AGA RANGEMASTER GROUP PLC - Interim Management Statement

1st May 2013

                           AGA RANGEMASTER GROUP PLC

                     AGM AND INTERIM MANAGEMENT STATEMENT

                    ORDER BOOK PICKING UP AFTER SLOW START

AGA Rangemaster Group plc is holding its Annual General Meeting at 11am today at which the following statement relating to 2012 and the four month period to 27th April 2013 will be made by the Chairman, John Coleman.

"The strength of our product offering and the efficiencies of our operations increased further in 2012, but there was little respite to the long running weakness of the consumer markets in which we operate. We are, therefore, pleased that we were able to increase profitability once again even though overall revenues fell slightly.

So far this year, the modest overall turnover declines of 2012 have continued. We do not take the slow start to the year as indicative of the full year ahead as lead indicators and order intake levels, now level with last year, have become more encouraging. In 2013, we expect increased appliance sales as homeowners move and look to remodel assisted by the Government's encouragement of greater availability of mortgages. This trend is already solidly established in North America where AGA Marvel orders have risen appreciably.

For 2013 we have cost reduction measures already underway, most notably seen in further rationalization programmes involving Waterford Stanley in Ireland and Grange in North America. We are at the same time determined to allocate resources to maximise the benefits from the product innovations of recent years such as AGA Total Control, thereby allowing us to establish positions in faster-growing markets where we can make use of the operational gearing available within the business.

AGA sales to be up this year, particularly in international markets; a return to profit at Fired Earth and success for a broadening offering from Rangemaster are the key themes for 2013. Newly established commercial links, like that with Vatti in China, the gas burner company, will add to the pace of improvement. In our established markets we have the right products and structures in place and we will benefit as confidence in the housing market returns."

Enquiries:

William McGrath / Shaun Smith, AGA Rangemaster Group plc - 01926 455 731 Simon Sporborg / Charlotte Winsley, Brunswick - 0207 404 5959

Copyright l 30 PR Newswire