The UK’s booming housing market has helped heat up sales at cookers group Aga.
The cast-iron stove maker and retailer today said first-half operating profit had soared 60% to £2.4 million and it expects the full-year figure to be well ahead of last year’s £8.2 million.
It still made a first-half pre-tax loss but chief executive William McGrath said the group has introduced new products that will improve profitability. The loss was £300,000 against £2.4 million a year earlier.
Sales rose 3.3% to £123.5 million, with UK sales soaring 9.7%. The group has launched a range of products to tap into growing demand from City dwellers..
Aga, whose products are favoured by the likes of model Daisy Lowe, pictured, recently opened a store in Spitalfields. McGrath said: “We have been looking at how to widen our market. We have created products attuned to City living — the [new, smaller] City60 has grabbed the attention of new urban consumers.”
He added that there had been a recovery in spending on homes, particularly in the South-East, and Aga’s tiles business Fired Earth has also benefited. Net debt is down to £2.4 million from £6 million a year earlier.
