Strategic and operational highlights
Profit growth achieved through margin improvements.
AGA Total Control is selling well and is attracting a new generation of customers.
Rangemaster showed impressive resilience in a tough market.
Losses reduced at Fired Earth and Grange and progress is set to continue.
Accounts show a £5.3 million net surplus in the Group's pension schemes which is little changed from 2010 - discussions are progressing well with the trustee of the main pension scheme regarding the scheme's 2011 actuarial valuation and its funding arrangements from 2012.
The year was expected to start slowly given last year's trend lines. More encouraging order intake combined with implementation of the next phase in efficiency gains is setting a more positive tone.
William McGrath, Chief Executive commented: "The focus for 2011 was on maintaining our strong balance sheet and growing profit. The successful launch of the AGA Total Control ensures its continued relevance as a product at the heart of the home and gives us renewed confidence that we are on course to achieve our long-term performance objectives, even if current market conditions remain exacting."
Click here to download the 2011 Full Year Results Press Release
William McGrath, Chief Executive
Shaun Smith, Finance Director
Simon Sporborg / Charlotte Kenyon (Brunswick)
020 7404 5959 (today)
01926 455 731 (thereafter)
020 7404 5959