14th August 2015

FOR IMMEDIATE RELEASE

AGA RANGEMASTER GROUP PLC

2015 HALF YEAR RESULTS

REVENUES AND OPERATING PROFITS UP AND MARKETS IMPROVING

TIMETABLE SET FOR ACQUISITION BY THE MIDDLEBY CORPORATION ('MIDDLEBY')

AGA Rangemaster Group plc ('the Group'), the specialist in range cooking and kitchen living, today reports its interim results for the half year ended 30th June 2015.

Financial highlights

  • Revenues of £125.4 million (2014: £123.5 million) were up 1.5% in the half year.
  • Operating profits were up 16.7% to £2.8 million for the half year (2014: £2.4 million). Our expectations for the full year 2015 operating profit remain unchanged.
  • Increased pension charges and professional costs associated with the offer by Middleby resulted in a loss before tax of £4.0 million (2014: £0.3 million).
  • Net debt of £3.4 million at 30th June 2015 (2014: £2.4 million) reflected higher investment in inventories given the order outlook.



Operational highlights

  • The year started slowly but picked up towards the half year. The new generation of AGA and Rangemaster products are expected to provide a continuing impetus to the business. Trading performances at AGA Marvel, the North American cooker and under counter fridge business, and Fired Earth, the tile business, were particularly strong.

Offer by Middleby

  • The Court Meeting and the General Meeting to consider the Scheme of Arrangement to implement the proposed offer by Middleby to acquire the entire issued share capital of the Group for 185 pence per share will take place on 8th September 2015. Subject to shareholder approval the Scheme of Arrangement is expected to become effective on 23rd September 2015.

William McGrath, Chief Executive 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.

Enquiries:

William McGrath, Chief Executive
Shaun Smith, Finance Director
Simon Sporborg / Nina Coad (Brunswick)

01926 455 731
01926 455 731
020 7404 5959

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