LEAMINGTON SPA: Profits at Aga Rangemaster slumped following a fall in demand for its traditional cast iron stoves.
Profits fell to £500 000 from £14.4m the previous year and revenues fell to £245m from £279m.
The company said demand was picking up again. William McGrath, chief executive, said: "The generation of cash was the big achievement of 2009 and that remains the focus given the caution needed in the current market. Our lead indicators, however, are positive and after a slow order intake at the start of the year, the prospects are encouraging heading into the spring."
Markets improved as the year progressed, Aga said. Demand fell sharply in the first half of last year, before levelling out and, in some areas, strengthening later in the year.
Sales dropped 18.8% in the first six months, and were down 12.3% over the year. Orders for Rangemaster cookers were up over the 12 months, while sales of Aga stoves were ahead in the last quarter.
The cold snap has given the company a boost, highlighting the benefits of the firm's all-in-one cookers and boilers, with more people keen to become less reliant on the grid.
