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FOR IMMEDIATE RELEASE
10th January 2012
AGA RANGEMASTER GROUP PLC ("AGA RANGEMASTER")
TRADING UPDATE
NEW PRODUCT INNOVATIONS ENCOURAGING
BUT MARKETS REMAIN CHALLENGING
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 2011 which will be announced on Friday 9th
March 2012.
2011 proved satisfactory given the caution of customers in the current economic
environment. Revenues were close to £251 million down 3% on 2010 after a tough
end to the year. The work to improve margins and control costs more than
offsets the profit impact. Profit before non-recurring items and tax is
expected to be up, as previously indicated, excluding last year's pension
curtailment gains. Net cash balances at 31st December 2011 were over £30
million.
The evolving product mix, introduction of new manufacturing processes and the
support of new administrative systems have brought new commercial and
efficiency opportunities from which the Group is benefiting. These will be
supported with further initiatives in the months ahead with particular emphasis
being placed on building on our international presence.
Overall sales of cast iron cookers were down but AGA Total Control, launched in
May, is reaching new audiences and contributed to a third of all AGA orders in
the second half of the year. AGA Total Control is now well established in the
UK and the first signs of international traction are being seen. For
Rangemaster, cooker sales were up overseas but down in the UK.
AGA Marvel in North America is seeing encouraging sales momentum. The reduction
in Fired Earth and Grange losses continues - although not as quickly as
planned.
The strong British manufacturing and brand heritage, together with the Group's
innovative products, are relevant themes which we expect to gain in importance
in Britain and overseas during 2012.
William McGrath, Chief Executive, commented:
"The Group has recently launched a formidable range of products including the
AGA Total Control that will drive us forward in 2012. These products will be
backed by commercial and operational efficiency gains that build firmly on the
progress already achieved."
Enquiries:
William McGrath, Chief Executive, AGA Rangemaster Group plc - 01926 455731
Simon Sporborg/Charlotte Kenyon, Brunswick Group - 020 7404 5959
END
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