Aga feels chill of recession with slump to £1m

THE maker of iconic cast-iron Aga cookers highlighted the impact of the recession yesterday, after annual profits slumped to less than £1 million.

Aga Rangemaster sold 12,150 cast-iron cookers in 2009, compared with 15,400 in 2008, but signalled it was hopeful of "real improvement" in 2010 as it looks to build on the recovery in sales seen in the second half of last year.

Chief executive William McGrath added: "Our lead indicators are positive, and after a slow order intake at the start of the year, the prospects are encouraging heading into the spring."

Pre-tax profits slumped to 500,000 in 2009, down from 14.4m a year earlier after revenues fell 12.3 per cent to 245m.

The peak of the recession in early 2009 meant first-half sales were down by 18.8 per cent, before strengthening in the second half with a drop of 5.3 per cent.