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2014 Half Year Results (22nd August)

22nd August 2014

FOR IMMEDIATE RELEASE


AGA RANGEMASTER GROUP PLC

2014 HALF-YEARLY FINANCIAL REPORT

Sound trading : Product mix in place to raise sales tempo

 

AGA Rangemaster Group plc ('the Group'), the specialist in range cooking and kitchen living, today reports its interim results for the half year ended 30th June 2014.

Financial highlights



  • Revenues of £123.5 million (2013: £119.5 million) were up 3.3% for the half year - up 9.7% in the UK.

 

 


  • Group operating profits were up 60% to £2.4 million for the half year (2013: £1.5 million).  Our expectations for full year 2014 operating profit remain unchanged with performance expected to be well ahead of last year (full year 2013: £8.2 million).

 

 


  • Group on track to show strong profit before tax growth (after pension and finance costs) for the full year.  The first half loss before tax fell to £0.3 million from the loss of £2.4 million in the first half of 2013.

 

 


  • Net debt reduced to £2.4 million (30th June 2013: £6.0 million) reflecting increased cash generation.

 

Operational highlights

 


  • AGA continues to make good progress with sales and orders significantly up.  New products are performing well with over 60% of orders in the first six months from products launched in the last three years.

 

 


  • Rangemaster is seeing activity levels continue to increase with sales volumes up over 10% in the UK.

 

 


  • New product launches in the second half, including AGA City60 and Rangemaster 60, are expected to contribute to further sales momentum.

 

 


  • Fired Earth and AGA Marvel in North America are performing strongly while Waterford Stanley in Ireland and Grange in North America continue to experience challenging trading conditions.

 

William McGrath, Chief Executive said: "We are happy with the progress achieved during the period, given our markets are improving but remain varied.  We now have the market wind behind us and the product and distribution in place to benefit.  The AGA City60, in particular, can grab the attention of new urban consumers and is an important ingredient to our growth plans."

William McGrath
Chief Executive

 

Click here to read the full 2014 Half Year Results (22nd August) Press Release.

Click here to learn more about the AGA City60 Advertising campaign.

 

Enquiries


William McGrath, Chief Executive                                             020 7404 5959 (today)
Shaun Smith, Finance Director                                                 01926 455 731 (thereafter)
Simon Sporborg / Venetia Hendy (Brunswick)                           020 7404 5959