AGA Rangemaster, a firm which specialises in range cookers and kitchen living, has said its overall revenues for 2012 were down two per cent, primarily because of declines in Ireland and currency movements.
However, the group was keen to stress that profit before non-recurring costs, finance costs and tax is set to be ahead, despite continuing headwinds of weak consumer demand in the home move and improvements markets which left cooker revenues slightly lower.
Looking ahead to the current year, the comapny said it will see "continued cost reduction measures in response to demand levels" and major steps will be taken to improve its position at Waterford Stanley in Ireland and at Grange, which had a weak end to the year in North America.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"Providing the group with a firm financial foundation for the medium term was an important accomplishment in the year," it said in a statement.
"The new arrangements with the group's pension scheme and agreement on new banking lines finalised in late November - both running through to the end of 2015 - mean that the work to position the group to achieve growth, irrespective of tough domestic markets, can come through."
The firm had a net cash balance of over £5.0m at the end of the year.
William McGrath, Chief Executive, added: "Our great brands, tight cost control, product innovations and international market development programmes continue to sustain us against the headwind of weak housing transaction levels - for which prospects are now somewhat better. We will be investing in our key brands to make sure 2013 is a more progressive year for the group."
The share price fell 3.83% to 81.50p by 08:44.
NR
-
Is a mortgage in retirement always a bad idea?A mystery shopper exercise shows high street lenders are “shunning” retirees looking to take out a mortgage. Are they right to do so?
-
Three funds to consider as UK small caps trade at 30% discountUK small caps have been unloved for some time, but a shifting economic environment could give them a boost
