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I'm thinking about buying in on AGA, but just one line in their half yearly statement is putting me off ! Please can anyone put my mind at rest.? Basically my problem is this: in AGA's half yearly report (24/08/12) they say: "The continued challenges in the economy and lack of activity in the property market have clearly had an impact on demand in the first half as customers delay purchasing big ticket items." Then Balfour (BBY) issue a profit warning in their Interim on the 8/11/12, which seems to confirm the continued slow down by specifically sighting the poor construction in the USA and UK. So in my mind this ties in together: people are not buying houses, so therefore they won't be buying Aga's products..and this looks set to continue into 2013!! Am I right in thinking this way or should I just take the plunge and get in at a good price?
This will show a good growth up to the start of the year, as it always does each year, a real nice share to get your money into and mae a tidy profit
Nice little mention in the daily mail today, overhang cleared, pension debacle looking like there's light at the end of the tunnel and an 86p broker target.
Heavy selling yet SP is rising..someone buying a big dollop of this.
AGA RANGEMASTER GROUP PLC 2012 HALF-YEARLY FINANCIAL REPORT Resilient performance : growth expected for full year AGA Rangemaster Group plc ('the Group'), the specialist in range cooking and kitchen living, is pleased to announce its interim results for the half year ended 30th June 2012. Financial and operational highlights - Classic AGA cooker volumes up 4%: Positive reception for iTotal Control since May launch. Largest ever AGA with 5-ovens launches in September. - European export growth achieved for Rangemaster. Ireland remains challenging. - Resurgence at Fired Earth with revenues up 7%. - Cash balances reduced on legal case settlement and increased pension contributions. - Agreement on clear stable medium-term financing plan for the pension scheme in sight and includes limits on pension contributions and dividend payments. - Growth in 2012 expected in spite of subdued markets with onus on new products and internationalisation. "The continued challenges in the economy and lack of activity in the property market have clearly had an impact on demand in the first half as customers delay purchasing big ticket items. However, our investment in innovation, efficiency drive and great product offer ensures that we are well placed to respond when the market recovers. Our recent collaboration with the Chinese group Vatti demonstrates the opportunities ahead to enter into new markets." William McGrath Chief Executive
£27k and £36k buys......my fans are following me..............ROFL
To go North...I'm in.....christmas orders to cook the turkeys?
The group announced in July that it had entered into a collaboration agreement with gas burner appliance firm Vatti, which will see AGA, La Cornue and Rangemaster products sold in China, rolling out to 500 shops over the next two years. Shares dropped over 10% in early trading on Friday.
The group said that the established UK and Irish markets are likely to remain weak "for some time", and the onus is on new markets like China and on raising market penetration in geographies like North America "where our market position is not yet fully developed". Nevertheless, the firm said that there was no shift in the overall geographical balance of the business in the first half: UK sales contributed 63% of group revenues; Europe 22% and the rest of the world 15%. Revenues for the full year are expected to show growth despite the usual quiet summer period. The group said it is "galvanised or a strong autumn sales push with lines like AGA Total Control and a resurgent Fired Earth in the forefront even if markets remain subdued." Chief Executive William McGrath said: "The continued challenges in the economy and lack of activity in the property market have clearly had an impact on demand in the first half as customers delay purchasing big ticket items. However, our investment in innovation, efficiency drive and great product offer ensures that we are well placed to respond when the market recovers. Our recent collaboration with the Chinese group Vatti demonstrates the opportunities ahead to enter into new markets."
AGA Rangemaster, the maker of upmarket cookers and kitchen appliances, is looking to overseas markets for growth after weakness in established regions pulled revenues lower in the first half. As such, the group decided not to pay an interim dividend; it paid shareholders 0.8p per share at the half-year stage in 2011. AGA said that its decision was part of the agreement with the trustee of the its main pension scheme to restructure the financing arrangement for the scheme through to the end of 2015. "The aim is to provide medium-term clarity and stability," the firm said. The group, which had already announced last month that both revenues and profits would be lower year-on-year, reported revenues from continuing operations of £119.2m in the six months to June 30th, down slightly from £121.4m the year before. AGA said that the initial signs of market improvements seen in the first quarter were not sustained resulting in a further period of weak demand. Profit before tax slumped from £4.2m to £1.6m, while basic earnings per share fell from 4.3p to 1.9p.
On the corporate front we will find out what's cooking at Aga Rangemaster, the oven maker, which is set to declare its interim results. The group has already indicated that overall revenues and operating profits, excluding property profits, were slightly lower in the first half of 2012 than in the corresponding period of last year. Despite this, the group said in early July that it continues to expect to achieve revenue and profit growth for the full year as its product and cost initiatives work through. Particular attention is likely to be paid to Ireland, where sales have been on the slide as the Irish tighten their belts.
Holders of 5,000 or more shares are entitled to a 10% discount on purchases totalling £500 or more from Group Shops including Aga, Divertimenti and Fired Earth. Shareholders may make only single application and the maximum discount is £500. The discount is subject to review each year on 30 September. Shares must have been held for a minimum of 90 days on the date of purchase. This offer cannot be used in conjunction with any other offer. 5,000 shares mininum needed to be eligable.....
Shaun Smith, the Finance Director of cooker maker Aga Rangemasters, has bought 16,090 shares in the firm, on the same day the company revealed a rise in operating profits despite falling revenue. Smith purchased the shares at 87.00p each for a total of £13,998. The Chief Executive, William McGrath, also stocked up, buying himself 28,045 shares at the same price for a total of £24,399. A Non-Executive Director, Jonathan Carling, made his first purchase of shares in the company, buying up 5,000 shares. Revenue dropped from £259.1m to £250.9m, with operating costs lower at £244.8m (2010: £254m). Second half revenues of £129.5m were down 4.5% year-on-year, compared with the first half when revenues fell 1.6% to £121.4m. The proportion of total revenues from outside the UK was flat at 37%. The operating profit for the year was £6.1m, up from the £5.1m reported in 2010, as the group benefitted more fully from the operational efficiencies implemented in 2008 to 2010. "The product introductions and strengthened business processes enabled us to improve margins and provide a continuing optimism that the groundwork is in place to restore profits to levels achieved prior to the economic downturn," the firm said. "We went into 2012 expecting markets to remain tough and we have already undertaken further steps to improve efficiencies and lower the cost base, building on programmes of the last four years. We now have a single set of focused business processes across the UK manufacturing units." Cash dropped from £51.7m to £48.1m, slightly lower than expected. The final dividend is 1.1p, bringing the total dividend for the year to 1.9p compared with 1.7p the previous year.
William McGrath, Chief Executive commented: "The focus for 2011 was on maintaining our strong balance sheet and growing profit. The successful launch of the AGA Total Control ensures its continued relevance as a product at the heart of the home and gives us renewed confidence that we are on course to achieve our long-term performance objectives, even if current market conditions remain exacting."
Espirito Santo downgrades AGA Rangemaster Group from buy to neutral, target price cut from 100p to 75p.
"In these tough market conditions we are encouraged by the performance of our market leading products. Whilst recent events suggest an even tougher autumn ahead, the second half should see the impact of newly launched products gather pace. Most significantly the AGA Total Control will be a factor in driving UK sales performance and its European launch is scheduled for this autumn. The Group is confident that it is well positioned to be a major beneficiary of any upturn in consumer confidence because of the investment in product and the operational gearing of the business."
Financial and operational highlights Ø Operating profit increased to £2.9 million (half year 2010: £0.8 million). Ø Net cash at 30th June 2011 of £25.2 million (30th June 2010: £22.4 million). Ø Launch of AGA Total Control key to future growth prospects for cast iron cookers. Ø Rangemaster remains a clear UK market leader and exports were a record 27% of cooker sales. Ø Improved performance at AGA Marvel, Grange and Fired Earth. Ø Interim dividend up by 14% to 0.8 pence.
http://www.investegate.co.uk/Article.aspx?id=201108260700060575N
Aga looking good to bounce back over the next few months. My girlfriend works for one of the branches and says they are selling plenty at the mo. Plus there could be a special dividend on the horizon, I think these look like a good buy at the mo but please dyor