Financial and operational highlights
- Revenues increased by 5% and operating profits improved in
line with the expected impact of operational gearing.
- Using the successful Rangemaster business model in the UK and North America is raising efficiencies and reducing costs.
- Net cash of £22.4 million is over £20 million higher than at the previous half year driven by continued sound working capital management.
- Dividend payments restored at 0.7 pence per share.
- Order intake remains up indicating improvements seen so far this year should continue through the second half.
"2010 is proving encouraging with Rangemaster driving
improved profit performance even though consumers remain
cautious. Rangemaster's export growth, product innovation and
the breadth of its range of appliances are providing a stimulus and
we look to it, alongside AGA, to trigger the operational gearing we
have in place and we expect this to drive longer term earnings
Full Press Release
William McGrath, Chief Executive: 020 7404 5959 (today)
Shaun Smith, Finance Director: 01926 455 731 (thereafter)
Simon Sporborg / Charlotte Kenyon (Brunswick): 020 7404 5959