Business
Interim results for six months ended 30 June 2023
Interim results for six months ended 30 June 2023.
About this update from Stelrad Group Plc
[{"type":"text","content":"\n\n\n \nStelrad Group plc - interim results for the six months ended 30 June 2023\n \nStrategy continuing to deliver with outlook for the full year unchanged\n \nStelrad Group plc (\"Stelrad\" or \"the Group\" or \"the Company\", LSE: SRAD), a leading specialist manufacturer and distributor of steel panel radiators in the UK, Europe and Turkey, today announces its unaudited interim results for the six months ended 30 June 2023.\n \nResults summary*\n \n\n\n\n\n \n\n\nSix months ended 30 June 2023\n\n\n \n\n\nSix months ended 30 June 2022\n\n\n \n\n\nIncrease/ (decrease) %\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted results\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue (pre-IAS 29), £m **\n\n\n157.0\n\n\n\n\n\n147.8\n\n\n\n\n\n6.2\n\n\n\n\nAdjusted operating profit, £m **\n\n\n14.0\n\n\n\n\n\n19.0\n\n\n\n\n\n(26.3)\n\n\n\n\nAdjusted operating profit margin, % **\n\n\n8.9\n\n\n\n\n\n12.9\n\n\n\n\n\n(31.0)\n\n\n\n\nAdjusted profit after tax, £m **\n\n\n8.1\n\n\n\n\n\n13.9\n\n\n\n\n\n(41.9)\n\n\n\n\nAdjusted earnings per share, pence **\n\n\n6.36\n\n\n\n\n\n10.95\n\n\n\n\n\n(41.9)\n\n\n\n\n \n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStatutory results\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStatutory revenue, £m\n\n\n157.0\n\n\n\n\n\n150.1\n\n\n\n\n\n4.6\n\n\n\n\nStatutory operating profit, £m\n\n\n13.8\n\n\n\n\n\n11.9\n\n\n\n\n\n16.0\n\n\n\n\nStatutory profit after tax, £m\n\n\n8.0\n\n\n\n\n\n0.7\n\n\n\n\n\n1,105.8\n\n\n\n\nStatutory earnings per share, pence\n\n\n6.27\n\n\n\n\n\n0.52\n\n\n\n\n\n1,105.8\n\n\n\n\n \n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFree cash flow, £m\n\n\n3.4\n\n\n\n\n\n(3.6)\n\n\n\n\n\n194.4\n\n\n\n\nNet debt (excluding lease liabilities), £m\n\n\n70.4\n\n\n\n\n\n47.5\n\n\n\n\n\n48.2\n\n\n\n\nDividend per share, pence\n\n\n2.92\n\n\n\n\n\n2.92\n\n\n\n\n\n-\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n*As a result of inflation in Turkey exceeding 100% over a three-year period, the Group was required to adopt IAS 29 in respect of its Turkish subsidiary in the financial statements for the six months ended 30 June 2022. On 1 January 2023, the functional currency of the Turkish business was changed from Turkish Lira to Euros and, as a re...