevor Harvey, pictured, chief executive officer, said: “After entering 2022 with good momentum, we are pleased to have delivered strong financial performance during the first half of the year, testament to the underlying resilience of our business, with increased revenues and improving margins per radiator more than offsetting previously flagged volume reductions.
“Rising energy costs across Europe are sharpening consumers’ focus on the need for more energy efficient heating solutions and this, combined with the ongoing decarbonisation agenda, is expected to drive increased, long-term demand for our products.
“Whilst we continue to monitor the challenging economic conditions in our end markets closely, we remain confident in the outcome for the full year and are well-positioned to drive long-term shareholder value thanks to the resilience of our business model, our market-leading positions and the strength of our customer and supplier relationships.”