Shares of Stelrad Group plc, the Newcastle-based radiator firm, fell as much as 6% on Friday after it published results for the six months ended June 30, 2025, showing revenue down 4.6% to £136.5 million.

Statutory loss for the period was £3.4 million (2024: profit of £8.0 million) due to ‘non-cash exceptional items’ of £12 million. Adjusted profit for the period grew £100,000 to £8.2 million.

The firm declared an interim dividend of 3.04p per share, an increase of 2%.

In its outlook, Stelrad said: “Whilst the current market environment remains subdued, the board expects a modest level of market volume improvement in the second half of the year augmented by the strength of Stelrad’s market position, sustainable competitive advantages and operational excellence. 

“Proactive margin management and cost discipline leave the group well placed to achieve unchanged board expectations of further adjusted profit growth in FY25.”

Stelrad Group CEO Trevor Harvey said: “During the period, we delivered a resilient financial performance against a backdrop of ongoing economic uncertainty suppressing volumes in the group’s key markets.

“Crucially, despite this environment, we have maintained our market leadership position and continued to enhance the flexibility of our operational capabilities.

“The board remains confident in its long-term growth plans and in driving continued shareholder value. The key priority for the group is to be prepared for an increase in volumes as and when market conditions improve.

“We know from our years of experience and long-standing position in the market that when volumes begin to recover, this happens at pace.”