AGA RANGEMASTER Trading Update

 
TIDMAGA 
 
6th July 2012 
 
FOR IMMEDIATE RELEASE 
 
                    AGA RANGEMASTER GROUP PLC ("the Group") 
 
                                TRADING UPDATE 
 
        AGA and Fired Earth sales up with overall sales slightly lower 
 
AGA Rangemaster Group plc, the range cooker and kitchen living specialist, 
today provides a trading update ahead of its interim results for the six months 
ended 30th June 2012 to be announced on 24th August 2012. 
 
Encouraging progress in key parts of the Group was offset by the tough market 
conditions which impacted, in particular, our Irish operations and our Grange 
home furnishings business. A strong May followed by a quiet June reflected the 
patchy nature of the consumer markets. In the first half overall revenues and 
operating profits excluding property profits were slightly lower. However, the 
Group continues to expect revenue and profit growth for the full year as the 
product and cost initiatives work through. 
 
AGA cast iron cooker growth of 4% reflects the successful introduction of 
`Total Control' whilst International displays of Total Control installed during 
the first half are expected to benefit the second half. Sales in Ireland fell 
further in very weak markets. Rangemaster, the UK's leading range cooker 
producer, saw UK cooker volumes a little lower while exports to the continent 
continued to grow. Sink sales volumes - which link to housing completions - 
were up. Fired Earth saw sales up over 6% with better performance across its 
product categories as its turnaround continues. 
 
Our North American operation, AGA Marvel, saw new ranges of refrigeration 
products being established in the market. These sales to date are replacing 
sales to one major customer. Grange home furnishings had a further difficult 
time in North America and revenue and cost initiatives continue to be focused 
on returning the overall Grange operation to profitability. 
 
Discussions about the funding needs of the Pension Scheme on an actuarial basis 
continue with the Trustee of the Scheme and its advisers. The Scheme was fully 
funded on an accounting basis at 31st December 2011. A clear, stable medium 
term framework for the Scheme will be set out as soon as possible. 
 
Cash continues to be closely managed. After payments made as part of the German 
litigation settlement announced in March, increased Pension Scheme funding 
payments, the funding of international expansion and the usual seasonal working 
capital movements, net cash balances at the half year were around GBP12 million. 
 
William McGrath, Chief Executive, commented: "Our performance has been sound in 
a tough first half. We have tremendous brands led by our re-energised AGA 
ranges and key product lines are starting to gain momentum. International sales 
growth remains a central objective. This will become clearer in a year in which 
we expect further progress." 
 
Enquiries: 
William McGrath, Chief Executive, AGA Rangemaster Group plc - 01926 455731 
Simon Sporborg / Claire Boszko, Brunswick Group             - 020 7404 5959 
 
 
END