Stelrad Group PLC - Newcastle, England-based steel panel radiator manufacturer - Says 2023 performance to date is in line with management expectations, and reaffirms full-year outlook announced in March. Noted an ‘encouraging start’ in the first four months, with UK volumes being particularly resilient. At the time Stelrad said it expected lower volumes seen in second half year to continue but stabilise into the current half year. Stelrad says volumes in the second half year should be stronger as trading returns to historical seasonal patterns after ‘exceptionally strong’ first half prior year comparator. DL Radiators SPA meanwhile has been ‘successfully integrated’ into Stelrad since acquisition in July.

Chief Executive Trevor Harvey says: ‘We are pleased that the positive start to the current financial year outlined at our full year results has continued...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.’

Current stock price: 112.00 pence

12-month change: down 48%

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