Strategic and operational highlights
• Revenues rose nearly 6% in the year to £259.1 million; operating profit before amortisation increased to £6.9 million (2009: £0.1 million) and profit before tax including pension curtailment gains was £19.9 million (2009: £0.5 million).
• Net cash rose again to £34.6 million from £28.0 million at the end of 2009 and £5.8 million at the end of 2008 reflecting continuing tight cost and cash flow management.
• Dividends were restored for the year at a total of 1.7 pence per share (2009: nil) - a sign of the Group's confidence in its prospects.
• Product development programmes of recent years are now providing traction in existing and new markets. We expect this to support the trend for range cookers to take share from equivalent built-in formats.
William McGrath, Chief Executive commented: "Our two core brands, Rangemaster and the classic AGA, put in strong performances and were key to the near 6% revenue increase we saw during 2010. We expect similar trend lines in 2011 in spite of the clouds over consumer markets. Strong finances, good operational gearing and investment in new products were the themes of 2010 which will bring clear cut progress in 2011."
2010 Full Year Results Press Release
William McGrath, Chief Executive 0207 404 5959 (today)
Shaun Smith, Finance Director 01926 455 731 (thereafter)
Simon Sporborg / Charlotte Kenyon, Brunswick 0207 404 5959