AGA RANGEMASTER Interim Management Statement

 
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