Stelrad Group shares plunge after revenue declines
UK-based manufacturer and distributor of radiators Stelrad Group SRAD.L's shares slump 11.5% to 147p
Co says revenue for the 10 months ended October 31 are lower than prior year's levels as economic uncertainty suppresses volumes
Says overall Repair, Maintenance, and Improvement and new build end-market activity subdued since the last half-year
Expects FY25 adjusted operating profit within a range of 32 million pounds to 33 million pounds ($42.12 million to $43.44 million), ahead of 31.5 million pounds logged in FY24, helped by cost cuts and shift to higher margin products
"While Stelrad expects contribution per radiator – the key measure of long-term value – to increase again this year, the weaker volume backdrop drives negative revisions to profits" - Peel Hunt
YTD, SRAD stock has risen 7.11%
($1 = 0.7596 pounds)
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