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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 |
RNS Number:5274A AGA Foodservice Group PLC 06 July 2004 6th July 2004 FOR IMMEDIATE RELEASE AGA FOODSERVICE GROUP PLC - PRE-CLOSE INTERIM TRADING UPDATE In line with market practice, Aga Foodservice Group (Aga) is issuing its regular pre-close trading update, ahead of its interim results for the half year ended 30th June 2004 which will be announced on 10th September 2004. Aga also announces that, in advance of its forthcoming close period, the ongoing share buyback programme has been halted in accordance with the UK Listing Rules, which restrict share purchases during such periods. To date it has acquired 3,705,000 shares under the programme at an average price of #2.37 per share. Overview -------- The benefits of the development plans of the last three years are becoming clear in key areas of the business. Very strong trading performances have continued in UK consumer operations. In foodservice operations, large customers - notably in the UK - were still deferring expenditure and consequently trading was mixed in the period. The first half 2004 will be up on the reported pre tax and goodwill amortisation profit of #14.8 million for the same period in 2003 and the outlook is that the full year will show the expected year-on-year progress. Cashflow in the period was strong compared to the same period in the prior year. Consumer -------- Aga-Rayburn had another record first half with new products like the 3-oven Aga and the electric Aga winning immediate customer acceptance. Orders of Aga branded cookers in the first half were up 10% showing the Group's strong progress beyond the Project 10,000 target achieved in 2003. Aga branded products introduced in the last three years accounted for over 25% of orders. Nearly 20% of orders were outside the UK - well ahead of the prior year. Rangemaster had a very impressive first half. This business continues to benefit from the restructuring carried out by management in 2002 which aligned it with Aga and with higher added value markets. Orders for the period are running up over 20% year-on-year. Fired Earth's orders were up over 10% with the Aga/Fired Earth stores particularly strong. Domain, the US home furnishings operation, saw orders up 17% - slightly down on a like-for-like basis. This growth will feed through into delivered sales and improved trading results later in the year. Foodservice ----------- In Foodservice, the new Infinity Fryer is now on full trial with a number of major quick service restaurants and foodservice chains. Made at Falcon's new home in Stirling, the fryer is expected to be a major engine of growth for the foodservice operations in the UK, USA and Europe. Bakery and foodservice markets remained quiet in the UK although orders have now started to pick up and the number of projects and roll-outs under discussion do suggest a stronger second half. Williams Refrigeration, in particular, saw real order levels improving. On the continent, Bongard saw flat sales volumes but improving margins. Current business opportunities are encouraging. The US foodservice sales were satisfactory but margins were under cost push pressures. The Group's investment in recent years in research and development, production facilities and routes to market now mean it is well placed to benefit from a cyclical upturn in new installations, in addition to the ongoing product replacement cycle. Stockbroker ----------- Collins Stewart have been appointed joint stockbroker to the company with Dresdner Kleinwort Wasserstein. -ENDS- Enquiries: William McGrath, Chief Executive, Aga Foodservice Group plc 0121 711 6015 Jonathan Glass, Brunswick Group 020 7404 5959 This information is provided by RNS The company news service from the London Stock Exchange END TSTGRGDRCUGGGSL
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