AGA RANGEMASTER Half-yearly Report

 
TIDMAGA 
 
27th August 2010 
 
FOR IMMEDIATE RELEASE 
 
                           AGA RANGEMASTER GROUP PLC 
 
                       2010 HALF-YEARLY FINANCIAL REPORT 
 
                RANGEMASTER DRIVES IMPROVED PROFIT PERFORMANCE 
 
                                  HIGHLIGHTS 
 
AGA Rangemaster Group plc ("the Group"), the consumer brands group, is pleased 
to announce its interim results for the half year ended 30th June 2010. 
 
 
Half year to 30th June                                        2010     2009 
                                                                GBPm       GBPm 
                                                             ______________ 
 
Revenue                                                     123.4     117.8 
 
EBITDA                                                       20.5*      2.0 
 
Operating profit / (loss) before amortisation                 1.6      (0.9) 
 
Operating profit / (loss)                                     0.8      (1.7) 
 
Profit / (loss) before tax                                   16.4      (2.4) 
 
Basic earnings / (loss) per share                            17.6p     (2.3p) 
 
Equity attributable to equity holders of the parent         132.6     151.3 
 
Dividend proposed                                             0.7p        - 
 
Net cash                                                     22.4       2.3 
 
* includes GBP16.3 million pension curtailment gain 
 
Financial and operational highlights 
 
  - Revenues increased by 5% and operating profits improved in line with the 
    expected impact of operational gearing. 
  - Using the successful Rangemaster business model in the UK and North America 
    is raising efficiencies and reducing costs. 
  - Net cash of GBP22.4 million is over GBP20 million higher than at the previous 
    half year driven by continued sound working capital management. 
  - Dividend payments restored at 0.7 pence per share. 
  - Order intake remains up indicating improvements seen so far this year 
    should continue through the second half. 
 
"2010 is proving encouraging with Rangemaster driving improved profit 
performance even though consumers remain cautious. Rangemaster's export growth, 
product innovation and the breadth of its range of appliances are providing a 
stimulus and we look to it, alongside AGA, to trigger the operational gearing 
we have in place and we expect this to drive longer term earnings momentum." 
 
                                                                William McGrath 
                                                                Chief Executive 
 
Enquiries: 
William McGrath, Chief Executive                 020 7404 5959 (today) 
Shaun Smith, Finance Director                    01926 455 731 (thereafter) 
Simon Sporborg / Charlotte Kenyon (Brunswick)    020 7404 5959 
 
                           AGA RANGEMASTER GROUP PLC 
 
                        2010 INTERIM MANAGEMENT REPORT 
 
Overview 
 
The Group followed up a profitable second half to 2009 with an improved and 
profitable first half to the year as markets bounced back after a slow start. 
Overall revenues were up by nearly 5% with growth at AGA and Rangemaster partly 
offset by revenue declines at Rayburn, Stanley and Fired Earth. A further 
strong cash management performance resulted in the Group ending the period with 
over GBP22 million of net cash, an increase of over GBP20 million from a year 
earlier. The current level of sales leads suggest that the improving trends 
should continue into the second half even though the level of housing mortgage 
approvals - a key lead indicator for us - is suggesting the market is now flat 
year-on-year. 
 
Broadening the use of the successful business processes of Rangemaster across 
the Group, along with a vibrant product development programme, is delivering 
results. The enthusiasm of consumers for our products provides confidence that 
the fundamental strengths of the Group will provide the renewed impetus into a 
more sustained upturn. 
 
Half year performance 
 
Revenue in the first half was GBP123.4 million up from GBP117.8 million in the 
first half of 2009. The UK provided 62% of sales, Europe 23% with 15% in North 
America and the Rest of the World. 
 
EBITDA of GBP20.5 million was boosted in the half year by a pension curtailment 
gain of GBP16.3 million and was GBP18.5 million higher than the previous half year. 
Operating profit before amortisation of GBP1.6 million compares with an operating 
loss before amortisation in the previous half year of GBP0.9 million. 
 
Underlying earnings per share - excluding non-recurring costs of GBP0.7 million 
and the post tax curtailment gain of GBP11.7 million - was 1.7 pence per share 
compared with a loss of 0.4 pence in the first half of 2009. 
 
Given the improving performance and more stable markets the directors have 
decided to reintroduce an interim dividend at 0.7 pence per share. Future 
dividend payments will reflect the performance and the available cash resources 
of the Group. 
 
Operating performances 
 
The Group responded swiftly and firmly to the recession. Over the last 18 
months major steps have been taken to integrate more fully our kitchen 
appliance brands in the UK and in North America while keeping the clear 
definitions for the individual brands. The management structures in the UK and 
in North America have been streamlined and the Group aims to have a single set 
of processes across the Group. Such responses strengthen the capacity of the 
business to deal with weak consumer demand. 
 
Our cast iron cooker brands are AGA, Rayburn and Stanley. The AGA brand 
rebounded with sales volumes up. For AGA, sales to existing owners upgrading 
their models have become significant and in addition over 300 owners have 
upgraded their burner systems this year. Current levels of sales leads and 
retail footfall suggest a continuing improvement in the second half year. The 
all-in-one cooker-boiler brands, Rayburn and Stanley, were down as consumer 
enthusiasm for solid fuel and wood burning models fell away. Overall, sales 
volumes for cast iron cookers were down 10% from 6,500 to 5,850. 
 
For the cooker-boiler lines we are looking at ways to make the products more 
widely accessible and better understood in the plumbing and heating market. We 
also opened our first AGA Rayburn 'Energy Management Centre' in Kidderminster 
this week - close to our Telford development centre and training school - in 
order to put our products and brands at the centre of both a consumer and trade 
shift in focus towards modernising the approach to sourcing and costing of 
energy in the home. 
 
Rangemaster had a further strong performance with revenues up around 10% and 
with the operational gearing of our well invested Leamington Spa factory 
boosting profitability. While cooker volumes in the UK were flat, average 
selling prices were up with a shift to higher specification products and a 
broadening of the model ranges. 25% of cooker sales volumes were outside the UK 
with France now comfortably above Ireland as the primary export market. Sales 
of the wider product range of splashbacks, hoods, fridges and sinks did well, 
particularly through our 192 design centres. Sales to the kitchen specialist 
market were well up including sales of Mercury cookers. Of total Rangemaster 
sales, for every GBP1 spent on cookers in the UK 30 pence is spent on other 
Rangemaster products. 
 
In North America progress to create an integrated hot and cold offering under 
the AGA Marvel brand continued. For three years Marvel sales have declined. 
Now, from our new and efficient facility in Greenville, Michigan, sales are 
improving. This has been helped by the product quality and specification 
improvements made possible by the capital investment in the facility. Recently 
we have set about moving hot side production from our Kitchener, Ontario 
facility to Greenville which is to be our production and distribution hub for 
North America. With refrigeration sales up and cooker sales set to improve 
following the launch of the AGA PRO+, prospects look much improved. 
 
Fired Earth had a particularly strong period of customer engagement with a 
positive response to the new, free catalogue, the 'Tile Basics' tile campaign 
and the fitted kitchen launch. Footfall, web traffic and brochure requests rose 
significantly. Despite more, but smaller orders, the business continued to make 
losses. A detailed review has led to the appointment of an experienced retail 
interim managing director. The plan is to have an operation sharply focused on 
an expanded core tile and paint range and for sales plans for the developing 
kitchen living operation to be driven by the designer, Charles Smallbone. 
 
These steps are designed to eliminate the losses which are expected to be 
around GBP2 million this year. These plans will be in place by the end of 2010, 
at which time the Board will review the next phase in the development of Fired 
Earth as a well recognised sector-leading home fashions brand. 
 
Dealers of Grange, our international furniture operation - some of whom are 
already selling our appliances - will be offered the Charles Smallbone 
Grange-made kitchens. A Grange store in Rue du Bac in Paris is being refitted 
to display them before the up-and-coming Maison d'Objet exhibition in Paris. 
Grange had a better first half having reduced the cost base significantly, 
breaking even in Europe and with US losses now linked to high rents in some of 
its design centre locations. 
 
Continuing operational initiatives 
 
The Group continues to take steps to limit costs and raise efficiency levels. 
Current initiatives involve the integration project at AGA Marvel and the 
repositioning of Fired Earth. In addition, we have looked at the sales 
structures across the Group to ensure that sales staff have the right skills, 
focus, information and support to optimise the conversion of sales leads. 
Linking this effort closely with the work to increase leads through our central 
marketing initiatives on brochure fulfilment, web development and with the call 
centre should all help drive revenue. With our selective marketing, our large 
1.2 million customer database and our 240,000 email addresses, we feel the 
market presence and perception of our brands continue to improve. 
 
Pension scheme 
 
The pension scheme deficit as calculated on an IAS 19 accounting basis at 30th 
June 2010 was GBP39.6 million, compared with GBP40.5 million at 31st December 2009. 
 
The full triennial valuation of the pension scheme undertaken by Towers Watson 
Limited on the actuarial basis as at 31st December 2008 has now been signed by 
the scheme actuary and has been submitted to the Pensions Regulator. The 
actuarial deficit as at that date has been assessed at GBP161.3 million when 
there was a GBP57.5 million surplus on an accounting basis. Recalculated at 31st 
December 2009, the actuarial deficit is considered to be GBP84.0 million compared 
with the accounting deficit of GBP40.5 million as at that date. 
 
Under the recovery plan now agreed with the trustee of the scheme, the Group 
will make deficit contributions to the scheme of GBP2.0 million in 2010 and 2011, 
and (assuming the triennial valuation to be undertaken as at 31st December 2011 
subsequently does not change the contributions schedule) thereafter GBP10.0 
million per annum from 2012 to 2020 inclusive with a bullet payment of GBP48.0 
million on 31st December 2020. In 2011, a normal service contribution of around 
GBP2.5 million is expected after it was reduced for three years to around GBP1.0 
million because of the prepayment made in 2007. 
 
The Group continues to provide GBP50.0 million of guarantees in support of the 
Group's potential obligation to the pension scheme in 2020 under a long-term 
funding agreement to make the scheme fully funded on a self-sufficiency basis 
by that date. 
 
In 1997 when ACT tax credits were abolished, the Group immediately responded by 
starting to focus actively on reducing pension costs. From that point the Group 
has been working hard and closely with the trustee of the scheme to ensure that 
the obligations to members are met while the costs to the Group are carefully 
monitored and managed. In particular, in 2001 the scheme was closed to new 
entrants on the defined benefit basis of pension provision, and appropriate 
modifications to future pension accrual have been made since then including the 
freezing of current member pensionable salaries in 2009/2010. This has given 
rise to total curtailment gains of GBP20.1 million under IAS 19. Shifts to more 
defensive bond allocations were made in 2001 and 2007. Further liability and 
risk management exercises will be undertaken when and where appropriate. 
 
Current trading and prospects 
 
We are moving into the key autumn selling season and the current level of leads 
across our brands does suggest a reasonable sales period ahead although the 
consumer mood is currently more subdued than in the spring. 
 
Factors providing us with some confidence include: the new 'AGA Guide' which is 
generating excellent consumer interest; an upturn in kitchen leads following 
the launch of the new Bastide fitted range; and a strong portfolio of 
established and new products from Rangemaster, reflected this autumn with the 
launch of the new 100 cm wide 'Professional+ 100' range. 
 
Against a background where consumers remain extremely cautious about committing 
to larger value purchases we do not expect a substantial profit rebound. 
However, we have put in place all the groundwork which is needed to ensure we 
benefit from an improving mood among our targeted customer base when it comes. 
 
The Group has great brands that are attracting new aspirational consumers and 
an excellent product portfolio and pipeline. This gives us confidence in the 
prospects for the Group. 
 
Financial review 
 
Operating profit - The Group operating profit was GBP0.8 million compared to a 
loss of GBP1.7 million in the first half of 2009. 
 
Net pension credit - The net pension credit of GBP16.4 million (half year 2009: 
GBP0.8 million) includes a curtailment gain of GBP16.3 million following the 
freezing of pensionable salaries for the majority of the scheme members early 
in the year. The pensionable salaries of the other scheme members had already 
been frozen in the second half of 2009 which gave rise to a curtailment gain of 
GBP3.8 million. 
 
Non-recurring costs - Non-recurring costs were GBP0.7 million in the period (full 
year 2009: GBP3.6 million). These mainly relate to the announced closure of our 
Canadian manufacturing operation which will have been moved into our Greenville 
plant by the end of November. The move is expected to deliver annualised 
savings of GBP0.6 million in 2011. 
 
Finance income / costs - The net finance costs were GBP0.1 million (half year 
2009: GBP0.2 million) reflecting the low rate of interest earned on cash deposits 
offset by interest payable on the Group's EUR and USD hedging loans. 
 
Taxation - The effective tax rate for the year is forecast at 26.2% compared to 
an effective rate of nil in 2009. The income tax expense relates to deferred 
tax on pensions. Deferred tax has been accounted for at a rate of 28.0% as the 
Finance (No. 2) Bill 2010 was not substantively enacted until after the balance 
sheet date. 
 
Earnings per share - Reported basic earnings per share were 17.6 pence (half 
year 2009: 2.3 pence loss). The average number of shares in issue was 69.2 
million, unchanged from the previous half year and year end. Adjusted 
underlying earnings per share (excluding the post tax pension curtailment gain 
and non-recurring costs) were 1.7 pence (half year 2009: 0.4 pence loss). 
 
Dividends - An interim dividend of 0.7 pence per share has been proposed (2009: 
nil). 
 
Cashflow - The Group continues to place great emphasis on managing its 
operating cashflow and the result was a small GBP1.8 million cash outflow in the 
period (half year 2009: GBP2.0 million inflow). The working capital outflow was 
GBP5.4 million (half year 2009: GBP2.7 million inflow) and followed a full year 
inflow in 2009 of GBP22.9 million. 
 
Net capital expenditure in the period was tightly controlled and totalled GBP1.2 
million (half year 2009: GBP4.3 million) and compares to a depreciation charge of 
GBP3.2 million (half year 2009: GBP3.4 million). The 2009 capital expenditure 
figure included a GBP2.8 million payment for the Marvel factory in the USA. 
 
The total cash outflow from operating and investing activities was GBP5.5 million 
(half year 2009: GBP5.9 million). 
 
Balance sheet - The balance sheet continues to remain strong with net cash of 
GBP22.4 million (30th June 2009: GBP2.3 million). Working capital at the period end 
was well controlled at GBP19.4 million (30th June 2009: GBP34.1 million). 
 
The IAS 19 net pension deficit was revalued to GBP39.6 million and compares to a 
deficit of GBP40.5 million at 31st December 2009 and GBP13.8 million at 30th June 
2009. 
 
Net assets of the Group at 30th June 2010 were GBP133.0 million, little changed 
from the GBP134.3 million at the end of last year. 
 
Risks and uncertainties - There are a number of risks and uncertainties which 
could have a material impact on the Group's performance over the remaining six 
months of the financial year and could cause actual results to differ from 
expected and historical results. The directors do not consider that the 
principal risks and uncertainties have changed since the publication of the 
Annual Report and Accounts for the year ended 31st December 2009. A detailed 
explanation of the key risks and uncertainties can be found on pages 12 to 13 
of the Annual Report & Accounts 2009, a copy of which is available at 
www.agarangemaster.com. 
 
By order of the board: 
 
J Coleman                                       W B McGrath 
Chairman                                        Chief Executive 
27th August 2010 
 
                           AGA RANGEMASTER GROUP PLC 
 
                       2010 HALF-YEARLY FINANCIAL REPORT 
 
                         CONSOLIDATED INCOME STATEMENT 
 
                                                     Half year    Half year      Year to 
                                                       to June      to June     December 
                                                          2010         2009         2009 
                                                     Unaudited    Unaudited      Audited 
                                                  ______________________________________ 
                                           Note          GBPm           GBPm              GBPm 
 
Revenue                                               123.4        117.8           245.0 
Net operating costs                                  (122.6)      (119.5)         (246.5)              ________________________________________________________________________________________ 
Group operating profit / (loss)                         0.8         (1.7)           (1.5) 
 
Net pension credit                           10        16.4          0.8             5.4 
Non-recurring cost                            4        (0.7)        (1.3)           (3.6) 
________________________________________________________________________________________ 
Profit /(loss) before net finance costs and income tax 16.5         (2.2)            0.3 
Finance income                                          0.1          0.2             1.1 
Finance costs                                          (0.2)        (0.4)           (0.9) 
________________________________________________________________________________________ 
Profit / (loss) before income tax                      16.4         (2.4)            0.5 
Income tax expense                            6        (4.3)           -               - 
________________________________________________________________________________________ 
Profit / (loss) for the period                         12.1         (2.4)            0.5 
________________________________________________________________________________________ 
 
 
Profit / (loss) attributable to: 
Equity holders of the parent                           12.2         (1.6)            1.7 
Non-controlling interests                              (0.1)        (0.8)           (1.2) 
________________________________________________________________________________________ 
Profit / (loss) for the period                         12.1         (2.4)            0.5 
________________________________________________________________________________________ 
 
Earnings / (loss) per share attributable 
to equity holders of the parent               7           P            P               P 
Basic                                                  17.6         (2.3)            2.5 
Diluted                                                17.6         (2.3)            2.5 
________________________________________________________________________________________ 
                                                          p            p               p 
Dividend per share - proposed or paid         8         0.7            -               - 
 
________________________________________________________________________________________ 
 
All the above results relate to continuing operations. 
 
                           AGA RANGEMASTER GROUP PLC 
 
                CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
 
                                                  Half year    Half year        Year to 
                                                    to June      to June       December 
                                                       2010         2009           2009 
                                                  Unaudited    Unaudited        Audited 
                                                   ____________________________________ 
                                                         GBPm           GBPm             GBPm 
Profit/ (loss) for the period                          12.1         (2.4)           0.5 
________________________________________________________________________________________ 
 
Exchange adjustments on hedge of net investments       (0.1)         2.1            1.6 
Exchange differences on translation of foreign 
operations                                             (1.7)       (11.6)          (9.3) 
Actuarial losses on defined benefit pension schemes   (16.0)       (72.7)        (104.5) 
Deferred tax on actuarial losses                        4.3         20.4           29.3 
________________________________________________________________________________________ 
Other comprehensive losses for the period             (13.5)       (61.8)         (82.9) 
________________________________________________________________________________________                                Total comprehensive losses for the period              (1.4)       (64.2)         (82.4) 
________________________________________________________________________________________ 
 
 
Attributable to: 
Equity holders of the parent                           (1.3)       (63.5)         (81.1) 
Non-controlling interests                              (0.1)        (0.7)          (1.3) 
________________________________________________________________________________________ 
Total comprehensive losses for the period              (1.4)       (64.2)         (82.4) 
________________________________________________________________________________________ 
 
                           AGA RANGEMASTER GROUP PLC 
 
                          CONSOLIDATED BALANCE SHEET 
 
                                                  Half year    Half year        Year to 
                                                    to June      to June       December 
                                                       2010         2009           2009 
                                                  Unaudited    Unaudited        Audited 
                                               _________________________________________ 
                                         Note            GBPm           GBPm             GBPm 
Non-current assets 
Goodwill                                               66.7         65.8           66.9 
Intangible assets                                      22.2         22.2           23.2 
Property, plant and equipment               9          48.9         54.3           50.8 
Deferred tax assets                                    21.7          5.5           21.7 
________________________________________________________________________________________ 
                                                      159.5        147.8          162.6 
________________________________________________________________________________________ 
Current assets 
Inventories                                            44.9         54.8           46.0 
Trade and other receivables                            36.4         33.7           31.7 
Current tax assets                                      1.8          2.1            1.8 
Cash and cash equivalents                  11          39.7         38.5           45.0 
________________________________________________________________________________________ 
                                                      122.8        129.1          124.5 
________________________________________________________________________________________ 
Assets held for sale                                    3.2          1.7            3.1 
________________________________________________________________________________________ 
Total assets                                          285.5        278.6          290.2 
________________________________________________________________________________________ 
Current liabilities 
Borrowings                                 11          (1.7)        (5.7)          (1.3) 
Trade and other payables                              (61.9)       (54.4)         (63.2) 
Current tax liabilities                               (16.8)        (9.1)         (18.4) 
Current provisions                         12          (2.2)        (2.1)          (2.4) 
________________________________________________________________________________________ 
                                                      (82.6)       (71.3)         (85.3) 
________________________________________________________________________________________ 
Net current assets                                     40.2         57.8           39.2 
________________________________________________________________________________________ 
Non-current liabilities 
Borrowings                                 11         (15.6)       (30.5)         (15.7) 
Retirement benefit obligation              10         (39.6)       (13.8)         (40.5) 
Deferred tax liabilities                               (6.1)        (1.5)          (6.1) 
Provisions                                 12          (8.6)        (9.1)          (8.3) 
________________________________________________________________________________________ 
                                                      (69.9)       (54.9)         (70.6) 
________________________________________________________________________________________ 
Total liabilities                                    (152.5)      (126.2)        (155.9) 
________________________________________________________________________________________ 
Net assets                                            133.0        152.4          134.3 
________________________________________________________________________________________ 
 
Equity 
Share capital                              13          32.5         32.5           32.5 
Share premium account                                  29.6         29.6           29.6 
Other reserves                                         84.0         85.9           85.8 
Retained (losses) / earnings                          (13.5)         3.3          (14.1) 
________________________________________________________________________________________ 
Equity attributable to equity holders of the parent   132.6        151.3          133.8 
Non-controlling interest                                0.4          1.1            0.5 
________________________________________________________________________________________ 
Total equity                                          133.0        152.4          134.3 
________________________________________________________________________________________ 
 
                           AGA RANGEMASTER GROUP PLC 
 
                       CONSOLIDATED CASH FLOW STATEMENT 
 
                                                  Half year    Half year       Year to 
                                                    to June      to June      December 
                                                       2010         2009          2009 
                                                  Unaudited    Unaudited       Audited 
                                                   ___________________________________ 
                                            Note         GBPm           GBPm            GBPm 
 
Cash flows from operating activities 
Profit / (loss) before income tax                      16.4        (2.4)           0.5 
Reconciliation of profit / (loss) before income 
tax to net cash flows: 
Net finance costs / (income)                            0.1         0.2           (0.2) 
Depreciation of property, plant and equipment  9        3.2         3.4            7.1 
Impairment of assets held for sale                       -           -             0.8 
Amortisation of intangible assets                       0.8         0.8            1.6 
Loss on disposal of property, plant and equipment        -           -             0.1 
Share-based payments expense                            0.1         0.1            0.2 
Decrease in inventories                                 0.8         5.6           15.3 
(Increase) / decrease in receivables                   (5.3)        3.2            5.6 
(Decrease) / increase in payables                      (0.9)       (6.1)           2.0 
Decrease in provisions                                 (0.1)       (1.5)          (1.3) 
Movement in pensions                                  (16.9)       (1.3)          (6.4) 
_______________________________________________________________________________________ 
Cash (used in) / generated from operating activities   (1.8)        2.0           25.3 
Finance (costs) / income                               (0.1)       (0.2)           0.2 
Tax (payment) / receipt                                (1.6)       (2.5)           4.0 
_______________________________________________________________________________________ 
Net cash (used in) / generated from operating 
activities                                             (3.5)       (0.7)          29.5 
_______________________________________________________________________________________ 
 
Cash flows from investing activities 
Disposal proceeds from sale of subsidiaries less costs (0.2)        0.3           (0.4) 
Purchase of Mercury                                      -           -            (0.5) 
Purchase of property, plant and equipment      9       (1.2)       (4.3)          (6.2) 
Expenditure on intangibles                             (0.6)       (1.2)          (1.9) 
_______________________________________________________________________________________ 
Net cash used in investing activities                  (2.0)       (5.2)          (9.0) 
________________________________________________________________________________________ 
 
Cash flows from financing activities 
Repayment of borrowings                                  -         (3.3)         (20.5) 
New bank loans raised                                   0.2         5.3            2.6 
_______________________________________________________________________________________ 
 
Net cash generated from / (used in) financing 
activities                                              0.2         2.0          (17.9) 
_______________________________________________________________________________________ 
Effects of exchange rate changes                         -         (0.5)          (0.5) 
_______________________________________________________________________________________ 
Net (decrease) / increase in cash and cash equivalents (5.3)       (4.4)           2.1 
Cash and cash equivalents at beginning of period       45.0        42.9           42.9 
_______________________________________________________________________________________ 
Cash and cash equivalents at end of period     11      39.7        38.5           45.0 
_______________________________________________________________________________________ 
 
                           AGA RANGEMASTER GROUP PLC 
 
                  CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
 
Half year to 30th June 2010 
 
              Equity attributable to equity holders of the parent 
 
                                                                            Non- 
                            Share    Share     Other  Retained       controlling    Total 
                          capital  premium  reserves  earnings  Total  interests   equity 
_________________________________________________________________________________________ 
                               GBPm       GBPm        GBPm        GBPm     GBPm         GBPm       GBPm 
 
At 1st January 2010          32.5     29.6      85.8    (14.1)  133.8        0.5    134.3 
Comprehensive income 
Profit / (loss) for the 
period                          -        -         -     12.2    12.2       (0.1)    12.1 
Other comprehensive(losses) / 
income: 
Exchange adjustments on hedge 
of net investments              -        -      (0.1)       -    (0.1)         -     (0.1) 
Exchange differences on 
translation of foreign 
operations                      -        -      (1.7)       -    (1.7)         -     (1.7) 
Actuarial losses on defined 
benefit pension schemes         -        -         -     16.0)  (16.0)         -    (16.0) 
Deferred tax on actuarial 
losses                          -        -         -      4.3     4.3          -      4.3 
 
_________________________________________________________________________________________ 
Total comprehensive (losses)/ 
income for the period ended 
30th June 2010                 -        -       (1.8)     0.5    (1.3)      (0.1)     (1.4) 
 
Share based payments           -        -         -       0.1     0.1         -        0.1 
__________________________________________________________________________________________ 
At 30th June 2010            32.5     29.6      84.0    (13.5)  132.6        0.4     133.0 
__________________________________________________________________________________________ 
 
Half year to 30th June 2009 
 
              Equity attributable to equity holders of the parent 
 
                                                                            Non- 
                            Share    Share     Other  Retained       controlling    Total 
                          capital  premium  reserves  earnings  Total  interests   equity 
__________________________________________________________________________________________ 
                               GBPm       GBPm        GBPm        GBPm     GBPm         GBPm       GBPm 
 
At 1st January 2009          32.5     29.6      95.5      57.1  214.7        1.8    216.5 
Comprehensive income 
Loss for the period             -        -         -      (1.6)  (1.6)      (0.8)    (2.4) 
Other comprehensive 
(losses) / income: 
Exchange adjustments on 
hedge of net investments        -        -       2.1         -    2.1         -       2.1 
Exchange differences on 
translation of foreign 
operations                      -        -     (11.7)        -  (11.7)       0.1    (11.6) 
Actuarial losses on 
defined benefit pension 
schemes                         -        -         -     (72.7) (72.7)         -    (72.7) 
Deferred tax on actuarial 
losses                          -        -         -      20.4   20.4          -     20.4 
__________________________________________________________________________________________ 
Total comprehensive losses for 
the period ended 30th June 2009 -        -      (9.6)    (53.9) (63.5)      (0.7)   (64.2) 
Share based payments            -        -         -       0.1    0.1          -      0.1 
__________________________________________________________________________________________ 
At 30th June 2009            32.5     29.6      85.9       3.3  151.3        1.1    152.4 
__________________________________________________________________________________________ 
 
                           AGA RANGEMASTER GROUP PLC 
 
                  CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
 
Year ended 31st December 2009 
 
              Equity attributable to equity holders of the parent 
 
                                                                            Non- 
                            Share    Share     Other  Retained       controlling    Total 
                          capital  premium  reserves  earnings  Total  interests   equity 
__________________________________________________________________________________________ 
                               GBPm       GBPm        GBPm        GBPm     GBPm         GBPm       GBPm 
 
At 1st January 2009          32.5     29.6      95.5      57.1  214.7        1.8    216.5 
Comprehensive income 
Profit / (loss) for the year    -        -        -        1.7    1.7       (1.2)     0.5 
Other comprehensive (losses) / income: 
Exchange adjustments on hedge 
of net investments              -        -       1.6         -    1.6          -      1.6 
Exchange differences on translation 
of foreign operations           -        -      (9.2)        -   (9.2)      (0.1)    (9.3) 
Actuarial losses on defined benefit 
pension schemes                 -        -         -    (104.5)(104.5)         -   (104.5) 
Deferred tax on actuarial 
losses                          -        -         -      29.3   29.3          -     29.3 
___________________________________________________________________________________________ 
Total comprehensive losses for 
the year ended 31st December 
2009                            -        -      (7.6)    (73.5) (81.1)       (1.3)  (82.4) 
Transfer between reserves       -        -      (2.1)      2.1      -          -        - 
Share based payments            -        -         -       0.2    0.2          -      0.2 
__________________________________________________________________________________________ 
 
At 31st December 2009        32.5     29.6      85.8     (14.1) 133.8        0.5    134.3 
__________________________________________________________________________________________ 
 
                           AGA RANGEMASTER GROUP PLC 
 
       NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 
 
1. CORPORATE INFORMATION 
 
The interim condensed consolidated financial statements of the Group for the 
six months ended 30th June 2010 were authorised for issue in accordance with a 
resolution of the directors on 26th August 2010. 
 
AGA Rangemaster Group is a public limited company incorporated and domiciled in 
the UK whose shares are publicly traded on the London Stock Exchange. 
 
The principal activities of the Group are the manufacture and sale of range 
cookers and related home fashions products. 
 
The interim condensed consolidated financial statements do not comprise the 
Group's statutory accounts as defined by section 434 of the Companies Act 2006. 
Statutory accounts for the year ended 31st December 2009 were approved by the 
board of directors on 12th March 2010 and were delivered to the Registrar of 
Companies. The auditors' report on those accounts was unqualified, it did not 
contain an emphasis of matter paragraph and did not contain any statement under 
section 498(2) or (3) of the Companies Act 2006. 
 
The financial information presented here is unaudited but has been reviewed by 
the Group's auditor, Ernst & Young LLP. Its review opinion appears at the end 
of these notes. 
 
2. BASIS OF PREPARATION 
 
The interim condensed consolidated financial statements for the six months 
ended 30th June 2010 have been prepared in accordance with the Disclosure and 
Transparency Rules of the Financial Services Authority and with International 
Accounting Standard 34 (IAS 34) 'Interim Financial Reporting' as adopted by the 
European Union. 
 
The interim condensed consolidated financial statements do not include all the 
information and disclosures required in the annual financial statements and 
should be read in conjunction with the Group's Annual Report and Accounts as at 
31st December 2009 which have been prepared in accordance with International 
Financial Reporting Standards as adopted by the European Union. 
 
The directors have a reasonable expectation that the Group has adequate 
resources to continue in operational existence for the foreseeable future. 
Accordingly, they continue to adopt the going concern basis in preparing the 
half-yearly condensed financial statements. 
 
3. ACCOUNTING POLICIES 
 
The interim condensed consolidated financial statements have been prepared 
using the same accounting policies as used in the preparation of the Group's 
Annual Report and Accounts for the year ended 31st December 2009 except for the 
adoption of new standards, interpretations and amendments, noted below. The 
adoption of these standards, interpretations and amendments did not have any 
material impact on the financial position or performance of the Group. 
 
IAS 27 - Consolidated and Separate Financial Statements (amended) 
This amendment reflects changes to the accounting for non-controlling 
(previously minority) interests. It deals primarily with the accounting for 
changes in ownership interests in subsidiaries after control is obtained, the 
accounting for the loss of control of subsidiaries, and the allocation of 
profit or loss to controlling and non-controlling interests in a subsidiary. 
 
IAS 38 - Intangible Assets (amended) 
This amendment clarifies that an intangible asset that is separable only 
together with a related contract, identifiable asset or liability is recognised 
separately from goodwill together with the related item. Also complementary 
intangible assets with similar useful lives may be recognised as a single 
asset. 
 
IAS 39 - Financial Instruments: Recognition and Measurement (amended) 
This amendment addresses the designation of a one-sided risk in a hedged item 
and the designation of inflation as a hedged risk or portion in particular 
situations. 
 
IFRS 2 - Share-based Payments - Group Cash-settled Share-based Payments 
Transactions (amended) 
This standard has been amended to clarify the accounting for group cash-settled 
share-based payment transactions, superseding IFRIC 8 and IFRIC 11. 
 
IFRS 3 - Business Combinations (revised) 
This revised standard applies the acquisition method to business combinations. 
All payments to purchase a business are recorded at fair value at the 
acquisition date, with contingent payments classified as debt and subsequently 
re-measured through the income statement. There is a choice on an 
acquisition-by-acquisition basis to measure the non-controlling interest in the 
acquiree either at fair value or at the non-controlling interest's 
proportionate share of the acquiree's net assets. All acquisition costs are 
expensed. 
 
IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations (amended) 
This amendment specifies that if an entity is committed to a plan to sell a 
subsidiary, then it should classify all of that subsidiary's assets and 
liabilities as held for sale when the held for sale criteria are met and 
disclosures for discontinued operations are required by the parent when a 
subsidiary meets the definition of a discontinued operation. 
 
IFRIC 17 - Distributions of Non-cash Assets to Owners 
This interpretation provides guidance on accounting for arrangements whereby an 
entity distributes non-cash assets to shareholders either as a distribution of 
reserves or as dividends. 
 
Amendments to the following standards did not have any impact on the accounting 
policies, financial position or performance of the Group: 
 
IAS 1 - Presentation of Financial Statements 
IAS 7 - Statement of Cash Flows 
IAS 17 - Leases 
IAS 36 - Impairment of Assets 
IFRS 8 - Operating Segments 
IFRIC 16 - Hedge of a Net Investment in a Foreign Operation 
 
4. NON-RECURRING COSTS 
 
The non-recurring costs during the period to 30th June 2010 relate to 
redundancy and reorganisation programmes primarily at AGA Marvel. 
 
5. SEGMENTAL ANALYSIS 
 
The directors consider that there are two operating segments namely AGA (which 
comprises the brands and operations of AGA, Fired Earth, Waterford Stanley and 
Grange) and Rangemaster (which comprises the brands and operations of 
Rangemaster, AGA Marvel, Heartland, La Cornue and Divertimenti). Two areas of 
the business were identified over which the directors allocate resource, plan 
purchasing, manufacturing, combined sales targets and incentives and marketing 
programmes. These areas were determined to be the level at which the chief 
operating decision maker makes decisions and were deemed to be the operating 
segments of 'AGA' and 'Rangemaster'. The strategy as set by the board is for 
the Group to be seen as a Global Consumer Brand which sells range cookers and 
related kitchen products internationally with cross selling opportunities 
creating appreciable competitive advantage for all our individual brands. 
 
The operating results of the operating segments, for which discrete information 
is available, are regularly reviewed by the chief executive and his senior 
management team to make decisions about the resources to be allocated to the 
segments and assess their performance. The two operating segments are 
considered to meet the aggregation criteria as they have similar economic 
characteristics, products and services, production processes, types and classes 
of customer and methods of distribution. Management's focus is on the cross 
selling of all consumer products to our customer database. - e.g. AGA Marvel is 
responsible for distributing product manufactured in the UK at our Leamington Spa 
(range cookers) and Telford (cast iron cookers) factories, which are then sold in 
North America under the AGA brand. 
 
Our customers are substantially of the same demographic. At the heart of our 
sales strategy we look to sell packages of products to our customer base which, 
for example, may include AGA, Fired Earth, Rangemaster or AGA Marvel branded 
products and, in addition, this is how our senior management are now 
incentivised - on delivery of Group targets. Therefore the directors consider 
that there is only one reportable aggregated segment. All disclosures required 
under IFRS 8 and IAS 34 have therefore already been given in these interim 
condensed consolidated financial statements. 
 
6. TAXATION 
 
Corporation tax for the interim period to 30th June 2010 has been charged at 
the estimated rates chargeable for the full year in the respective 
jurisdictions as follows: 
 
                                          Half year       Half year          Year to 
                                            to June         to June         December 
                                               2010            2009             2009 
                                           _________________________________________ 
                                                 GBPm              GBPm               GBPm 
Current tax 
UK corporation tax                                -               -              1.9 
Overseas tax                                      -               -              1.1 
____________________________________________________________________________________ 
                                                  -               -              3.0 
Deferred tax 
UK corporation tax                              4.3               -             (0.8) 
Overseas tax                                      -               -             (2.2) 
____________________________________________________________________________________ 
                                                4.3               -             (3.0) 
____________________________________________________________________________________ 
Total income tax expense                        4.3               -                -____________________________________________________________________________________ 
 
UK corporation tax                              4.3               -              1.1 
Overseas tax                                      -               -             (1.1) 
____________________________________________________________________________________ 
Total income tax expense                        4.3               -                - 
____________________________________________________________________________________ 
 
Factors affecting the future tax charge: 
 
On 22nd June 2010, the UK Chancellor of the Exchequer announced a number of 
corporate tax reforms. The following changes to corporation tax will have an 
impact on the Group: 
 
  * Corporation tax rate reduction from 28% to 24%, over 4 years. This 
    reduction will be staggered as a 1% reduction each year, with the first 
    reduction to 27% effective from 1st April 2011. 
  * Reduction in the tax amortisation rate on plant and machinery additions 
    from 20% to 18% per annum from 1st April 2012. 
 
The reduction in the corporation tax rate to 27% was substantively enacted on 
the 21st July 2010. The full tax impact of these changes is estimated to be 
GBP0.1 million per 1% movement in the taxation rate. 
 
7. EARNINGS PER SHARE 
 
The calculation of the basic and diluted earnings per share is based on the 
following data: 
 
                                              Half year        Half year         Year to 
                                                to June          to June        December 
                                                   2010             2009            2009 
                                             ___________________________________________ 
                                                     GBPm               GBPm              GBPm 
 
Earnings 
Profit / (loss) after tax                          12.1            (2.4)             0.5 
Non-controlling interests                           0.1             0.8              1.2 
________________________________________________________________________________________ 
Profit / (loss) attributable to equity holders 
of the parent                                      12.2            (1.6)             1.7 
________________________________________________________________________________________ 
 
Weighted average number of shares in issue      million          million         million 
 
For basic EPS calculation                          69.2             69.2            69.2 
Dilutive effect of share options                      -                -               - 
________________________________________________________________________________________ 
For diluted EPS calculation                        69.2             69.2            69.2 
________________________________________________________________________________________ 
Total operations                                      p                p               p 
Basic                                              17.6            (2.3)             2.5 
Diluted                                            17.6            (2.3)             2.5 
________________________________________________________________________________________ 
 
8. DIVIDENDS 
 
                                               Half year       Half year         Year to 
                                                 to June         to June        December 
                                                    2010            2009            2009 
                                                      GBPm              GBPm              GBPm 
 
Nil final dividend for the year ended                  -               -               - 
31st December 2009 (2008: nil) 
Nil interim dividend paid (2009: nil)                  -               -               - 
________________________________________________________________________________________ 
 
Amounts recognised as distributions to 
equity holders of the parent in the period             -               -               - 
 ________________________________________________________________________________________ 
 
The directors are proposing to pay an interim dividend in respect of the 
financial year ending 31st December 2010 of 0.7 pence per share (year to 31st 
December 2009: nil). 
 
9. PROPERTY, PLANT & EQUIPMENT 
 
During the six months to 30th June 2010 the Group purchased GBP1.2 million of 
property, plant and equipment (period to 30th June 2009: GBP4.3 million of which 
GBP2.8 million, related to the building of the new Marvel factory in the US and 
was included in payables at 31st December 2008). Depreciation in the period was 
GBP3.2 million (period to 30th June 2009: GBP3.4 million). Disposals in the period 
were GBPnil (period to 30th June 2009: GBPnil). 
 
10. RETIREMENT BENEFITS 
 
Defined benefit scheme assets have been valued at a market value on 30th June 
2010 at GBP711.6 million (30th June 2009: GBP637.5 million and 31st December 2009: 
GBP716.0 million) and the defined benefit liabilities at GBP751.2 million (30th 
June 2009: GBP651.3 million and 31st December 2009: GBP756.5 million), giving a 
GBP39.6 million deficit at the interim date (30th June 2009: GBP13.8 million and 
31st December 2009: GBP40.5 million). The liabilities have been rolled forward 
from 31st December 2009 and adjusted to take account of lower Retail Prices 
Index inflation expectations and the decrease in bond yields, which has reduced 
the discount rate from 5.7% to 5.3%. 
 
The net pension credit for the period of GBP16.4 million includes a curtailment 
gain of GBP16.3 million in respect of the freezing of pensionable salaries for 
those members whose pensionable salaries were not frozen in 2009 (period to 
30th June 2009: GBP0.8 million and year to 31st December 2009: GBP5.4 million which 
included a GBP3.8 million curtailment gain). 
 
11. CASH & BORROWINGS 
 
Cash 
 
Cash and cash equivalents at 30th June 2010 was GBP39.7 million (30th June 2009: 
GBP38.5 million and 31st December 2009: GBP45.0 million) and includes GBP22.5 million 
which is collateralised against a bank guarantee that the Group has provided to 
the AGA Rangemaster Group Pension Scheme. 
 
Borrowings 
 
                                        30th June      30th June  31st December 
                                             2010           2009           2009 
                                        _______________________________________ 
                                               GBPm             GBPm             GBPm 
Bank borrowings 
Current (unsecured)                           1.7            5.7            1.3 
Non-current                                  15.6           30.5           15.7 
_______________________________________________________________________________ 
Total                                        17.3           36.2           17.0 
_______________________________________________________________________________ 
 
Current and non-current bank borrowings included GBPnil obligations under finance 
leases at 30th June 2010 (30th June 2009: GBPnil and 31st December 2009: GBP0.1 
million). 
 
The Group's bank borrowings are primarily loan advances denominated in a number 
of currencies and have floating interest rates based on LIBOR or foreign 
equivalents. 
 
At 30th June 2010 the non-current borrowings are split GBP0.4 million secured 
(30th June 2009: GBP0.4 million) and GBP16.9 million unsecured (30th June 2009: 
GBP30.1 million). 
 
12. PROVISIONS 
 
During the period GBP0.5 million has been spent in respect of the redundancy and 
reorganisation programmes at AGA Rangemaster in the UK that was provided for at 
31st December 2009. A provision of GBP0.5 million has been made for an ongoing 
rationalisation programme at AGA Marvel. 
 
13. SHARE CAPITAL AND OPTIONS 
 
The number of 46 7/8 pence ordinary shares in issue amounted to 69.2 million on 
30th June 2010 (30th June 2009 and 31st December 2009: 69.2 million). This 
represents GBP32.5 million of share capital. 
 
On 14th May 2010, the 369,092 Long-Term Incentive Plan options granted in May 
2007 were lapsed. 
 
14. FINANCIAL INSTRUMENTS 
 
Included in borrowings at 30th June 2010 were loans of EUR 7.5 million and 
USD 13.7 million, which have been designated as hedges of net investments in 
operations based in Europe and the United States. The loans are held as a hedge 
against the Group's exposure to foreign exchange risk on these investments. 
 
During the six month period ended 30th June 2010, the gain of GBP0.5 million on 
the retranslation of the EUR loan and the loss of GBP0.6 million on the 
retranslation of the USD loan have been transferred to equity to offset any 
gains and losses on translation of the net investments in subsidiaries. 
 
15. CONTINGENT LIABILITIES & COMMITMENTS 
 
The Group had no material contingent liabilities arising in the normal course 
of business at 30th June 2010. 
 
The Group has arranged GBP50.0 million of bank guarantees, to guarantee 
obligations of the Group to the AGA Rangemaster Group Pension Scheme which may 
arise in the period up to 2020, of which GBP22.5 million is collateral as 
disclosed in note 11. 
 
The Group had capital commitments of GBP0.8 million at 30th June 2010 (31st 
December 2009: GBP0.6 million). 
 
16. RELATED PARTY TRANSACTIONS 
 
The Group currently recharges the Group pension scheme with the cost of 
administration and independent advisers paid by the Group. The total amount 
recharged in the period was GBP0.1 million (half year to 30th June 2009: GBP0.1 
million). The amount outstanding at 30th June 2010 was nil (30th June 2009: 
GBPnil). 
 
17. SEASONALITY OF OPERATIONS 
 
The normal seasonal nature of our range cooker business is to see higher 
revenues and operating profits in the second half of the year than in the first 
six months. Although this was not the case in 2009 it is envisaged that 2010 
will revert back to norm. 
 
                           AGA RANGEMASTER GROUP PLC 
 
                             CAUTIONARY STATEMENT 
 
These condensed consolidated interim financial statements contain certain 
forward-looking statements. These are made by the directors in good faith based 
on the information available to them up to the time of their approval of this 
report but such statements should be treated with caution due to the inherent 
uncertainties, including both economic and business risk factors, underlying 
any such forward-looking information. The directors undertake no obligation to 
update any forward-looking statements whether as a result of new information, 
future events or otherwise. 
 
The Interim Management Report ("IMR") has been prepared solely to provide 
additional information to shareholders to enable them to assess the Group's 
strategies and the potential for those strategies to succeed. The IMR should 
not be relied on by any other party or for any other purpose. 
 
The IMR has been prepared for the Group as a whole and therefore gives greater 
emphasis to those matters which are significant to AGA Rangemaster Group plc 
and its subsidiary undertakings when viewed as a whole. 
 
                   STATEMENT OF DIRECTORS' RESPONSIBILITIES 
 
The directors' confirm that these condensed consolidated interim financial 
statements have been prepared in accordance with IAS 34 as adopted by the 
European Union and that the interim management report includes a fair review of 
the information required by DTR 4.2.7R and DTR 4.2.8R, namely: 
 
  * an indication of important events that have occurred during the first six 
    months and their impact on the condensed set of financial statements and a 
    description of the principal risks and uncertainties for the remaining six 
    months of the financial year; and 
 
  * material related party transactions in the first six months and any 
    material changes in the related party transactions described in the last 
    annual report. 
 
The directors of AGA Rangemaster Group plc are listed in the Annual Report and 
Accounts for 31st December 2009, a copy of which is available at 
www.agarangemaster.com. 
 
By order of the board 
 
W B McGrath 
Chief Executive 
 
S M Smith 
Finance Director 
 
                           AGA RANGEMASTER GROUP PLC 
 
     INDEPENDENT REVIEW REPORT TO THE MEMBERS OF AGA RANGEMASTER GROUP PLC 
 
Introduction 
 
We have been engaged by the Company to review the condensed set of financial 
statements in the half-yearly financial report for the six months ended 30th 
June 2010 which comprises the Consolidated Income Statement, Consolidated 
Balance Sheet, Consolidated Statement of Comprehensive Income, Consolidated 
Statement of Changes in Equity, Consolidated Cash Flow Statement and the 
related notes 1 to 17. We have read the other information contained in the 
half-yearly financial report and considered whether it contains any apparent 
misstatements or material inconsistencies with the information in the condensed 
set of financial statements. 
 
This report is made solely to the Company in accordance with guidance contained 
in International Standard on Review Engagements 2410 (UK and Ireland) 'Review 
of Interim Financial Information Performed by the Independent Auditor of the 
Entity' issued by the Auditing Practices Board. To the fullest extent permitted 
by law, we do not accept or assume responsibility to anyone other than the 
Company, for our work, for this report, or for the conclusions we have formed. 
 
Directors' responsibilities 
 
The half-yearly financial report is the responsibility of, and has been 
approved by, the directors. The directors are responsible for preparing the 
half-yearly financial report in accordance with the Disclosure and Transparency 
Rules of the United Kingdom's Financial Services Authority. 
 
As disclosed in note 2, the annual financial statements of the Group are 
prepared in accordance with IFRSs as adopted by the European Union. The 
condensed set of financial statements included in this half-yearly financial 
report has been prepared in accordance with International Accounting Standard 
34, 'Interim Financial Reporting', as adopted by the European Union. 
 
Our responsibility 
 
Our responsibility is to express to the Company a conclusion on the condensed 
set of financial statements in the half-yearly financial report based on our 
review. 
 
Scope of review 
 
We conducted our review in accordance with International Standard on Review 
Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information 
Performed by the Independent Auditor of the Entity' issued by the Auditing 
Practices Board for use in the United Kingdom. A review of interim financial 
information consists of making enquiries, primarily of persons responsible for 
financial and accounting matters, and applying analytical and other review 
procedures. A review is substantially less in scope than an audit conducted in 
accordance with International Standards on Auditing (UK and Ireland) and 
consequently does not enable us to obtain assurance that we would become aware 
of all significant matters that might be identified in an audit. Accordingly, 
we do not express an audit opinion. 
 
Conclusion 
 
Based on our review, nothing has come to our attention that causes us to 
believe that the condensed set of financial statements in the half-yearly 
financial report for the six months ended 30th June 2010 is not prepared, in 
all material respects, in accordance with International Accounting Standard 34 
as adopted by the European Union and the Disclosure and Transparency Rules of 
the United Kingdom's Financial Services Authority. 
 
Ernst & Young LLP 
Birmingham 
 
                           AGA RANGEMASTER GROUP PLC 
 
                          MAIN ADDRESSES AND ADVISERS 
 
Head office and registered office 
 
AGA Rangemaster Group plc 
Juno Drive 
Leamington Spa 
Warwickshire 
CV31 3RG 
Telephone: 01926 455 755 
Fax: 01926 455 749 
e-mail: info@agarangemaster.com 
Website: www.agarangemaster.com 
Registered in England No. 354715 
 
Registrars 
 
Equiniti 
Aspect House 
Spencer Road 
Lancing 
West Sussex 
BN99 6DA 
Telephone (Helpline): 0871 384 2355 
(Calls to this number are charged at 8p per minute from a BT landline. 
Other telephone providers' costs may vary). 
International (Helpline): 0044 (0) 121 415 7046 
 
Auditors 
 
Ernst & Young LLP 
 
Joint financial advisers and stockbrokers 
 
Numis Securities Limited 
Execution Noble & Company Limited 
 
                            2010 FINANCIAL CALENDAR 
 
Record date for interim ordinary dividend              5th November 2010 
 
Interim ordinary dividend payable                      1st December 2010 
 
2010 year end                                          31st December 2010 
 

(END) Dow Jones Newswires

August 27, 2010 02:00 ET (06:00 GMT)