Demand returns for Aga cookers
The maker of iconic cast iron Aga cookers today said it expected 2009 figures to show a return to profit after seeing a bounce back in demand.
Aga Rangemaster suffered sliding trade amid the recession and slump in the property market, but said sales of both Aga and Rangemaster brands improved at the end of 2009 as the colder weather arrived.
Orders and home surveys for Aga and Rayburn ovens lifted in the final three months of 2009, while Rangemaster had a “good” second half, which saw full-year order intake just ahead of 2008 after a 14% slide at the half-year.
The England-headquartered group said it now expects to report a pre-tax profit for 2009, reversing losses at the half-year stage and marking a recovery from the 47% plunge seen in 2008.
William McGrath, chief executive of the group, said “the cold weather highlights the virtues” of the cast iron cookers and boilers.
He added: “The bounce in Rangemaster sales has been particularly encouraging. Caution, however, remains appropriate in the current economic climate.”
The group said full-year orders were 12% below a year earlier, but this was a marked improvement on the 20% drop seen after the first six months.
Shares rose 6% on the more upbeat news.
