Radiator group Stelrad sees revenues dip below £300m but profits rise

International radiator group Stelrad saw its revenues fall below £300m in what it described as a “subdued” market environment in various parts of the world.

The Newcastle company, which has its main manufacturing base in Mexborough, South Yorkshire, has released a trading update for 2024 in which its turnover fell 6% to around £290m. It said revenues had been helped in part by new business grains in a number of countries in the second half of the year, though overall volumes fell compared to 2023. But with increased prices and cost control measures, Stelrad is expecting its adjusted operating profit to come in at around £31.5m, a small increase on last year’s figure and ahead of market expectations.

The company highlighted “continued macroeconomic challenges across our geographies”, saying that high interest rates and inflation were