7th March 2014
FOR IMMEDIATE RELEASE
AGA RANGEMASTER GROUP PLC
OPERATING PROFITS UP AS REVENUES START TO GROW AGAIN
AGA Rangemaster Group plc ('the Group'), the specialist in range cooking and kitchen living, is pleased to announce its full year results for the year ended 31st December 2013.
- Revenues of £250.4 million (2012: £244.6 million) were up 2.4%
for the year; growing 4.4% in the second half.
- Operating profits of £8.2 million (2012: £6.5 million) were up 26.2% indicating operational gearing benefits.
- Profit before tax after non-recurring costs, pension charges and finance costs was £1.1 million (2012 restated: £1.7 million).
- Balance sheet remains strong with total equity of £120.7 million (2012: restated £119.9 million) and net cash of £5.9 million (2012: £5.5 million).
Strategic and operational highlights
- AGA cooker sales volumes grew 10% in 2013 with electric cooker
models now representing 70% of sales.
- Rangemaster orders were just ahead of the prior year, while the other cooker brands overall were slightly lower.
- Fired Earth sales were up over 5% in 2013 and order intake has accelerated further. Grange revenues were down 8%.
- Our new product programmes in place for 2014 show the range cooker as an urban product where it is a distinctive alternative to the built-in models.
- First accreditation received for new Rangemaster product designed for Chinese market. Launch now in preparation.
William McGrath, Chief Executive commented: "I am pleased with the progress we achieved in the year as AGA volumes increased significantly, Rangemaster orders were ahead and Fired Earth is building momentum.
The tide turning in the housing market proved pivotal and we will benefit as the number of house moves increase. As revenues start to grow, with capacity available and with new products and a widened targeted customer base, we are confident of good progress in the year."
Click here to read the full 2013 Full Year Results (7th March) Press Release.
William McGrath, Chief Executive
020 7404 5959 (today)