Aga feels the heat as demand cools across Europe
Aga Rangemaster has warned of cooling demand in the UK and Europe for its upmarket cookers, as the debt crisis hits consumer confidence.
The maker of the cast-iron Aga cookers said autumn trading had been "very tough" – below last year's seasonal peak levels. Following a disappointing performance between 1 July and 10 November, the group expects full-year revenues to be lower than last year's £259m.
This led Execution Noble to slash its 2011 pre-tax profit forecast by £0.6m to £6.9m. However, William McGrath, the chief executive of Aga Rangemaster – which has 15 brands including Fired Earth, Falcon and Heartland – stressed that the company had a "strong cash position", expected to be close to last year's £35m. Its sales remained robust in London, boosted by it selling 750 of the Aga Total Control cookers – which cost about £9,500 and have built-in computers – since May.
But Aga Rangemaster was hit by lower demand outside the capital and in the rest of Europe, as uncertainty over Greece and Italy took its toll.
- 1 Cyclist in Russia narrowly misses being hit by car and lorry
- 2 Y-40 Deep Joy: The world's deepest swimming pool
- 3 'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
- 4 Syria air strikes: President Obama undergoes Damascene conversion as Isis forces America to change tack
- 5 Pink Floyd new album: Band unveil cover art for first record in 20 years
Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
Deepika Padukone branded a 'hypocrite' by The Times Of India following anger over 'cleavage show' tweet
'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
Syria air strikes: President Obama undergoes Damascene conversion as Isis forces America to change tack
Scotland could still declare independence – even without referendum, says Alex Salmond
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
Labour Party conference: Ed Balls to set out plan to freeze child benefit to balance books
iJobs Money & Business
£65000 Per Annum Benefits + bonus: Clearwater People Solutions Ltd: If you are...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree are a global FTSE 250 ...
£20000 - £25000 per annum + OTE £40000: SThree: As a Recruitment Consultant, y...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...