AGA RANGEMASTER Interim Management Statement
01 May 2014 - 8:00PM
UK Regulatory
TIDMAGA
1st May 2014
AGA RANGEMASTER GROUP PLC
AGM AND INTERIM MANAGEMENT STATEMENT
ORDER INTAKE MOMENTUM CONTINUES
AGA Rangemaster Group plc is holding its Annual General Meeting at 11am today
at which the following statement covering the period 1st January to 30th April
2014 will be made by the Chairman, John Coleman.
"2013 was a year in which the tide turned in our core markets. There was
increased activity in the UK housing market where mortgage approvals rose
sharply in the second half. This started to feed through slowly into increased
UK household expenditure on cookers although the increase was still just 1%. We
were therefore pleased that revenues rose by over 4% in the second half and by
2.4% in the year as a whole. Operating profits in the year rose to GBP8.2 million
from GBP6.5 million in 2012. Our new product introductions combined with the
continued rationalisation programmes drove the profit improvement.
At the start of 2014 we have seen revenues rise faster than in the second half
of last year and that momentum continues in the order intake. We have seen the
encouraging trend lines for AGA continue with orders for the new generation of
Total Control and Dual Control AGA representing over 60% of AGA cooker orders.
For Rangemaster we have seen volumes and prices start to rise after being flat
in 2013. Fired Earth's performance at the start of 2014 has been good. AGA
Marvel in North America is also growing but trading in Ireland and France for
all our brands has started slowly.
The lack of demand during the long market downturn meant we had to cut back and
focus resources on products with well differentiated positions. The strong
product mix we now have and the better trading environment will ensure we
deliver good progress this year."
Enquiries:
William McGrath / Shaun Smith, AGA Rangemaster Group plc - 01926 455 731
Simon Sporborg / Laura Jack-Hayes, Brunswick - 0207 404 5959
END
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