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Tory election win sparked surge in Aga purchases Tory election win triggers surge in Aga purchases
(34 minutes later)
Upmarket consumers flocked to buy Aga cookers after the Tory election victory in May as they abandoned pre-poll caution.Upmarket consumers flocked to buy Aga cookers after the Tory election victory in May as they abandoned pre-poll caution.
The cookers’ maker, Aga Rangemaster, said it had seen a slow start to 2015 for sales but there had been a “marked change in attitude” after May’s vote. The cookers’ maker, Aga Rangemaster, said sales were slow at the beginning of the year but there had been a “marked change in attitude” after May’s vote. Its Rangemaster lines benefited from greater consumer confidence as well as higher incomes feeding through to more spending on the home and house moves.
It added that its Rangemaster lines benefited from greater consumer confidence as well as higher incomes feeding through to more spending on the home and house moves. The firm reported a 1.5% increase in revenues to £125.4m for the six months to the end of June as it prepares to be taken over by the US kitchen equipment firm Middleby in a deal set to complete next month, valuing Aga at £129m.
The firm reported a 1.5% increase in revenues to £125.4m for the six months to the end of June as it prepares to be taken over by US kitchen equipment firm Middleby in a deal set to complete next month, valuing Aga at £129m.
Operating profits were up 16.7% to £2.8m but bottom line pre-tax profits for the half-year widened from £300,000 to £4m thanks to a higher pension charge and the £3m cost of advisers on the takeover deal.Operating profits were up 16.7% to £2.8m but bottom line pre-tax profits for the half-year widened from £300,000 to £4m thanks to a higher pension charge and the £3m cost of advisers on the takeover deal.
Chairman John Coleman said: “The year started quite slowly for Aga cooker sales with consumers continuing to be cautious. Following the election there has been a marked change in attitude.” Aga’s chairman, John Coleman, said: “The year started quite slowly for Aga cooker sales with consumers continuing to be cautious. Following the election there has been a marked change in attitude.”
Coleman said the group’s core market in the UK was seeing “an economic and political backdrop that is likely to be conducive to increased levels of consumer spending on household goods”. He said the group’s core market in the UK was seeing “an economic and political backdrop that is likely to be conducive to increased levels of consumer spending on household goods”. He said as a result recent trends of higher sales and profits were expected to continue.
He said that as a result recent trends of higher sales and profits were expected to continue. Aga performed well at key retailers such as Dixons Carphone, AO and John Lewis. International sales were ahead and the firm made its first sales to Chinese consumers.
It did well with key retailers such as Dixons Carphone, AO and John Lewis. International sales were ahead and the firm made its first sales to Chinese consumers. Coleman said Aga cooker lines introduced at the end of 2013 were now well-established as bestselling models. The Aga City 60 – designed to be more convenient for younger, urban customers – was now established in the market and “attracting a wider audience to the brand”, with a gas hob version to be launched this autumn, he said.
Coleman also said that Aga cooker lines introduced at the end of 2013 were now well-established as bestselling models. The Aga City 60 – designed to be more convenient for younger, urban customers – was now established in the market and “attracting a wider audience to the brand”, with a gas hob version to be launched this autumn, he said. Cast-iron cooker and stove sales in Ireland remained slow but the Aga Marvel brand had an “excellent” first half in North America, he said. The group’s Fired Earth tiles brand continued to see strong, profitable growth.
He added that cast-iron cooker and stove sales in Ireland remained slow but the Aga Marvel brand had an “excellent” first half in North America. The group’s Fired Earth tiles brand continued to see strong, profitable growth. The chief executive, William McGrath, said: “Our product investment programmes have ensured we are ready to benefit from the improving trading backcloth. Working with Middleby should provide additional momentum to enable our operations to thrive.”
Chief executive William McGrath said: “Our product investment programmes have ensured we are ready to benefit from the improving trading backcloth. Working with Middleby should provide additional momentum to enable our operations to thrive.” A shareholder meeting to approve the takeover is to take place on 8 September. It is expected to complete by 23 September.
A shareholder meeting to approve the takeover is to take place on 8 September and it is expected to complete by 23 September.