Partly Cloudy

Partly Cloudy

max temp: 9°C

min temp: 7°C

ESTD 1874 Search

UK: Slow property and home improvements markets dent Aga sales

11:27 11 January 2013

AGA Rangemaster

AGA Rangemaster's revenues were 2% down for the year to December 31

RANGE-style cooker specialist AGA Rangemaster said today that pre-tax profits for 2012, excluding exceptional costs, would come in ahead of the previous year, despite “continuing headwinds”.


Weak consumer demand in the home move and home improvements markets had left cooker revenues slightly lower, with overall revenues down 2% at the year-end as they had been at the half-year stage.

However, the company said the decline was primarily down to declines in Ireland and currency movements.

New arrangements with the group’s pension scheme and agreement on new banking lines finalised in late November would help the group position itself for growth, irrespective of tough domestic markets, with 2013 seeing continued cost reduction measures.

There was a net cash balance of more than £5million at the end of the year despite the a one-off deficit payment and contribution payments into the pension scheme totalling around £20m.

“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,” said chief executive William McGrath.

“We will be investing in our key brands to make sure 2013 is a more progressive

year for the Group.”



Ipswich council leader David Ellesmere at the former sugar beet factory site off Sproughton Road.

A new Enterprize Zone involving 10 development sites across East Anglia, with the potential to create 18,500 jobs, was announced by Chancellor George Osborne today.

The Chancellor of the Exchequer, George Osborne, delivering his joint Autumn Statement and Spending Review to MPs in the House of Commons
Photo: PA Wire

The Chancellor’s Autumn Statement and Comprehensive Spending Review today divided opinion between unions employers.

The Buttermarket Centre will become a £35m entertainment complex

Cinema giant Empire has signed up for a new £35m leisure complex being created in the Buttermarket Shopping Centre, Ipswich.

Natalie Moloney, of Woodbridge events firm Pink Lemonade Productions.

An entrepreneur is up for a fifth business award since her event planning company launched last year.

Tony Willson, managing director of Helmsman Services.

Colchester-based training specialist Helmsman Services has secured the largest contract in its 17 year history, for its construction-specific e-learning health and safety courses.

Households with children led an increase in leisure spending during October, according to Greene King.

Greene King has reported a boost to leisure spending during October from the Rugby World Cup and the release of the new James Bond film, Spectre.

Thomas Cook has reported its first annual profit for five years.

The boss of holiday firm Thomas Cook said yesterday that disruption experience since the deadly terrorist attacks in Tunisia, Egypt and Paris was “unprecedented” in his 30-year career.

Hopkins Homes' Bure Place development.

Suffolk-based housebuilder Hopkins Homes has now achieved a hat-trick of national awards for its restoration and conversion of a Victorian listed building in Norfolk.

Andy Fisk and Ian Tooke are the new  joint managing directors at JR Executive Travel.

Suffolk-based JR Executive Travel has been acquired in a buy-out deal valuing the business at £1.8million.

Jonathan Agar of Birketts. left, with Ian Thoroughgood of Grant Thornton.

Suffolk’s leading companies have together recorded solid growth in sales and profits over the past year, according to the new Suffolk Limited report from Grant Thornton.

Most read

Most commented

Topic pages

Local business directory

Our trusted business finder

Property search

e.g. Oxford or NW3
Powered by Zoopla

Digital Edition

Read the East Anglian Daily Times e-edition today E-edition

Great British Life

Great British Life
MyDate24 MyPhotos24