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19 Nov 2012 07:00
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
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