3rd Jul 2014 10:12
LONDON (Alliance News) - AGA Rangemaster Group PLC Thursday said it continues to see an increase in both sales and orders, buoyed by increased activity in the UK housing market, which it said has fed through slowly into increases in spending on cookers.
The range cooker maker said it expects to make good progress for the full financial year, supported by an improving UK housing market, which it said drove order intake in the year-to-date up around 6%, and increased sales by close to 4%.
"Group sales and orders have continued to improve although markets remain variable. May was quiet but June was strong. The strength of sterling impacts us," the company said in a statement.
The company's Fired Earth business was particularly hard hit by the downturn, but returned to profitability in 2013 for the first time for several years, said the company.
AGA Marvel and Fired Earth in North America saw order intake increase over 10% in the period, while it said AGA and Rangemaster orders were up by over 6%. Waterford Stanley and Grange were significantly down, it said.
The company said it will continue to invest in both new products and marketing this year to supports its growth plans, and has just launched its new AGA product, AGA City60, designed for "city living" like apartments and terraced houses, which it hopes will broaden its market and customer base.
"It is priced at £4,995 with credit available, thus offering a more accessible pricing structure to attract a new customer base. The national roll out will follow in September 2014," the company said.
The company said it will announce its interim results on August 22.
AGA Rangemaster shares were trading 0.3% lower Thursday morning, at 150.50 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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