AGA tells shareholders to expect growth in 2015
COOKER and boiler manufacturer AGA Rangemaster has told shareholders it expects to see growth this year after a strengthening in UK markets for its products.
The good news was delivered by chairman John Coleman in his statement to the firm’s annual general meeting.
He said the company was also optimistic of improvement in its export markets and a number of “strategic options” were being considered.
“At the start of 2015 the UK market for appliances has strengthened and growth is expected this year,” said Coleman.
“For us the emphasis for our UK brands is on our spring promotions which are now under way. In North America we are into the third year of growth and the new energy efficiency regulations introduced in September 2014 are helping our market position.
“The benefits of our strong product introduction programmes should now be seen in our international markets In January we appointed Rothschild to explore a number of strategic options and progress is being made.”
He said 2014 had been a year in which new product mix had yielded benefits for the business as market conditions improved.
“We saw overall revenue growth of nearly 5%, with UK growth of over 8% where sales of both AGA and Rangemaster cookers were good,” he said.
“We saw really strong performances from Fired Earth in the UK and from AGA Marvel in North America.”
However, he said this had been somewhat offset by tough trading conditions for Grange furniture in North America and for Waterford Stanley in Ireland.
The company has also confirmed that Paul Jackson has retired from the board.
Jackson served as a non-executive director of the business for nine years and
chaired the remuneration committee. Bob Ivell has replaced him in his latter capacity with immediate effect.
Coleman said: “The board and management wish to thank Paul for his
valuable contributions to the group and in particular his assistance with a
number of our brand and marketing initiatives. We have very much enjoyed
working with Paul and wish him every success for the future.”
TheBusinessDesk.com and international law firm Squire Patton Boggs are currently looking to gauge levels of confidence within the manufacturing sector and to determine what businesses want to see happen over the course of the next 12 months.
A key aspect of this will be a survey, running across all three of our regions, which can be completed here.
It addresses key topics such as skills shortages, the supply chain, education, EU membership, access to finance, energy and reshoring.
Once complete, we will gather the data and use the insight to set the agenda for a series of round tables in May and June with leaders of manufacturing businesses and sector experts, which will then be published on our website later in the summer.
