AGA rangemaster has reported it has cut its full time staff numbers by 21 per cent and it saw revenue fall from £144.6 million in 2022 to £115.5 million for the 12 months to December 2023.
AGA Rangemaster said the disappointing performance was down to a “challenging” domestic market – although exports to the US increased by over 22 per cent.
A statement signed off by AGA Rangemaster’s Directors said: “The company has been negatively impacted by inflation in wages, logistics, energy, raw materials and component costs. Price increases and pricing strategies have been implemented to mitigate the impact of cost inflation on margins and the company continues to actively monitor costs.
“High inflation led to increased rates throughout 2023 and into the first six months of 2024, which, combined with global macroeconomic uncertainty can impact customer demand.
“The company has faced recent demand headwinds. The company remains focused on delivering strong financial results and executing on our long-term strategy and profitability objectives.”
