AGA RANGEMASTER Interim Management Statement
November 19 2012 - 2:00AM
UK Regulatory
TIDMAGA
19th November 2012
FOR IMMEDIATE RELEASE
AGA RANGEMASTER GROUP PLC ("AGA RANGEMASTER")
INTERIM MANAGEMENT STATEMENT
AUTUMN SALES SEASON NOW SHOWING ENCOURAGING SIGNS
AGA Rangemaster, the range cooker and kitchen living specialist, today issues
an interim management statement for the period from 1st July 2012.
After a late start to the autumn season, trading for our major brands has shown
some encouraging signs. The trend that saw AGA volumes up 4% at the half year
has continued. The recent addition of the programmable 5-oven iTotal Control
and developing more effective international dealer structures should help
maintain momentum. Rangemaster continues to show its strength as a market
leading kitchen appliance brand with growth on the continent off-setting UK
market weakness. Conditions in Ireland remain tough and sales there are
stabilising at levels appreciably below last year.
Fired Earth has sustained its like-for-like improvement with orders up over 8%
led by a strong performance in tiles and is trading at close to break-even for
the year.
In North America AGA Marvel continues to make progress and new market
opportunities indicate an appreciably better 2013.
Grange, available in over 40 countries worldwide, has seen its performance
negatively impacted by its USA operation. A further rationalisation programme
is in process to improve performance there.
The new financing arrangements for the Group's Pension Scheme are close to
finalisation and will provide medium term clarity and stability for all
stakeholders. A further update will be provided in due course.
Work is going well in preparation for the 2013 launch of our products in China
by our partner, Vatti, and for the launch in Europe of their products.
William McGrath, Chief Executive of AGA Rangemaster Group plc commented: "This
is a sound trading performance for the Group. The progress of our product
offering and the expected finalisation of the pension financing arrangements
combine to give an air of optimism for 2013."
Enquiries:
William McGrath, Chief Executive, AGA Rangemaster - 01926 455731
Simon Sporborg / Charlotte Kenyon, Brunswick Group - 020 7404 5959
END
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