AGA Rangemaster Grows Profits Despite Stagnant Market
May 14, 2013
| Print this page
AGA Rangemaster Group PLC, based in the UK, reported revenue from continuing operations of #244.6 million, down 2.5% from #250.9 million in 2011. Operating profit in 2012 was #6.5 million, up 6.6% from #6.1 million in 2011.
Positive signs in 2012 included encouraging sales of AGA cookers, Fired Earth tiles, and North American sales of Marvel refrigerators.
"2012 was a year which required the most determined efforts to achieve profit growth," noted William McGrath, Chief Executive, upon release of 2012 results. "While a market upturn in the near future is unlikely our prospects are good. We have heritage brands with contemporary relevance which creates tremendous opportunities in both established and new markets for us. With major marketing initiatives imminent we expect to see greater impetus in the coming months."
In North America, the group saw a modest pickup in volumes for undercounter refrigerators. The group considers this a noteworthy achievement in light of losing a major OEM account.
The group saw "quite a significant change in underlying sentiment" in the premium appliance market in North America, and expects volume growth is in the near future.
Back to Breaking News