DAVY VIEW

Stelrad remains on course to record an increase in adjusted operating profit this year. Admittedly, ongoing volume weakness means the magnitude of the advance will be a little more modest than previously envisaged with guidance at the mid-point suggesting a 3% cut to the consensus adjusted operating profit forecast. Nonetheless, Stelrad should still deliver a year-on-year (yoy) increase in H2 adjusted operating profit with further operating margin progress thanks to its relentless operational focus and cost management.