LONDON: Kitchen equipment maker Aga Foodservice Group Plc. expects its 2005 results to be in accordance with market forecasts as it had a strong second-half performance, helped by increased sales of electric ranges of its ovens.
The company said its consumer division had performed well in Britain, Ireland and the United States, while its Fired Earth unit had some difficulties. Its European arm, which secured a five-year 5-million-pound contract from Britain's prisons service, too had a good year, so had the U.S. bakery business, following increased demand for its new 'Thermoglaze' doughnut making equipment. Margins at Victory, the company's refrigeration operation, had been weak.
The company intends to move into high profit areas like steamers and fryers, soon, It had an 18-million-pound profit for the first half, an increase of 16 per cent. It intends to release the full year-results 17 March.
Aga's shares closed at 328 pence Friday, valuing the company at around 427 million pounds.
Posted
on : Mon, 16 Jan 2006 20:35 GMT | Business News
By : Salim Patel
|
