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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.
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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