Interim Management Statement
May 05 2011 - 5:00AM
UK Regulatory
TIDMAGA
5th May 2011
AGA RANGEMASTER GROUP PLC
AGM AND INTERIM MANAGEMENT STATEMENT
AGA Rangemaster Group plc is holding its Annual General Meeting at 11am today
at which the following statement relating to the four month period to 30th
April 2011 will be made by the Chairman, John Coleman.
"2010 saw good progress by the Group as we focused on range cooking and kitchen
living. This was despite the exacting market conditions. We note, in
particular:
* The restoration of revenue growth - up nearly 6% at GBP259.1 million and a
commensurate improvement in operating profit.
* The further strengthening of our net cash position at GBP34.6 million, up
from GBP28 million in the prior year as we focused on reducing working
capital requirements.
* 2010 saw the position of our pension scheme improve. On an accounting basis
it moved back to a surplus - GBP7.1 million on assets of GBP759.5 million at
31st December 2010 - whilst indications were that the deficit on the basis
of the actuarial assumptions fell appreciably in the year.
Trading at the start of 2011 began well. Since the middle of March consumers
have been more cautious and orders were down year-on-year in April. We are
now anticipating some improvement in sentiment supported by new products from AGA,
AGA Marvel and Rangemaster. The introduction of a new generation of products from
AGA is, in particular, expected to provide a redefinition of the product and drive
sales momentum.
We continue to place great onus on managing the cost base and raising
efficiencies given that consumer demand remains patchy and the high level of
economic uncertainty.
We are seeing, in particular, benefits to Group profitability from better
performances driven by cost reductions from AGA Marvel and Fired Earth which
have suffered during the sustained downturn in their markets. The integration
of our North American operations in the last 2 years into a new facility for
manufacturing and distribution in Greenville, Michigan has worked well.
Given these factors we continue to believe that the systematic work to improve
our operations and to focus on niche markets where we can strengthen further
established positions supported by new products does indicate that 2011 will be
a year of clear cut progress."
Enquiries:
William McGrath / Shaun Smith, AGA Rangemaster Group plc - 01926 455 731
Simon Sporborg / Charlotte Kenyon, Brunswick - 0207 404 5459
END
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