Posted 13th Nov 2018

Aga Rangemaster hit by UK's ‘challenging’ market conditions

By KBBDaily on 13th November 2018 - 10:20am
money matters, middleby corporation, aga rangemaster, financial, report, us, uk, brexit, kbb, kbbdaily

The Middleby Corporation has noted in its report for the third quarter – ending on 29th September 2018 – that Aga Rangemaster saw a decline in business during the period “resulting from market conditions in the UK”.

The US group said its residential kitchen equipment division saw a 1.5% rise in net sales in the third quarter, increasing by $2.2m to reach $153.5m. Gross profit for the Middleby Corporation increased by around $32.7m to reach $261.2m in the period.

The group also noted that its restructuring charges in the third quarter included $8.7m associated with the closure of Grange, a “non-core” furniture business in France that was acquired in conjunction with Aga Rangemaster.

“Domestic growth was offset by the Aga Rangemaster businesses which continued to be negatively impacted by challenging market conditions in the UK with the uncertainty of Brexit,” said Middleby Corporation chairman and CEO Selim Bassoul.

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