Regulatory Story
Go to market news section View chart   Print

Trading Update

Released 07:00 11-Jan-2013

Trading Update


11th January 2013

                 AGA RANGEMASTER GROUP PLC ("AGA RANGEMASTER")                 

                                TRADING UPDATE                                 


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

We had a net cash balance of over £5 million at the end of the year despite the
one off deficit payment and contribution payments into the pension scheme
totaling around £20 million, as well as payments totaling more than £5 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


William McGrath, Chief Executive, AGA Rangemaster Group plc - 01926 455731
Simon Sporborg / Charlotte Winsley, Brunswick Group - 020 7404 5959


London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.


Trading Update - RNS