AGA Sees Growth in Orders
UK-based appliance maker AGA Rangemaster Group saw revenues increase during the period from January 1 through April 30, 2014.
“We have seen the encouraging trend lines for AGA continue with orders for the new generation of Total Control and Dual Control AGA representing over 60% of AGA cooker orders,” said Chairman John Coleman, speaking during the group’s annual general meeting.
Coleman said the group’s Rangemaster brand saw volumes and prices begin to rise after flat results in 2013. Performance by the Fired Earth brand was characterized as good in the first quarter of 2014. AGA Marvel in North America was also growing in the quarter. However, Coleman said, all AGA brands saw the year start slowly in Ireland and France.
“The lack of demand during the long market downturn meant we had to cut back and focus resources on products with well differentiated positions,” Coleman said. “The strong product mix we now have and the better trading environment will ensure we deliver good progress this year.”
AGA Rangemaster Group plc held its annual general meeting on May 1, at 11am today at which the following statement covering the period 1st January to 30th April 2014 will be made by the Chairman, John Coleman.
Coleman spoke on AGA’s recent financial history: “2013 was a year in which the tide turned in our core markets. There was increased activity in the UK housing market where mortgage approvals rose sharply in the second half,” Coleman said. “This started to feed through slowly into increased UK household expenditure on cookers although the increase was still just 1%. We were therefore pleased that revenues rose by over 4% in the second half and by 2.4% in the year as a whole. Operating profits in the year rose to £8.2 million from £6.5 million in 2012. Our new product introductions combined with the continued rationalization programs drove the profit improvement.”