The radiator firm said it had made progress on medium-term goals in half year results published to investors on the London Stock Exchange

Radiator maker Stelrad has boosted profits despite a gloomy assessment of its market.

In interim results published to the London Stock Exchange, the Newcastle company – which has its main factory in South Yorkshire – saw revenue of £124m in the six months to the end of June, compared with £136.5m in the same period last year. But adjusted operating profits were up 4.9% to £16.7m, compared with £15.9m.

Bosses said that was thanks to initiatives to boost profitability and offset market weakness. Across the half year, Stelrad saw further volume declines of 14.6%, which it said reflected subdued demand across some of its core markets including the UK & Ireland. That market was down 6.6% thanks to weakness in new build housing, repairs and improvements.

Its volumes in Europe were down 14.4%, and down 61.8% in its smaller Turkish and international segment where there had been a decision to reduce sales. Investors were told of notable decline in Germany, following a decision to leave a loss-making contract, and in France where there had been decline in higher-volume lower-margin parts of the market.

At the end of June, the group had cash of £17.6m, compared with £19m at the end of December, and undrawn facilities of £25.3m. Net debt before lease liabilities was £57.5m, up from £51.1m at the end of December but down on £64.8m at the same point last year. Directors expected a reduction in net debt by the end of the financial year due to seasonality in working capital investment.

Despite the downbeat talk of market weakness, Stelrad said it was well positioned to capitalise on a recovery in demand – though there was a question mark over when that may be. It said progress had been made towards medium-term targets despite the challenging conditions. So far, trading in the second half of the year has been in line with expectations.

Trevor Harvey, chief executive officer, said: “During the period, we delivered a strong 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 optimise our cost base.

“The board remains confident in its strategic pillars and in driving continued shareholder value. Our operational excellence initiatives, underpinned by our competitive advantages and market positioning, mean that Stelrad remains well-placed to target market share gains across the geographies in which we operate.”

In October, Stelrad will pay an interim dividend of 3.19p per share, an increase of 5%. It said the increase reflected a strong group balance sheet and confidence in future growth prospects and increasing cash generation.

LONDON — Meghan Markle turned 45 on Aug. 4 without any public birthday message from Buckingham Palace or Kensington Palace, continuing a pattern that has held since the Duchess of Sussex and Prince Harry stepped back from royal duties in 2020. But royal commentators say that absence of a public post does not necessarily mean the King stayed silent behind the scenes.

Meghan marked the occasion with her own social media posts, sharing photos and videos on Instagram, including images of herself jumping into a swimming pool while holding balloons. Her brand, As Ever, also posted a public tribute, writing simply, “Happy birthday to our founder, @meghan.” Neither King Charles III, Queen Camilla, Prince William nor Catherine, Princess of Wales, issued any public greeting, extending years of royal silence around Meghan’s birthday since the Sussexes’ departure from official royal life.

A Protocol, Not a Personal Snub, Experts Say

Royal commentator Tom Sykes told Page Six the absence of a public message was entirely expected, explaining that there is absolutely no way anything would be posted on the royal family’s official social media feeds for Meghan given her status as a private citizen rather than a working royal. Royal expert Kinsey Schofield offered a similar assessment, noting that the palace has not publicly marked Meghan’s birthday since she and Harry resigned from their senior royal roles, and describing the pattern as a matter of institutional protocol rather than a personal slight.

The royal family has generally reserved official public birthday posts for working members of the monarchy or for milestone birthdays among non-working royals, a practice that has applied consistently to Meghan’s birthdays since 2020, following earlier years in which the family’s official accounts did publicly acknowledge her.

Speculation Over a Private Gesture

While no public message was issued, both Sykes and Schofield suggested Charles may have reached out to Meghan privately, away from the public eye. Sykes described the King as a scrupulously polite man, saying he would expect Charles to send birthday wishes to his daughter-in-law privately even without any public gesture. Schofield offered a similar view, suggesting Charles could have arranged for palace staff to deliver a card or a modest gift, and describing the King as someone who has generally avoided going out of his way to be overtly unkind toward Meghan, despite years of strained family relations.

It’s worth noting that neither Buckingham Palace nor representatives for the Sussexes have confirmed whether any private communication actually took place. Any claim that Charles reached out to Meghan around her birthday remains informed speculation from royal commentators rather than a confirmed fact, and readers should treat it accordingly.

A Birthday Following a Notable Family Visit

This year’s birthday arrived under somewhat different circumstances than in recent years. Meghan’s birthday came roughly a month after a private audience between Harry and King Charles at the monarch’s Highgrove residence, a meeting that had prompted speculation among royal watchers about whether relations between the Sussexes and the wider royal family might be beginning to thaw after nearly four years of public estrangement. Reports also indicated that Harry and Meghan’s children, Prince Archie and Princess Lilibet, visited Charles and Queen Camilla at Highgrove in July, marking a notable development in the family’s limited recent contact.

Despite that apparent softening, commentators have cautioned against reading too much into the visit as evidence of a broader reconciliation. Some reports characterizing the Highgrove meeting have suggested it was not an especially warm encounter, and the continued absence of any public birthday acknowledgment this year suggests that formal royal protocol toward the Sussexes remains largely unchanged, regardless of any private family contact that may have occurred.

Little Expectation of Outreach From William and Kate

While commentators believe Charles may have privately acknowledged Meghan’s birthday, they expressed considerably more skepticism about any message coming from Prince William or Catherine. Sykes said the Sussexes were unlikely to expect birthday wishes from the Prince and Princess of Wales at all. Schofield went further, arguing that there is simply no relationship remaining between Meghan and William, adding that the future king and his wife continue to believe that trust within the family was seriously damaged during the years following Harry and Meghan’s departure from royal duties.

A Pattern Dating Back Years

The lack of a public birthday message from the royal family is not new. Meghan’s 42nd birthday similarly passed without any public tribute from Buckingham Palace or Kensington Palace, a shift from earlier years, including her 41st birthday, when the official Kensington Royal account shared a public birthday message and photo. A palace representative told reporters around that time that the family generally does not mark birthdays for every royal, particularly non-working members, reinforcing the protocol-based explanation commentators have continued to offer in the years since.

What Remains Unknown

For now, there is no public evidence that Meghan’s 45th birthday prompted any thaw between her household and the broader royal family. While royal commentators believe Charles may have quietly acknowledged the occasion in private, no official confirmation, whether in the form of a message, card or gift, has been provided by Buckingham Palace or by representatives for the Sussexes. The question of whether any private birthday gesture occurred is likely to remain a matter of informed speculation among royal watchers rather than an established fact, absent any future confirmation from either side.

The new hub is see a further 50 new drivers being recruited.

Leading logistics venture FSEW has launched Wales’ first dedicated electric charging hub for heavy good vehicles.

In a major investment the UK market leader in global logistics decarbonisation has unveiled its new e-freight hub on a 2.5 acre site at the Old Ely Transport Yard at the Lamby Way Industrial Estate in Cardiff.

The development features high-powered charging infrastructure capable of supporting the heaviest electric trucks on the market. The site will also lead to a recruitment drive for up to 50 new drivers as FSEW aims to expand its electric fleet to 70 vehicles by 2027.

The hub has eight initial charging points, financed, designed and installed by electric vehicle fleet and battery storage specialist Zenobe. The 480kW chargers can power vehicles up with 190 miles of range in just one hour. While primarily powering FSEW’s own fleet the hub will also be available for third party charging by agreed external van and arctic truck operators with compatible vehicles.

The hub development has been supported with a grant from the UK Government’s depot charging scheme.

FSEW was launched in July 2002 after managing director Geoff Tomlinson identified a gap in the market for a customer orientated global freight forwarding company. The firm, which in 2005 was named the fastest-growing indigenous firm in the Wales Fast Growth 50 index, now employs 90 with a fleet of 40 plus trucks.

In December 2024 it officially became diesel free. As the UK’s only freight FSEW was the first company to launch the UK’s first commercial use electric HGVs in partnership with Tesco in 2021.

Mr Tomlinson said: “The e-freight hub is a personal and professional milestone. We are proving that the electrification of heavy freight is not just possible, but commercially viable. By providing accessible, high-power charging, we are removing one of the biggest barriers facing operators today, ‘range and charging anxiety.’

“This hub isn’t just about trucks, it’s about better air quality for our communities and a complete shift in how the industry thinks about energy. Up until this point everything we have done has been self-funded, but we have now secured a grant from the UK Government’s depot charging scheme which is accelerating our plans.”

The project follows the launch of FSEW’s GreenFlow service, an industry first framework that allows clients to achieve international net-zero shipping across road, rail, air, and sea, supporting their path to net zero freight.

Maesteg-based firm Siderise has already used GreenFlow to export containers from Wales to Dubai with a zero-carbon footprint. FSEW’s new Cardiff hub will serve as the physical heart of the GreenFlow service.

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More than 100 research-intensive UK businesses, including AstraZeneca and Jaguar Land Rover, can now support international scientists and engineers to live and work in the UK through the Global Talent visa, under an expansion of the route announced by the government on Thursday 6 August.

For the first time, commercial research businesses can host researchers working on funded projects through the visa’s endorsed funder pathway, which was previously limited to universities, academic institutions and independent research institutes. The government said the pathway has already helped more than 12,500 people from over 130 countries build their research careers in Britain.

The newly approved companies range from global names, including AstraZeneca, which set out a £650 million UK investment plan in 2024, to fast-growing firms such as Added Value Solutions, Denroy Plastics and Ffilm Cymru. Each falls within the eight high-growth sectors identified in the government’s Modern Industrial Strategy, which include advanced manufacturing, digital and technologies, clean energy, life sciences and the creative industries.

Researchers whose expertise is recognised through a research grant will also be able to switch to a new firm or start their own spin-out under the route, the government said.

Jonathan Reynolds, Secretary of State for Business, Innovation, Science and Trade, said: “By expanding the Global Talent visa to more than 100 businesses, we’re making it easier than ever for our most innovative companies to recruit eligible researchers who will develop the medicines, technologies and industries of the future right here in the UK, underpinning our industrial strategy, creating skilled jobs and driving growth in the process.”

Professor Christopher Smith, UKRI’s International, Talent and Skills Champion, said the change “will ensure these benefits are felt across more of the country and in a wide range of sectors, from medicines and AI to the creative and cultural economy”.

The full list of approved host organisations is published on GOV.UK. The expansion follows a change in May that extended the pathway to the remaining members of the Association for Innovation, Research and Technology Organisations, including IBM, and an April simplification of the Global Talent visa’s fast-track academic appointments route, a commitment from the Immigration White Paper.

The government is also preparing to broaden the Future Technology Research and Innovation scheme, a UKRI-run programme under the Government Authorised Exchange visa route that lets eligible companies working on critical technologies host international researchers, interns and technical specialists for placements of up to two years. That expansion will open the scheme to a wider range of R&D-focused businesses in sectors such as AI, quantum and engineering biology.

Alongside the visa changes, the government said the £54 million Global Talent Fund has brought 18 research group leaders to the UK so far, while the Global Talent Taskforce offers a concierge service to attract top international talent.

Oliver Buckley-Mellor, UK competitiveness senior policy manager at the Association of the British Pharmaceutical Industry, said the visa was “one of the most globally competitive routes of its kind, but its potential to boost British science and economic growth was not being fully realised”. He described the change as “a welcome first step”.

The ABPI reported in September that foreign direct investment in UK life sciences fell to £795 million in 2023, 58 per cent below 2017 levels.

Steve Brierley, chief executive and founder of the Cambridge quantum computing company Riverlane, said: “The Global Talent visa gives us a fast, flexible route to bring the best people to the UK, and that speed matters when the field is moving as quickly as quantum is right now.”

Amy Ingham

Amy Ingham is a reporter at Business Matters, covering UK business news with a focus on breaking news, business policy, late payments and insolvency. She joined the magazine in 2026 after completing the NCTJ Diploma in Journalism at Harlow College’s journalism school. Her recent reporting includes British Steel’s nationalisation and its impact on SME suppliers, the decline in late payments by large firms, and Insolvency Service director disqualifications. Reach her at aingham@cbmeg.co.uk.

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