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Strategic and operational highlights
- The Group delivered sound profits and had net cash at the end of 2008 leaving us with a strong balance sheet to help us withstand challenging market conditions.
- Overall cooker sales were lower in the year but some lines, notably wood burning stoves and Rayburn cookers, performed well.
- The underlying order intake is currently down nearly 20% on the prior year – with the US operations lower but Rangemaster better than the average.
- Given our intention to concentrate on cash conservation through 2009, no final dividend is proposed, leaving the dividend for 2008 at 4.0 pence, which was in addition to the capital return of 121.0 pence.
- In 2009 product innovation and the benefits of a lower sterling exchange rate will help our drive for greater market shares. Cost cuts, reduced capital expenditure and lower working capital will further strengthen the cash position.
William McGrath, Chief Executive, commented: “The sound financial base we have established and the benefits of many years of investment in production, product and brands mean that we should be able to deal effectively with the current economic downturn as we work to strengthen our market shares and win new customers.”
2008 Preliminary Results Press Release
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Enquiries:
William McGrath, Chief Executive 0207 404 5959 (today)
Shaun Smith, Finance Director 01926 455 731 (thereafter)
Simon Sporborg / Charlotte Kenyon, Brunswick 0207 404 5959
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