AGA seeks ties with London housebuilders to get slimline ovens in new flatsComments Off on AGA seeks ties with London housebuilders to get slimline ovens in new flats
AGA Rangemaster is seeking partnerships with central London property developers to get its products into more luxury flats with models such as the slimline AGA City60 which has a width of only 60cm (24in).
“We have never really focused on property partners before, but in London we feel the range of products and styles would be very attractive to the development market,” said chief executive William McGrath.
It tested the market last year with a building near Silicon Roundabout just off trendy Old Street and is now looking to extend this.
Group revenues rose 4.3% to £261.1 million last year. UK turnover was up 8.5% at £171.5 million.
Pre-tax profit dipped to £700,000 from £1.1 million, largely because of a £3.3 million charge it took on its Fired Earth tiles business, which Aga has decided to hold onto despite approaches to buy it.
The company also saw its pension deficit nearly double to £72 million which it said was the result of weaker investment returns.
Shares fell 4p, or 3.8%, to 100.8p.