Early report suggests AGA to announce return to profit

Post by Kevin Jackson on 18th August 2014 in General industry

Early report suggests AGA to announce return to profit

Upmarket cooker maker AGA is thought to be about to unveil a major turnaround in its fortunes.

Speculation from media based in the area where the firm has its main British factory and metal-producing foundry has this morning suggested that the business is about to announce that it is back in the black.

The Shropshire Star, on whose patch the company has its main metal-producing foundry, in Coalbrookdale, as well as its principal factory, in Ketley, Telford, suggests a major revamp of its product range has been an important factor.

AGA has recently announced a new wheeled electric oven, designed to fit in much smaller spaces than its traditional range cookers.

And it’s thought this, along with benefits from a strong property market, have been the main factors behind the company making a £2.3million profit in the first half of this year.

This contrasts with a £2.4million deficit for the same period a year ago.

Company chief executive William McGrath said the company’s new compact model was “a breakout product reaching a wider customer base and we are focused on taking the opportunities that provides.”

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