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Ok thats my buy in triggered, AGA can now rise up again now.
William McGrath, Chief Executive commented: "In the current market we are pleased with our performance, strong cash balance and market leading positions. Looking forward we are excited about the growth opportunities for our new products led by AGA Total Control which epitomises our plans for the future."
Profit growth achieved and AGA Total Control launch well received AGA Rangemaster Group plc, the range cooker and kitchen living specialist, today provides a trading update ahead of its interim results for the six months ended 30th June 2011 to be announced on 26th August 2011. The Group has had a solid first half to the year. Good operating profit progress was made even though housing-related consumer expenditure remained subdued. Revenues were slightly lower but margins improved, particularly in parts of the Group that had been weaker performers. Net cash balances have increased year-on-year. Rangemaster cooker volumes were, overall, slightly down because of the relatively quiet UK market. Exports continued to achieve new record levels on the continent. The Group is now seeing the benefit of decisive management action taken at Fired Earth. The run rate of losses has fallen sharply. A clear plan with a strong incentive structure is in place to improve performance over the next three years. For AGA Marvel in North America demand remains subdued and the onus remains on programmes to widen the customer base using, in particular, a new range of premium undercounter refrigerators. Profitability has improved following the rationalisation of Heartland cooker production and the cold lines of Marvel into the one Greenville, Michigan production, distribution and service support facility. The major development for the Group in the first half of the year was the UK launch of AGA Total Control which was very well received. It will be launched this autumn in international markets. The flexibility of the AGA Total Control - "On when you need it; off when you don't" - is attracting new customers to the radiant heat cooking of cast iron ovens and the sales to owners trading up continues to rise. AGA Total Control will bring renewed sales momentum for AGA in the second half of the year and is central to our strategy to grow cast iron cooker sales substantially. Cash flows remain carefully managed and working capital ratios are now in line with long run objectives. At 30th June 2011 net cash was in excess of the £22.4 million balance of a year ago.
"This acquisition is about continuing and reinforcing our strong support for cast iron products in the field and offering customers a wider range of new modern models to consider." William McGrath, Chief Executive, AGA Rangemaster Group plc.
FOR IMMEDIATE RELEASE 1st April 2011 AGA WIDENS COOKER RANGE WITH ACQUISITION OF REDFYRE AGA Rangemaster Group plc ("the Group"), the specialist in range cookers and kitchen living, has acquired the business and principal assets of Redfyre Cookers ("Redfyre") and Don Heating Products ("Don") from Gazco Ltd. They currently have a combined revenue of around £1 million per annum. The consideration is approximately £0.75 million, subject to a final stock adjustment, and has been funded from the Group's existing cash resources. Redfyre, whose history dates back to the 1930s, is a well-established cast iron cooker brand selling oil, gas and electric range cookers. Redfyre has much in common with the Group's Irish based Stanley operation and the two brands will now work closely together. Don has, for many years, supplied spare part components for cast iron range cookers in the field including AGA, Rayburn, Stanley and Redfyre and fits neatly with the Group's product upgrade programme.
going on here over last two days. Anyone in this that can shed any light as to why?
William McGrath, Chief Executive commented: "Our two core brands, Rangemaster and the classic AGA, put in strong performances and were key to the near 6% revenue increase we saw during 2010. We expect similar trend lines in 2011 in spite of the clouds over consumer markets. Strong finances, good operational gearing and investment in new products were the themes of 2010 which will bring clear cut progress in 2011."
Strategic and operational highlights * Revenues rose nearly 6% in the year to £259.1 million; operating profit before amortisation increased to £6.9 million (2009: £0.1 million) and profit before tax including pension curtailment gains was £19.9 million (2009: £0.5 million). * Net cash rose again to £34.6 million from £28.0 million at the end of 2009 and £5.8 million at the end of 2008 reflecting continuing tight cost and cash flow management. * Dividends were restored for the year at a total of 1.7 pence per share (2009: nil) - a sign of the Group's confidence in its prospects. * Product development programmes of recent years are now providing traction in existing and new markets. We expect this to support the trend for range cookers to take share from equivalent built-in formats.
http://investegate.co.uk/Article.aspx?id=20110311070000PC6FA
Aga makes hot profits By Lee Wild Date: Friday 11 Mar 2011 LONDON (ShareCast) - Expensive cooker maker AGA Rangemaster dished up a big increase in profits last year as sales picked up during the second half. Profit before tax swelled to £19.9m from £0.5m the year before, though £16.3m of that was down to a one-off curtailment gain after the firm froze final salaries in the pension scheme. An operating loss of £1.5m in 2009 turned into a profit of £5.1m this time on revenue up almost 6% to £259.1m compared with a 4.8% increase at the interim stage. Just under two-thirds of sales – 63% - were in the UK. "Our two core brands, Rangemaster and the classic AGA, put in strong performances and were key to the near 6% revenue increase we saw during 2010,” chief executive William McGrath said. “We expect similar trend lines in 2011 in spite of the clouds over consumer markets. Strong finances, good operational gearing and investment in new products were the themes of 2010 which will bring clear cut progress in 2011." A final dividend of 1p a share makes a total of 1.7p for the year.
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 2010 which will be made on Friday 11th March 2011. Group Overview AGA Rangemaster performed well in November and December and traded in line with the Board's expectations through to the end of 2010. Revenues for the year were up 5% on 2009's £245 million. Tight cash management and the focus on costs helped provide a good cash flow and at 31st December 2010 net cash exceeded £33 million - a further improvement on last year end's net cash of £28 million. This is after a £2 million deficit recovery payment to the Group's Pension Scheme. Operational Review Increased sales of AGA and Rangemaster cookers boosted performance in 2010. Sales of AGA cookers closed strongly and were well up year on year. Overall cast iron cooker sales, including Rayburn and Stanley - where sales are largely in Ireland - were lower in the full year but ahead in the second half. Rangemaster cooker sales volumes were up nearly 5% in the year. Sales were particularly good in the 200 Rangemaster design centres where comprehensive ranges of Rangemaster appliances are available. Sales of induction models of Falcon and Mercury lines and of branded related appliances such as fridges were all strong. 24% of Rangemaster cooker sales were exports - up over 21% on 2009. France is now its largest export market. Fired Earth saw an improving trend line later in the year leaving like-for-like orders up 2% in the year. Cookware sales for AGA and Divertimenti beat expectations over the Christmas period. AGA Marvel in North America benefited from recently completed business integration programmes. Consumer markets, however, continue to be weak and sales were marginally lower. Grange had a satisfactory year in Europe and saw losses cut in North America. Our product development initiatives are already having an impact and the launch pipeline for 2011 is excellent. AGA, Rayburn, Rangemaster, AGA Marvel and Fired Earth all have major launches planned for the first half year. Other Items The Group received cash of £7.6 million on 7th January 2011 on the exercise of an option held by Niagara Corporation to acquire the freeholds of certain properties used by metal processing operations it acquired from the Group in 1999. Net income in 2010 from these properties was £0.8 million and the sale will give rise to a book profit in 2011 of around £0.6 million. The Group expects a judgement from a German Court this year relating to the valuation of a minority shareholding in a business which the Group acquired in 1998 and sold in 2001. A provision to meet possible future costs arising has been maintained for some years. William McGrath, Chief Executive, commented: "Our two core brands, Rangemaster and the classic AGA, put i
We have an aga and I would agree, that I would swap my old aga for a new one with twiddley bits, however these are aimed at those who want an aga but cannot see past the latest gadget in the shops, thinks WAGS and you've got it, which is a new market and new customers for aga, which is great for us shareholders. Don't forget they own Fired Earth too, which I would imagine is a great brand and product even in a recession. I've been watching these for 6 months now and could believe i bought today at that price, very solid investment I think, possible takeover target and will come strong out of the recession.
Is that the new aims system that operates each oven individually. Aparantly it's not that good as agas were supposed to be built on ease of use without loads of fiddely bits. Think I'll stick to my original one
If Sophie's the new Nigella, there must be renewed appetite for Agas. Come on up, come on up!
Nice move up today, on what news I don't know, but there are buyers at this price.
There is something in the offing here, needless to say I am now very p****d off that I sold out, barely made enough to buy an Aga and now they are flying. I reckon there must be a bid in here somewhere but not enough of a significant stake having been built up yet to make an announcement. Who the hell would buy into a cast iron cooker manufacturer? I suppose it is a lifestyle choice but not for me.
ST ran an article today about Aga being anything but a green purchase, wonder if this will make a difference.
Well I said I was in, and now I have sold out, made a reasonable profit so cannot complain - still got no idea what is going on here though.
Good question, normal circumstances I would say yes. But my gut says that something is going down here right under our noses. I wouldn't normally think of investing in a fancy cooker manufacturer in this economic climate, but maybe they are being eyed up for recovery. The could be easily overlooked. I have bought in and think I'll ride them unless it looks all wrong.
Do you think it might be the right time to bailout and wait for retrace?
I think something is afoot here, cannot see any reason for this rise, maybe some one is buying stock and the MM are trying to mop up what ever they can to make the order up. The NMS on this is pretty small so large buyers would surely push the price up in an illiquid stock like this.