6th Mar 2015 07:53
LONDON (Alliance News) - Cookers and kitchen products company AGA Rangemaster Group PLC reported a fall in pretax profit due to a one-off charge, but said revenue ticked higher on the back of solid sales in the UK and North America, which offset some weakness in Ireland and France.
AGA said its pretax profit for the year was down to GBP0.7 million from GBP1.1 million a year earlier, primarily due to a GBP3.3 million fair value charge it took on its Fired Earth tiles business. Stripping out tax and exceptional costs, the company posted a 17% rise in operating profit to GBP9.6 million from GBP8.2 million.
Revenue increased to GBP261.1 million from GBP250.4 million, up 4.3% on the back of 5.1% growth in the second half, the company said. AGA heat storage cooker volumes increased 9% in the year, while Rangemaster sales were up 6% overall and up 9% in the UK.
Fired Earth and AGA Marvel in the US saw revenue rise 10%, offsetting falls in revenue from the company's Waterford Stanley business in Ireland and its Grange furniture arm in France.
AGA is not paying a dividend for the year.
"2014 was another sound year achieved in easing market conditions. AGA, Rangemaster and Marvel Refrigeration were all strong performers and now have new product platforms established in their markets. We are seeking out strategic links to accelerate the growth strategies for these brands," said Chief Executive William McGrath.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
AGA.L