14th Aug 2015 06:29
LONDON (Alliance News) - AGA Rangemaster Group PLC on Friday reported a wider pretax loss in the first half of 2015, despite a rise in revenue, as it booked costs associated with its takeover offer by US kitchen products company Middleby Corp.
AGA Rangemaster, which makes brands including AGA and Rayburn range cookers and Fired Earth kitchen and bathroom products, said it made a pretax loss in the half year ended June 30 of GBP4.0 million, wider than the GBP0.3 million loss it made in the first half of 2014, even though revenue grew to GBP125.4 million from GBP123.4 million.
The company is being taken over by Middleby in a GBP129 million deal that was secured in July. On Friday, AGA Rangemaster said that its pretax loss widened due to increased pension charges and professional costs associated with the offer.
Completion of the acquisition is expected to take place by September 23.
''Our product investment programmes have ensured we are ready to benefit from the improving trading backcloth. Working with Middleby should provide additional momentum to enable our operations to thrive,'' Chief Executive William McGrath said in a statement.
AGA Rangemaster said it will not pay an interim dividend.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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