IN BRIEF

■ Radiator manufacturer and distributor Stelrad Group reported its financial results were testament to its resilience, in its trading update for 12 months ended December 31 2022. Despite challenging conditions, group revenue for the year ended December 31 2022 was around £312million, representing circa 15% growth on the previous year. The board expected to deliver a record adjusted operating profit of around £34million.

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■ Italian appliance brand Smeg will now supply buying group MHK-UK retail partners with its built-in range and selected products from its portfolio. The deal will see built-in ovens, compact appliances, hobs and hoods, as well as built-in dishwashing and refrigeration, plus range cookers and FAB refrigeration available to MHK’s retail network.

■ Following the acquisition of Logicom by Cyncly (formerly Compusoft+2020), the business will no longer provide Innoplus or SimpliPlan software to new UK customers from April 2023. Virtual Worlds will also be integrated with EQ Software for quotes, as well as project and customer workflow management, to provide users with a one-stop solution for complete bathroom retail management.

Sales up 15% and €50m planned investment Rotpunkt achieves €100 million sales

Kitchen manufacturer Rotpunkt has reported sales of €100 million, up 15% on 2021, and planned investment of €50m over the coming years.

The increase has been influenced by price adjustments, following price inflation in material and energy.

According to the company, 80% of its business has been from the export market, with Netherlands reporting the greatest share, followed by Germany, Belgium, France, Great Britain, Scandinavia and Austria.

It also reported market development is currently underway in Slovenia and Croatia.

Managing director of marketing & sales at Rotpunkt Sven Herden commented: “Around 5% of the sales increase can be attributed to a tangible increase in volume, which is further supported by our network of retailers who continue to take the Rotpunkt kitchen to the next level of quality design.

Double digit sales growth for home improvement retailer Wickes attributes “relentless” focus on value to sales drive

Home improvement retailer Wickes reported its Q4 sales were up 11.4%, attributed to the company’s “relentless focus on value, availability and service.”

The company’s Do It For Me (DIFM) sales were up 34.5% in Q4 with full year DIFM sales up 26%.

Meeting demand for DIFM, the home improvement retailer achieved its target of increasing installer teams from 2,600, at March 2022, to 3,000 at the end of the year.

Although Wickes stated its order book at the end of December was lower than 2021, the company reported this was still above 2019 levels.

While orders in the fourth quarter were “moderately “down versus last year, Wickes said it showed an improving trend from the third quarter.

It also stated the upwards sales trend has continued for DIFM and orders in Q1 to date are in line with the prior year.

Wickes core sales were 5.2% up in Q4 and it stated Local Trade sales performed strongly, with its digital TradePro customer base of 746.000, up 18% year-on-year.

While the retailer stated DIY sales remain below last year, it reported they have stabilised towards the end of the quarter supported by sales of energysaving products.

It also stated retail price inflation moderated further, aided by reductions in the cost of timber, with inflation in Q4 at 9% and continuing to trend lower.

During the fourth quarter, WIckes completed four store refits taking the total to 11 for the year, in addition to the downsize and refit

“Furthermore, the growing desire for added-value features like lighting and custom design elements are also helping to grow profit margins with additional sources of revenue coming from outside the kitchen like the utility room, bathroom, fitted wardrobes and walk-in dressing rooms.” of the Maidstone store.

The manufacturer saw sales growth of 20% in 2021 and 54% from 2018-2022, with annual revenues rising from €65million euros in 2018, to €100million in 2022.

To support its growth, the company will invest €15millon on an increased capacity and €2.5millon on a production line.

Wickes also opened a new store in Bolton in October, and it states there are plans for further openings in 2023.

CEO of Wickes David Wood commented: “Wickes traded well during the period, with Group sales up 11.5%, underpinned by our relentless focus on value, availability and service.

“With the increased cost of living and colder winter months, we have seen more customers turning to Wickes for help to reduce their energy usage and bills.”