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Interim Management Statement PRNW 1st May 2013 AGA RANGEMASTER GROUP PLC AGM AND INTERIM MANAGEMENT STATEMENT ORDER BOOK PICKING UP AFTER SLOW START AGA Rangemaster Group plc is holding its Annual General Meeting at 11am today at which the following statement relating to 2012 and the four month period to 27th April 2013 will be made by the Chairman, John Coleman. "The strength of our product offering and the efficiencies of our operations increased further in 2012, but there was little respite to the long running weakness of the consumer markets in which we operate. We are, therefore, pleased that we were able to increase profitability once again even though overall revenues fell slightly. So far this year, the modest overall turnover declines of 2012 have continued. We do not take the slow start to the year as indicative of the full year ahead as lead indicators and order intake levels, now level with last year, have become more encouraging. In 2013, we expect increased appliance sales as homeowners move and look to remodel assisted by the Government's encouragement of greater availability of mortgages. This trend is already solidly established in North America where AGA Marvel orders have risen appreciably. For 2013 we have cost reduction measures already underway, most notably seen in further rationalization programmes involving Waterford Stanley in Ireland and Grange in North America. We are at the same time determined to allocate resources to maximise the benefits from the product innovations of recent years such as AGA Total Control, thereby allowing us to establish positions in faster-growing markets where we can make use of the operational gearing available within the business. AGA sales to be up this year, particularly in international markets; a return to profit at Fired Earth and success for a broadening offering from Rangemaster are the key themes for 2013. Newly established commercial links, like that with Vatti in China, the gas burner company, will add to the pace of improvement. In our established markets we have the right products and structures in place and we will benefit as confidence in the housing market returns." Enquiries: William McGrath / Shaun Smith, AGA Rangemaster Group plc - 01926 455 731 Simon Sporborg / Charlotte Winsley, Brunswick - 0207 404 5959 END
good solid share
Watch these take off now for sure, why...........I sold out at 86.6 earlier today! Best of luck if your holding on. Cheers TJM
"Providing the group with a firm financial foundation for the medium term was an important accomplishment in the year," it said in a statement. "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." The firm had a net cash balance of over £5.0m at the end of the year. William McGrath, Chief Executive, added: "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."
AGA Rangemaster, a firm which specialises in range cookers and kitchen living, has said its overall revenues for 2012 were down two per cent, primarily because of declines in Ireland and currency movements. However, the group was keen to stress that profit before non-recurring costs, finance costs and tax is set to be ahead, despite continuing headwinds of weak consumer demand in the home move and improvements markets which left cooker revenues slightly lower. Looking ahead to the current year, the comapny said it will see "continued cost reduction measures in response to demand levels" and major steps will be taken to improve its position at Waterford Stanley in Ireland and at Grange, which had a weak end to the year in North America.
Still hanging on from 56p, how much higher can it go. wsimmo I think you are spot on with your forecast £1 by Feb/March, and NKOTB hope you are still in !! Been tempted a few time to depart, glad I resisted.....Cheers TJM
Hanging on to the next 5% drop from current..ie...if it drops more than 3p on the day..I'm for out.
A share price drift at branded cookers and kitchen products maker AGA Rangemaster (AGA) presents a buying opportunity. Half-year results (24 August) to June revealed an alarming drop in taxable profits to £1.6 million (2011: £4.2 million) on £119.2 million (2011: £121.4 million) sales amid weak consumer markets in the UK and Ireland. Net cash also reduced to £11.9 million (2011: £25.2 million), not helped by rising pension contributions which continue to weigh on sentiment. However, restructured AGA's investment behind new products and the internationalisation of the business means even modest market recovery should help boost the operationally-geared company's profits in 2012 and 2013 as it raises market penetration in markets including the US and China. Following a late start to its autumn season, trading for its major brands AGA and Rangemaster has improved, while the Fired Earth range has seen sustained like-for-like sales improvement and prospects for the AGA Marvel in North America are positive. Next year's launch of products in China by partner Vatti, a leading Chinese supplier of household appliances specialising in gas hobs, augurs well for long-term prospects too. The tie-up should help AGA's brand exposure in the immense Chinese market at a time when consumers remain hungry for western brands. An additional upside catalyst is an impending update on the new financing arrangements for its pension scheme, which will give the £42.4 million cap breathing space in terms of cash contributions. Consensus for 2012 points to £6.89 million profits and earnings of 7.4p, ahead of 20% growth to £8.27 million and 9.02p respectively in 2013. A prospective PE ratio of 7.0 for 2013 implies significant scope for a rerating.
Hope you resisted the urge to sell once AGA reached your target price of 65p. Where do you think its going now ?
New structured pension scheme, details outlined to 2021 ATB a quid by feb / march IMO
Flying today...................anyone know why ? Knew something was on the cards....Cheers, a happy TJM
2,000,000 + buys after hours.....someone is sucking these up ????????????
Some big buys since close yesterday, who knows something we dont ??
Shares of AGA Rangemaster, the maker of upmarket cookers and kitchen appliances, smouldered after it said trading for its major brands has shown some encouraging signs after a slow start to the autumn season....
It's always good if you have someone 'in-the-know' who works close to the company, so thanks for the nod and the wink, including GKP.! Although with all the talk of "Fiscal Cliff" and "negative GDP in Europe" this is bound to effect commodities such as oil and mining and I'm still licking my wounds with HOIL.! So I may keep my powder dry for the next few weeks..but oh dear me, what has happened with AGA this morning..pre-result nerves perhaps.?? Yes, the dollies are quite nice thank you..ha ha ha, a bit hairy here and there, and the knees are a bit knobbly, but I do have pulsating Quads, all due to running marathons and bike riding! Strangely, I seem to have lost the hair on my lower shins which I understand is hereditary..but other than that, a pair of very nice dollies..!
60p is what I'm in at , and I do tend to get some snippets as I have a friend shall I say ,,, lol works there. Cash at hand and the properties they own values the co at more than 60p a share ATB simmo Ps, get some Gkp let em ride and wait for the court case to end I'll say no more, you'll thank me one day , Pps are the dollies really that good ?? ; ))
Just wanted to say thank you for your detailed and comprehensive reply! The pensions look a bit of a problem for AGA but as you say, it's the huge potential of them expanding into China that has drawn my attention (and no doubt other investors too!). I've noticed a few big buys coming in on the order books so, and also as a result of your knowledgeable replies, I will take the plunge..so fingers crossed!
Yes the US housing market is up but that is due to the Fed and there massive QE program of buying mortgage-backed securities to put the floor/support back in for the housing market so all good on paper, and thus will instil mass confidence in buying houses, and such items like AGA products. Well thats the logical step anyway, what really happens can be very long and very convoluted indeed...
You are correct, some aga big wigs are in china as we speak, 3 shift system in manufacturing dept new products in development, should all come good here and only 8p ish off the all time low , which was a blip after the last results atb
Hi, just read your post and must say that I understand your concern as the construction industry has slowed and will continue to slow during the winter months, but I believe the fundamentals of the business are good. They are growing and expanding into China and trying to establish completely in N. America so it is a time waiting game as they say, but if you look at the quote I have copied then this is a good judgement of what can be expected.... "Current trading and outlook The Group has tremendous brands, the best generation of products it has ever had and capacity available in most of its factories. With the established UK and Irish markets likely to remain weak for some time in the current economic environment, the onus is on new markets such as China and on raising market penetration in markets like North America, where our market position is not yet fully developed. In relation to the business, the pension scheme is large in scale although it is reasonably well funded for most scenarios. This is a key factor in assessing the resources available for the development of the Group. The medium-term financing framework for the scheme includes constraints on dividend payments as resources need to be available to build the intrinsic strengths of the business. The board is focused on achieving outcomes which are in the best interests of all stakeholders given these constraints. In trading terms the Group has seen the usual quiet summer period and is galvanised for a strong autumn sales push with lines like AGA Total Control and a resurgent Fired Earth in the forefront even if markets remain subdued. We are focusing on home movers who are likely to find our newer models and lines particularly relevant to their needs and on export markets. As a result of these and other initiatives the Group expects to make up the revenue shortfall of the first half to show growth in the full year." I hope this helps a little and this is only a snippet of the Half Yearly Report and you will need to look at the financial overviews too to get your true perspective. I am invested myself in AGA and Im a medium/long term investor so Im waiting it out till the end of the year to see where we go from there. Good luck and all the best