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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Aga Rangemaster | LSE:AGA | London | Ordinary Share | GB00B2QMX606 | ORD 46 7/8P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 184.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAGA 21st March 2014 AGA RANGEMASTER GROUP PLC 2013 ANNUAL REPORT & ACCOUNTS AGA Rangemaster Group plc (the "Company") has today posted or otherwise made available to shareholders the following documents: * Annual Report & Accounts for the year ended 31st December 2013 (`2013 Annual Report & Accounts'); * Notice of Annual General Meeting (`AGM Notice'); * Form of Proxy. The Company's 2014 Annual General Meeting will be held at Mallory Court Hotel, Harbury Lane, Leamington Spa, Warwickshire CV33 9QB on Thursday 1st May 2014 at 11.00a.m. In accordance with Listing Rule 9.6.1R a copy of each of these documents has been uploaded to the National Storage Mechanism and will be available for viewing shortly at www.hemscott.com/nsm.do. As required by Disclosure and Transparency Rule 6.3.5R, the Company confirms that the 2013 Annual Report & Accounts and the AGM Notice are now available to view or download in pdf format on the Company's website at www.agarangemaster.com/investor-relations. Copies of the above documents may be obtained directly from the Company Secretary at the Company's registered office: AGA Rangemaster Group plc, Juno Drive, Leamington Spa, Warwickshire CV31 3RG. The Company's 2013 Full Year Results announcement of 7th March 2014 contained a management report as well as the audited financial statements which were prepared in accordance with the applicable accounting standards. The 2013 Annual Report & Accounts contains information regarding the Company's key risks and uncertainties, related party transactions and a responsibility statement relating to the content of the 2013 Annual Report & Accounts. An extract of this information is provided below as required by Disclosure and Transparency Rule 6.3.5R, however this material should be read in conjunction with and is not a substitute for reading the full 2013 Annual Report & Accounts. Page numbers and cross-references in the following appendices refer to page numbers and cross-references in the 2013 Annual Report & Accounts. APPENDICES Appendix A: Key Risks and Uncertainties The key risks and uncertainties are set out on pages 20 and 21 of the 2013 Annual Report & Accounts. The unedited full text relating to these disclosures is set out below: Key risks and uncertainties The Group has a robust system of risk management designed to identify, evaluate, mitigate and manage the risks faced by the Group, including business and wider social, environmental and ethical issues. The Group's internal control and risk management policies and procedures are set out on page 36. The board regularly review the risks faced by the Group and consider the following to represent the principal risks and uncertainties that may impact on the Group's long-term performance and could cause actual results to differ materially from the expected and historical results. As the Group seeks to exploit new opportunities the profile of these risks might change and new risks, or risks that are currently deemed immaterial, may also impact on delivery of the Group's performance. RISK MITIGATION COMPETITION/MARKET EROSION The Group operates in a number of * We have differentiated, high competitive markets. Our competitors quality products and actively invest could introduce upgraded products in new product development and and increase their marketing design to maintain our position. expenditure, both of which might impact our market share - such as * New products are extensively from entrants selling exclusively researched and market tested. online. Competition might also generate downward pressure on * Constant monitoring of our market pricing. A reduction in demand for position and competitor strategies. our products or a significant reduction in price could impact the * Value engineering programmes Group's ability to deliver its assist with the maintenance and strategy and business plans. enhancement of margin and pricing strategies. FINANCIAL COVENANTS AND FUNDING The Group has bank facilities in * Our bank facilities are sufficient place to support its operations and for our needs and do not mature to provide guarantees to cover until the end of 2015. future contributions to the pension scheme. * The Group keeps its bankers regularly informed of its progress A breach of banking covenants could against its strategy, business plans result in additional financial and financial covenants. operating restrictions being placed on the business and could have wider * The Group focuses closely on cash impact including that with the management. trustee of the pension schemes. FINANCIAL INSTRUMENTS The Group is exposed to foreign * The Group's treasury policy sets exchange and interest rate risks as the framework for hedging foreign it sells its products and sources exchange and interest rate risks. components worldwide. Significant movements could impact on future * The Group offsets currency flows profitability and cash flow (for internally where possible and puts further details see note 19 to the in place foreign exchange contracts, accounts). where appropriate. GENERAL ECONOMIC CONDITIONS The Group's operations are sensitive * The Group reviews financial to global economic conditions forecasts and monitors economic particularly the consumer and conditions (in particular housing housing markets. Our exposure is market trends in the UK and the US) most notable in the UK. Whilst there to assess the impact on its budget are signs of economic recovery, a and strategic plans. significant future downturn in the UK might impact production levels * The Group seeks to increase and profitability. international sales and to reduce individual market dependency. Improved global economic conditions Internal processes are in place to would bring benefits given the monitor continually progress and the operational gearing of the Group, availability of raw materials and but might also result in an increase components. in raw material prices or restrict the availability and quality of components. HEALTH, SAFETY AND ENVIRONMENTAL A health and safety incident could * We are committed to achieving the result in serious injury to the highest standards. We conduct Group's employees, visitors to our regular audits to ensure compliance premises or customers. Further, an with relevant laws and regulations. environmental incident could impact on the community in which we * Accreditation to ISO 9001:2008, operate. The environmental ISO 14001:2004 and BS OHSAS 18001: performance and reputation of our 2007 ensures a framework is in place products may affect customer demand. with clear policies, procedures and audits. In 2013, we have established a health and safety executive committee of the board with a focus on these aspects of the business. * Our product development and value engineering programmes help ensure product performance is continuously improved, taking advantage of new and emerging technologies. INTELLECTUAL PROPERTY The Group owns several well known * Register trademarks, patents and brands and other intellectual designs in existing and new markets property. Failure to protect our and take legal action as rights in our existing and new appropriate. markets could lead to a reduction in their value. * Actively monitor the market to identify and address breaches of our rights. LEGAL, REGULATORY AND LITIGATION The Group's operations are subject * We are committed to the highest to many different areas of standards and conduct regular audits regulation. Greater government covering business processes and intervention and increased product behaviours to ensure compliance with regulation can impact our business relevant laws and regulations. operations but also presents new opportunities. Further, we may take * We enter into dialogue with legal action against third parties regulators regarding any proposed to enforce our rights or face changes to product regulation with a litigation from third parties. This view to being compliant, which can may result in reputational damage result in competitive advantages. and financial cost. The Group also has a long and complex history which might give rise to legacy issues. OVER RELIANCE ON ANY INDIVIDUAL CUSTOMER OR SUPPLIER * The Group sells its products The Group's profitability could be through a wide range of channels and impacted if any single customer markets which helps to minimise became business critical. Further, single customer dependence. the failure of a business critical supplier might also impact our * We closely monitor our supply ability to deliver products on a chain and employ a range of timely basis. strategies to reduce reliance on individual suppliers and minimise Approaches to distribution are the impact of potential supplier changing, emanating from increased failures. consumer use of the internet, which could alter dealer and distributor structures within the industry. PENSION SCHEME FUNDING The Group is the sponsor of a large * The Group works closely with the and mature defined benefit pension trustee of the pension scheme and scheme and can be called on to meet has in place a long-term funding and funding deficits. A formal actuarial investment strategy agreement to valuation of the scheme is manage closely assets and undertaken at least every three liabilities in relation to each years, and any such valuation may other. reveal an increased deficit that may require the Group to provide * Following the triennial actuarial additional cash contributions or valuation undertaken as at 31st guarantees. Actuarial valuations are December 2011 a new deficit recovery heavily driven by prevailing gilt plan was agreed and in 2012 a GBP16.0 yields which can be subject to million contribution from cash held market distortions or affected by on government action. This can lead to wide fluctuations in the appraised deposit was made. Further deficit liabilities which could, as a contributions will not be made by consequence, severely constrain the the Group until 2015. finances of the Group. * The defined benefit scheme is Deficit recovery plans need to be closed to new entrants and agreed with the trustee of the pensionable salaries were frozen in scheme who has to take the views and 2009/10. The level of current powers of The Pensions Regulator pension provision in the Group is into account. kept under review. * Cash flows within the defined benefit scheme are closely monitored to link the requirements to pay pensions with cash generated from the assets held. * The Group also monitors market conditions and discusses with the trustee further steps to reduce the level of contingent dependency of the scheme on the Group. * In 2014 the Group became subject to the UK pension auto-enrolment requirements and a new pensions vehicle has been put in place for this purpose. PEOPLE As the Group seeks to exploit new * The Group annually reviews its opportunities both in the UK and succession and development plans for overseas it will need to both key personnel and the board is kept recruit new personnel and develop updated. existing people to meet new challenges. Competition for quality *The Group HR director oversees personnel remains high and a failure personnel strategy. to attract and retain the right people might in time erode our * Remuneration packages including competitive advantage. fixed, variable and long-term elements and compensation A failure to plan adequately for arrangements are regularly succession or to develop new talent benchmarked to ensure the Group's could also damage the future remuneration policy remains in line prospects of the Group. with market practice. Appendix B: Related Party Transactions The related party transactions are set out in note 28 to the Group accounts on page 82 of the 2013 Annual Report & Accounts. The unedited full text relating to these disclosures is set out below: The Group recharges the Group pension scheme with part of the cost of administration. The total amount recharged in the year to 31st December 2013 was GBP0.1m (2012: GBP0.1m) and this was included in the amount outstanding at the year end of GBP0.1m (2012: GBPnil). Key management's compensation The compensation of the key management team, including executive and non-executive directors, at the balance sheet date is set out below: 2013 2012 GBPm GBPm Salaries and short-term benefits 1.6 1.7 Post employment benefits 0.1 0.1 Share based payments 0.1 0.1 _______________________________________________________ Total emoluments to key management 1.8 1.9 _______________________________________________________ Appendix C: Responsibility Statement The 2013 Annual Report & Accounts contain a responsibility statement in compliance with DTR 4.1.12 signed by order of the board by W B McGrath, Chief Executive and S M Smith, Finance Director. The directors' responsibility statement is set out on page 30 of the 2013 Annual Report & Accounts for the Group. This statement is set out in unedited full text below. This states that on 7th March 2014, the date of approval of the 2013 Annual Report & Accounts, the directors confirm that to the best of their knowledge: * the financial statements, prepared in accordance with IFRS, give a true and fair view of the assets, liabilities, financial position and profit of the Company and the undertakings included in the consolidation taken as a whole; and * the strategic report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation as a whole, together with a description of the principal risks and uncertainties they face. For further information contact: P M Sissons Company Secretary AGA Rangemaster Group plc Telephone Number +44 (0)1926 455755 END
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