Radiator manufacturer Stelrad has restructured one of its overseas divisions after seeing ‘subdued’ market conditions in recent months.

The company, which is based in Newcastle and has its main manufacturing base in South Yorkshire, has issued a trading update for the 10 months ending October 31. It said that activity in property refurbishment and new-build housing had been falling in recent months, leading to revenues that were lower than the previous year.

It said it “continues to implement proactive margin management initiatives and cost reduction activities”, with cost control measures including a restructuring of its Turkish business. The restructuring led to an exceptional expense of around £1.6m being incurred this year.

But it added that a focus on higher added value products ha

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