24th August 2012
FOR IMMEDIATE RELEASE
AGA RANGEMASTER GROUP PLC
2012 HALF-YEARLY FINANCIAL REPORT
Resilient performance : growth expected for full year
AGA Rangemaster Group plc ('the Group'), the specialist in range cooking and kitchen living, is pleased to announce its interim results for the half year ended 30th June 2012.
Financial and operational highlights
- Classic AGA cooker volumes up 4%:
Positive reception for iTotal Control since May launch.
Largest ever AGA with 5-ovens launches in September.
- European export growth achieved for Rangemaster. Ireland remains challenging.
- Resurgence at Fired Earth with revenues up 7%.
- Cash balances reduced on legal case settlement and increased pension contributions.
- Agreement on clear stable medium-term financing plan for the pension scheme in sight and includes limits on pension contributions and dividend payments.
- Growth in 2012 expected in spite of subdued markets with onus on new products and internationalisation.
"The continued challenges in the economy and lack of activity in the property market have clearly had an impact on demand in the first half as customers delay purchasing big ticket items. However, our investment in innovation, efficiency drive and great product offer ensures that we are well placed to respond when the market recovers. Our recent collaboration with the Chinese group Vatti demonstrates the opportunities ahead to enter into new markets."
Full Press Release:
William McGrath, Chief Executive
020 7404 5959 (today)
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