Listed radiator manufacturer Stelrad has hailed a “record performance” in its full-year results despite a challenging macroeconomic environment.

The South Yorkshire-based company reported revenue of £312.1m for the year ended 31 December 2022, up from £272.3m in 2021.

An adjusted operating profit of £34m was recorded, up from £33.2m the previous year.

In the UK and Ireland, Stelrad’s revenue grew by 6.5 per cent, with adjusted operating profit up 5.2 per cent. In Europe, its revenue was up 25.3 per cent, with a 6.4 per cent increase from its Turkey and International business.

In July 2022, the company completed the acquisition of 350-strong Italy-based manufacturer DL Radiators for €28.3m.

Trevor Harvey, chief executive at Stelrad, said: “We delivered a record performance in 2022 thanks to the resilience of our business model combined with the hard work of our employees, the strength of our product offering, the quality of our customer relationships and our relentless approach to operational improvements across the firm.

“While the market backdrop is not easy, as a business with a near 100-year track record, we have successfully navigated previous market downturns and our current management team has the experience and ability to deliver ongoing outperformance despite the challenging macroeconomic environment.

“Longer-term, the twin drivers of decarbonisation and energy efficient heating remain firmly in place and we remain well-placed to deliver value for stakeholders.”

Stelrad is a specialist manufacturer and distributor of steel panel radiators. It has distribution facilities in Mexborough in the UK, Nuth in the Netherlands and Çorlu in Turkey, employing 1,325 people across the group.