Thermal Products Segment

Thermal products is focused on growth opportunities in which heat resistance, fire protection and insulation are principal product attributes.

Thermal Products manufactures high-performing products, systems and solutions for high-temperature environments. Our solutions are engineered to improve the safety of people and equipment in demanding environments, reduce emissions, energy consumption and costs in energy-intensive processes. Our products are used in industrial processing of metals, petrochemicals, cement, ceramics and glass, and by manufacturers of equipment for aerospace, automotive, marine and domestic applications. The business generates sales through a well-established distributor network as well as its own network of sales offices.

Thermal Products reported revenue of £418.2 million in 2024,  representing a decrease of 8.0% compared with £454.4 million in 2023. On an organic constant-currency* basis, year-on-year revenue decreased by 0.6%. Revenue performance was impacted by weak market conditions in the second half of the year across all key markets, particularly industrial and metals markets in China, Europe and the USA. Thermal products delivered operating profit of £31.1 million (2023: £29.5 million), with a 90 bps increase in operating profit margin of 7.4% (2023: 6.5%). This performance reflects a sustained focus on cost management across the business, with pricing and cost initiatives more than offsetting the impact of weaker trading performance. Adjusted operating profit* was £40.0 million (2023: £40.2 million) with an adjusted operating profit margin* of 9.6% (2023: 8.8%).