A UK-based producer for steel panel radiators has announced a near 40 per cent increase in revenue for 2021.
Stelrad made £272m in the last 12 months with its operating profit more than doubling to £33.2 million in 2021 up from £15.6 million the previous year.
The firm, which entered into the London Stock Exchange in November last year, grew 46 per cent in the UK and Ireland, and almost 45 per cent in Turkey, with its overall sales volume up by a fifth compared to the previous audit.
Calling it “a pivotal year” chief executive Trevor Harvey said “we enter 2022 with strong momentum. Macro trends such as the ongoing focus on decarbonisation and the growing appeal of premium steel panel radiators continue to provide a positive backdrop for our business and support ongoing demand for our products.
A key area of improvement was production transfers to a low-cost Turkish facility and the completion of a six-year £25m programme of investment into its three main operating centres.