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AGA Rangemaster Group plc announces Streamlined Processes bring Improved Profit Performance

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The AGA Rangemaster Group plc has released the results of its first half year trading statement for the 2011 financial year

The Midlands-based specialist in range cooking and kitchen living has announced an improved profit performance, with a marked rise in operating profit to £2.9 million from £0.8 million

Rangemaster continued to maintain its market share in UK range cookers at over 50% by value with growth continuing on the continent – a record 27% of Rangemaster cooker sales volumes were outside the UK with France, in particular, continuing to grow well

The AGA Rangemaster Group is demonstrably growing it’s business with the launch of AGA Total Control key to prospects for cast iron cooker expansion, the acquisition of Redfyre in April, and improved performance at AGA Marvel, Grange and Fired Earth

The kitchen specialist market in which the wider spectrum of Rangemaster products including refrigeration and sinks are available is a source of growth for the premium Falcon and Mercury brands. Close co-operation with kitchen and appliance specialists has helped the brands maintain strong positions within all trade channels. Over 30% of Rangemaster sales were for products other than cookers

The Group is confident that it is well positioned to be a major beneficiary of any upturn in consumer confidence because of the investment in product and the operational gearing of the business

William McGrath, CEO of Rangemaster, comments: “In these tough market conditions we are encouraged by the performance of our market leading products. Whilst recent events suggest an even tougher autumn ahead, the second half should see the impact of newly launched products gather pace. Most significantly the AGA Total Control will be a factor in driving UK sales performance and its European launch is scheduled for this autumn. The Group is confident that it is well positioned to be a major beneficiary of any upturn in consumer confidence because of the investment in product and the operational gearing of the business.”

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