Aga Rangemaster expects better this year after profit falls in 2014
Range cooker specialist Aga Rangemaster Group served up a mixed platter of results for 2014 with profit down by a third, but suggested a tastier outcome was in the oven for the current year.
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Sales of heat storage AGA cookers increased 9% last year, helping lift group revenues 4.3% to £261.1m, or 5.7% in constant currencies.
Operating profits rose 17% to £9.6m but profit before tax in the year was down 36% to £0.7m, with adjusted underlying earnings per share up 24% to 9.4p.
The launch of updated models in recent years, including the AGA City60 in the autumn, helped to "create a widened market", with 66% of sales from more controllable products launched in the last four years.
After a "slow start" to the new year, AGA said the order intake was now back to 2014 levels as Fired Earth and Marvel have seen the strong trends of last year continue into FY15 and Ireland/France have seen "more encouraging signs".
"Market conditions in our major business areas are expected to improve this year," the company said, with development work in wider markets starting to contribute.
German distributor CoolGiants has been rapidly opening up new outlets and China distributor Beijing Hi Seasons is to have 30 displaying outlets after a formal launch later this month in Beijing.
"Overall, with these developments providing additional impetus, we expect trading outcomes to be encouraging this year."