Northern radiator firm Stelrad has used its first 12-month trading update as a listed company to issue a bullish report on its 2021 performance.
The company - which is based in Newcastle, with its main manufacturing site at Mexborough, south Yorkshire - has issued a trading update for 2021 in which it says the strong trading detailed when it listed on the Stock Exchange in November was maintained.
Stelrad said trading in the 海角视频 had continued along the lines it outlined in its flotation, but had strengthened in Europe, driven by sales to the new build housing and commercial sectors.
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It said that global efforts to reduce carbon emissions from buildings through alternative heat sources has driven interest in some of its products.
But Stelrad also highlighted rising steel costs, saying that although it was managing the issue “effectively”, it was continuously monitoring prices and looking to achieve best value for materials.
Chief executive Trevor Harvey said: “2021 was a pivotal year for our business and, following our successful IPO in November and a robust end to the year from a trading perspective, we enter 2022 with strong momentum.
“Macro trends such as the ongoing focus on decarbonisation and the trend towards premium steel panel radiators continue to provide a positive backdrop for our business and support ongoing demand for our products and the group remains confident in its ability to deliver on its long term growth plans.”
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Stelrad, which dates back to 1936, was admitted to the London Stock Exchange in November following a flotation that valued the company at nearly £275m.
As well as its bases in the 海角视频, it has manufacturing sites in Holland and Turkey, and distribution facilities in Denmark and Poland, employing more than 1,300 people.
City analysts praised the company in notes to investors, saying it had provided a “positive maiden update” and noting that “penetration in European markets has strengthened”. Shares rose by 1.23% in early trading.