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Strategic and operational highlights
- Trading results in line with market expectations with a fall in revenue of 19%.
- Sound financial position maintained with net cash of £2.3 million reflecting good first half operating cash flow.
- Annualised cost savings of £8 million will be delivered in 2009 from initiatives taken since the start of 2008.
- Energetic response to the market conditions seen with AGA Authentic Upgrade Programme; new look for Rayburn and new platforms for Rangemaster.
- Order intake falls have levelled out at around 20% and heading into the major Autumn sales months we expect sales to start to match comparators impacted by last year’s market slowdown.
- Purchase of Mercury brand further strengthens market leadership in UK premium cooker market.
“Cost cutting, good cashflow management and resilient trading are central components of our 2009 story. We have the product and sales initiatives in place now to respond should the Autumn selling season bring the hoped for bounce-back in consumer confidence.”
William McGrath
Chief Executive
2009 Half-Yearly Financial Report Press Release
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Enquiries:
William McGrath, Chief Executive 020 7404 5959 (today)
Shaun Smith, Finance Director 01926 455 731 (thereafter)
Simon Sporborg / Charlotte Kenyon (Brunswick) 020 7404 5959
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