AGA RANGEMASTER Trading Update

 
TIDMAGA 
 
FOR IMMEDIATE RELEASE 
 
11th January 2013 
 
                 AGA RANGEMASTER GROUP PLC ("AGA RANGEMASTER") 
 
                                TRADING UPDATE 
 
              PROFIT GROWTH ACHIEVED AGAINST CONTINUING HEADWINDS 
 
AGA Rangemaster, the specialist in range cookers and kitchen living, today 
issues a trading update ahead of its preliminary announcement of the results 
for the year ended 31st December 2012 which will be announced on Friday 8th 
March 2013. 
 
We expect profit before non-recurring costs, finance costs and tax again to be 
ahead in spite of the continuing headwinds of weak consumer demand in the home 
move and improvements markets which left cooker revenues slightly lower. Fired 
Earth and AGA Marvel both finished the year well. Overall revenues were down 2% 
as they were at the half year primarily because of declines in Ireland and 
currency movements. 
 
2013 will see continued cost reduction measures in response to demand levels 
and major steps to improve our position at Waterford Stanley in Ireland and at 
Grange which had a weak end to the year in North America. 
 
Providing the Group with a firm financial foundation for the medium term was an 
important accomplishment in the year. The new arrangements with the Group's 
pension scheme and agreement on new banking lines finalised in late November - 
both running through to the end of 2015 - mean that the work to position the 
Group to achieve growth, irrespective of tough domestic markets, can come 
through. 
 
We had a net cash balance of over GBP5 million at the end of the year despite the 
one off deficit payment and contribution payments into the pension scheme 
totaling around GBP20 million, as well as payments totaling more than GBP5 million 
made in respect of the German minority litigation case dating from the 1990s. 
 
"Our great brands, tight cost control, product innovations and international 
market development programmes continue to sustain us against the headwind of 
weak housing transaction levels - for which prospects are now somewhat better. 
We will be investing in our key brands to make sure 2013 is a more progressive 
year for the Group." William McGrath, Chief Executive, AGA Rangemaster Group 
plc. 
 
 
Enquiries: 
 
William McGrath, Chief Executive, AGA Rangemaster Group plc - 01926 455731 
Simon Sporborg / Charlotte Winsley, Brunswick Group - 020 7404 5959 
 
 
END 
 

(END) Dow Jones Newswires

January 11, 2013 02:00 ET (07:00 GMT)