FOR IMMEDIATE RELEASE
11th January 2013
AGA RANGEMASTER GROUP PLC ("AGA RANGEMASTER")
TRADING UPDATE
PROFIT GROWTH ACHIEVED AGAINST CONTINUING HEADWINDS
AGA Rangemaster, the specialist in range cookers and kitchen
living, today issues a trading update ahead of its preliminary
announcement of the results for the year ended 31st December 2012 which will be announced on
Friday 8th March 2013.
We expect profit before non-recurring costs, finance costs and
tax again to be ahead in spite of the continuing headwinds of weak
consumer demand in the home move and improvements markets which
left cooker revenues slightly lower. Fired Earth and AGA Marvel
both finished the year well. Overall revenues were down 2% as they
were at the half year primarily because of declines in Ireland and currency movements.
2013 will see continued cost reduction measures in response to
demand levels and major steps to improve our position at Waterford
Stanley in Ireland and at Grange
which had a weak end to the year in North
America.
Providing the Group with a firm financial foundation for the
medium term was an important accomplishment in the year. The new
arrangements with the Group's pension scheme and agreement on new
banking lines finalised in late November - both running through to
the end of 2015 - mean that the work to position the Group to
achieve growth, irrespective of tough domestic markets, can come
through.
We had a net cash balance of over £5 million at the end of the
year despite the one off deficit payment and contribution payments
into the pension scheme totaling around £20 million, as well as
payments totaling more than £5 million made in respect of the
German minority litigation case dating from the 1990s.
"Our great brands, tight cost control, product innovations and
international market development programmes continue to sustain us
against the headwind of weak housing transaction levels - for which
prospects are now somewhat better. We will be investing in our key
brands to make sure 2013 is a more progressive year for the Group."
William McGrath, Chief Executive,
AGA Rangemaster Group plc.
Enquiries:
William McGrath, Chief Executive,
AGA Rangemaster Group plc - 01926 455731 Simon Sporborg / Charlotte Winsley, Brunswick Group - 020 7404
5959