Interim Management Statement
09 May 2008 - 5:06PM
UK Regulatory
9th May 2008
FOR IMMEDIATE RELEASE
AGA FOODSERVICE GROUP PLC
INTERIM MANAGEMENT STATEMENT
Aga Foodservice Group plc is holding its Annual General Meeting at midday today
at which the following statement relating to the period since 1st January 2008
will be made by Vic Cocker who retires as chairman following the meeting.
"Trading is mixed and sector data indicates the value of cooker sales has
fallen this year in most international markets. Rangemaster's good orders
growth has continued and orders are up over 5% so far this year. After a bright
start our cast iron cooker sales are expected to be flat in the UK in the first
half and down in Ireland where the market is very weak. Trading at Fired Earth
has improved and orders are now up this year by over 10%. Post the sale of our
foodservice operations and the cash return now being implemented, the Group
maintains a strong financial position and net cash.
Against this backcloth the Group continues to raise efficiency levels and cut
costs - key components in the stated objective of raising return on sales to 12
per cent. New opportunities continue to be identified and major initiatives are
underway across the Group, most notably at Marvel in the USA. These measures
will help to offset the sustained pressures of commodity price increases.
The focus on Aga Rangemaster, the proposed new name for the ongoing Group, as a
single consumer company with complementary leading brands such as Fired Earth,
La Cornue and Divertimenti, is starting to bring tangible benefits. The
marketing themes of "Love Aga" and "Rangemaster - The Essential Ingredient"
provide strong campaigns around which we are driving our customer relationship
management initiatives. Therefore, while a slowdown in housing transactions
continues, we expect to show underlying progress this year.
I retire at a point where we are making the exciting transition to a high value
consumer brands group and I am sure that John Coleman is exceptionally well
qualified to take the company forward as chairman."
The resolutions to be put at an Extraordinary General Meeting to follow today's
AGM will, when passed, enable the company to proceed with a return of 121 pence
per share to shareholders to be paid on 29th May 2008. The final dividend of
7.65 pence per share will be paid on 30th May 2008. In addition, there will be
a 3 for 5 share consolidation which will reduce the number of shares in issue
to 69.2 million. The average number of shares in issue in 2008 will be
approximately 86 million.
Enquiries:
William McGrath, Chief Executive, Aga Foodservice Group plc - 0121 711 6015
Simon Sporborg/Charlotte Kenyon, Brunswick Group - 020 7404 5959
Notes to editors:
For further information visit: www.agafoodservice.com
END
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