London · Delayed Price · Currency is GBP · Price in GBX Stelrad Group Earnings Call Transcripts
Fiscal Year 2025
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Despite a 3.8% revenue decline, adjusted operating profit rose 3% to £32.5m, driven by premiumization, cost control, and operational efficiency. The group exited a loss-making contract, improved leverage, and is well-positioned for future growth as markets recover.
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Resilient performance delivered despite a 4.6% revenue decline, with adjusted operating profit up 1.1% and margin improvement to 11.7%. SPA division impairment and exit from a loss-making contract position the group for future margin gains. Market share remains strong at 25.4% (ex-Russia).
Fiscal Year 2024
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Adjusted operating profit grew 7.6% to £31.5m despite a 5.7% revenue decline, driven by margin management and premium product mix. Dividend increased 2%, and leverage improved, though market conditions remain challenging into 2025.
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Premiumization and decarbonization are driving above-market growth and margin expansion, supported by a flexible, low-cost manufacturing base and industry-leading product availability. Market share gains, a focus on core markets, and digital channel growth underpin ambitious medium-term financial targets, with further upside from market recovery and consolidation opportunities.
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Despite an 8.9% revenue decline, adjusted operating profit rose 12.8% in H1 2024, driven by margin management and product mix improvements. Market leadership was extended in Europe, and the outlook for the full year remains confident, with a 2% dividend increase.