AGA RANGEMASTER Interim Management Statement

 
TIDMAGA 
 
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 
 
 
END