1st May 2013
AGA RANGEMASTER GROUP PLC
AGM AND INTERIM MANAGEMENT STATEMENT
ORDER BOOK PICKING UP AFTER SLOW START
AGA Rangemaster Group plc is holding its Annual General Meeting
at 11am today at which the following
statement relating to 2012 and the four month period to
27th April 2013 will be made by the
Chairman, John Coleman.
"The strength of our product offering and the efficiencies of
our operations increased further in 2012, but there was little
respite to the long running weakness of the consumer markets in
which we operate. We are, therefore, pleased that we were able to
increase profitability once again even though overall revenues fell
slightly.
So far this year, the modest overall turnover declines of 2012
have continued. We do not take the slow start to the year as
indicative of the full year ahead as lead indicators and order
intake levels, now level with last year, have become more
encouraging. In 2013, we expect increased appliance sales as
homeowners move and look to remodel assisted by the Government's
encouragement of greater availability of mortgages. This trend is
already solidly established in North
America where AGA Marvel orders have risen appreciably.
For 2013 we have cost reduction measures already underway, most
notably seen in further rationalization programmes involving
Waterford Stanley in Ireland and
Grange in North America. We are at
the same time determined to allocate resources to maximise the
benefits from the product innovations of recent years such as AGA
Total Control, thereby allowing us to establish positions in
faster-growing markets where we can make use of the operational
gearing available within the business.
AGA sales to be up this year, particularly in international
markets; a return to profit at Fired Earth and success for a
broadening offering from Rangemaster are the key themes for 2013.
Newly established commercial links, like that with Vatti in
China, the gas burner company,
will add to the pace of improvement. In our established markets we
have the right products and structures in place and we will benefit
as confidence in the housing market returns."
Enquiries:
William McGrath / Shaun Smith, AGA Rangemaster Group plc - 01926
455 731 Simon Sporborg /
Charlotte Winsley, Brunswick - 0207
404 5959