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Stelrad Group (SRAD) investor relations material
Stelrad Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary8 Aug, 2025
Executive summary
Revenue declined 4.6% year-over-year to £136.5m due to lower volumes, but adjusted operating profit rose 1.1% to £15.9m, reflecting margin management and operational progress.
Statutory loss of £3.4m driven by a £12.0m non-cash impairment at Radiators SpA, with exit from a loss-making contract underway.
Market leadership maintained with a 19.9% share (25.4% ex-Russia), holding top positions in several countries.
Interim dividend increased by 2% to 3.04p per share, reflecting confidence in future growth.
Board expects modest volume improvement in H2 and maintains full-year profit growth guidance.
Financial highlights
Adjusted operating profit margin improved to 11.7% (up 0.7ppts year-over-year).
EBITDA was £21.8m, with free cash flow at £1.8m and cash flow conversion at 60.5%.
Adjusted EPS rose to 6.41p; statutory EPS was a loss of 2.71p.
Return on capital employed improved to 26.9% (up 0.5ppts year-over-year).
Leverage (net debt before lease liabilities) at 1.48x EBITDA, with net debt at £64.8m.
Outlook and guidance
Full-year expectations for adjusted operating profit growth remain unchanged, with modest market volume improvement anticipated in H2.
Leverage expected to fall as working capital reduces; tax rate expected to reduce to around 31%.
Further benefits from lower steel prices expected in H2, with key input prices stable.
Medium-term targets focus on margin enhancement and return on capital employed, independent of market recovery.
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Next Stelrad Group earnings date
H2 20256 Mar, 2026
Next Stelrad Group earnings date
H2 20256 Mar, 2026
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Frequently asked questions
Stelrad Group PLC is a United Kingdom-based company that manufactures and distributes radiators in the United Kingdom, Ireland, Europe, Turkey, and internationally. The company distributes steel panel radiators, low surface temperature radiators, towel warmers, decorative steel tubular radiators, and other steel column radiators under the Stelrad, Henrad, Termo Teknik and Hudevad brands. Founded in 1936 and headquartered in Newcastle Upon Tyne, the United Kingdom
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