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8 May 2009 11:00
8th May 2009 AGA RANGEMASTER GROUP PLC AGM AND INTERIM MANAGEMENT STATEMENT
Aga Rangemaster Group plc held its Annual General Meeting at 11.00 am today at which the following statement relating to the 17 week period ended 1st May 2009 was made.
"2008 was a year in which we delivered sound operating profits, developed our market leading brands and maintained a net cash position despite increasingly difficult markets.
Economic conditions remain testing and unpredictable but we continue to act decisively. Against this background, our Rangemaster operations continue to trade satisfactorily and to grow market share. We have a strong, expanding product range and as the only major UK-based manufacturer in our segment we have benefitted from the weakness of sterling. Aga has seen the level of enquiries stabilise but order levels are currently well down on prior years. Marvel, our US refrigeration business, has seen the sharp volume falls of the last 18 months continue.
Orders overall in the period were down over 20% on the same period last year and we continue to cut back on production and to implement cost saving measures. We expect the strong promotional campaigns we are running to stabilise the position at that level through to the half year. A summary of these centering on `The Great British Cooker' and the coming Aga programmable burner upgrades is posted at www.agarangemaster.com.
Our primary objectives for 2009, as we indicated in the report and accounts, remain to be profitable and cash generative. High operational gearing means that when market volumes start to improve returns will increase quickly - we will ensure that we are ready to take full advantage. Meanwhile we focus on maintaining the strong financial position we established ahead of the current downturn."
Enquiries:
William McGrath / Shaun Smith, Aga Rangemaster Group plc - 01926 455 731 Simon Sporborg, Brunswick - 0207 404 5459
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