Stelrad Group PLC - Newcastle, England-based steel panel radiator manufacturer - Says revenue in 2022 is estimated to be £312 million, up 15% from £272.3 million in 2021. Expects to deliver a record adjusted operating profit of £34 million, up from £33.2 million in 2021. Adds that ‘rising energy costs across Europe and the drive towards decarbonisation are both expected to underpin further, long-term demand for the group’s products’.
Chief Executive Trevor Harvey says: ‘Despite well-publicised macroeconomic headwinds in our end markets, the group performed broadly in line with its expectations in 2022, a testament to the resilience of our business model and market position, the robustness of our strategy and the dedication of our team.’
Stelrad intends to announce full-year results on March 13.
Current stock price: 115.50 pence, down 2.9% on Friday morning in London
12-month change: down 46%
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