Historic cooker maker AGA Rangemaster said group revenues fell but profits were up for 2011 following the launch of new products.
Revenue fell by 3.2 per cent to £250.9m compared to £259.1m in 2010 while second half revenues of £129.5m were down 4.5 per cent compared with the first half when revenues were £121.4m, down 1.6 per cent on the £123.4 million reported in the first half of 2010.
The operating profit for the year was £6.1 million, up from the operating profit of £5.1 million reported in 2010. The second half profit of £3.2 million followed on from a first half profit of £2.9 million.
Aga chief executive William McGrath said: “The focus for 2011 was on maintaining our strong balance sheet and growing profit. The successful launch of the AGA Total Control ensures its continued relevance as a product at the heart of the home and gives us renewed confidence that we are on course to achieve our long-term performance objectives, even if current market conditions remain exacting.”
The board is proposing a final dividend of 1.1 pence per share making the full year dividend 1.9 pence per share. The cash cost of the total dividend for the full year will be £1.3 million. The final dividend will be paid on June 1, subject to shareholder approval.
