Aga Rangemaster cooks up profit growth
Leamington Spa-based Aga Rangemaster has revealed revenue growth of 6 per cent to £259m in its year-end results for 2010. The company, whose brands include Aga, Fired Earth and Falcon, also made an operating profit of £5.1m compared with a loss of £1.5m in 2009.
The company said its two "flagship brands", Aga and Rangemaster were “key” to the sales growth.
The heritage brand also experienced a rise in pre-tax profit for the year to 31 December 2010. Profit before tax was £19.9m, a steep rise on its 2009 result of £500,000.
Net cash also increased to £34.6m from £28.0m at the end of 2009.
William McGrath, chief executive, said: "Our two core brands, Rangemaster and the classic AGA, put in strong performances and were key to the near 6 per cent revenue increase we saw during 2010.
"We expect similar trend lines in 2011 in spite of the clouds over consumer markets. Strong finances, good operational gearing and investment in new products were the themes of 2010 which will bring clear cut progress in 2011."
