5 May 2011 11:00
5th May 2011 AGA RANGEMASTER GROUP PLC AGM AND INTERIM MANAGEMENT STATEMENT
AGA Rangemaster Group plc is holding its Annual General Meeting at 11am today at which the following statement relating to the four month period to 30th April 2011 will be made by the Chairman, John Coleman.
"2010 saw good progress by the Group as we focused on range cooking and kitchen living. This was despite the exacting market conditions. We note, in particular:
* The restoration of revenue growth - up nearly 6% at £259.1 million and a commensurate improvement in operating profit. * The further strengthening of our net cash position at £34.6 million, up from £28 million in the prior year as we focused on reducing working capital requirements. * 2010 saw the position of our pension scheme improve. On an accounting basis it moved back to a surplus - £7.1 million on assets of £759.5 million at 31st December 2010 - whilst indications were that the deficit on the basis of the actuarial assumptions fell appreciably in the year.
Trading at the start of 2011 began well. Since the middle of March consumers have been more cautious and orders were down year-on-year in April. We are now anticipating some improvement in sentiment supported by new products from AGA, AGA Marvel and Rangemaster. The introduction of a new generation of products from AGA is, in particular, expected to provide a redefinition of the product and drive sales momentum.
We continue to place great onus on managing the cost base and raising efficiencies given that consumer demand remains patchy and the high level of economic uncertainty.
We are seeing, in particular, benefits to Group profitability from better performances driven by cost reductions from AGA Marvel and Fired Earth which have suffered during the sustained downturn in their markets. The integration of our North American operations in the last 2 years into a new facility for manufacturing and distribution in Greenville, Michigan has worked well.
Given these factors we continue to believe that the systematic work to improve our operations and to focus on niche markets where we can strengthen further established positions supported by new products does indicate that 2011 will be a year of clear cut progress."
Enquiries:
William McGrath / Shaun Smith, AGA Rangemaster Group plc - 01926 455 731 Simon Sporborg / Charlotte Kenyon, Brunswick - 0207 404 5459
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