AGA.L Regulatory News (AGA)

15th January 2015 FOR IMMEDIATE RELEASE AGA RANGEMASTER GROUP PLC ("AGA RANGEMASTER") Resources to be focused on appliance expansion AGA Rangemaster, the range cooker and kitchen living specialist, today providesan update on trading through to 31st December 2014 and on some strategicinitiatives for 2015. Trading Revenues were up over 4% on 2013 and order intake was higher, notably in theUK. Operating profits and the net cash balance at the year-end were above theprior year. The core UK cooker brands, AGA and Rangemaster saw orders grow in the UK byaround 10%, boosted by new product introductions such as the AGA City60 andRangemaster 60. We had been looking for further improved sales momentum andlead levels indicate that this will come through. In North America, AGA Marvel, with its new generation of refrigeration productsthat have reset sector standards, saw double digit revenue growth for thesecond year running. Fired Earth has strengthened its position as the UK's premier tile retailer andhad an excellent year with sales up 16% to over £27 million. Online sales - asfor AGA Cookshop online - grew strongly. Such progress has been tempered by trading in Europe, where customers remaincautious in their spending because of economic conditions. Waterford Stanley,the Irish stoves led business, and Grange, the French-based furnitureoperation, have been particularly affected by low demand. Corporate Developments The Group's strategy is to focus on the expansion of its core cooker andrefrigeration brands in the UK and international markets. The performance and prospects of Fired Earth are now encouraging. In January2015 the Group used a pre-existing arrangement, dating from 2011, to acquireone-third of the management's 20% shareholding in Fired Earth for a netconsideration of £1 million. The Group is now looking at when it is best torealise value from Fired Earth for shareholders. The Group is also examiningoptions for its loss making furniture operation, Grange. Rothschild has been appointed as corporate finance advisers to the Group. William McGrath, Chief Executive, said: "We have seen continued growth from our core cooker brands AGA and Rangemaster.Fired Earth and AGA Marvel did very well. We remain focused on expanding ourproduct offering and distribution network at home and overseas. Marketconditions suggest 2015 will be a better year for the appliance segment and weare working to configure the business best to take the opportunities thatarise." Enquiries: William McGrath, Chief Executive, AGA Rangemaster - 01926 455731Nina Coad / Venetia Hendy, Brunswick Group - 020 7404 5959