Profits at Shropshire cooker manufacturer Aga have fallen as home-owners hold back on spending on luxury items, the company’s half-year results showed today.
Pre-tax profits at the company, based in Telford, fell to £1.6 million, compared with £4.1 million at the same time last year and come on the back of a 1.8 per cent decline in revenue from £121.4 million to £119.2 million. Aga bosses said the market’s signs of recovery had tailed off during the summer.
Chief executive William McGrath said: “The continued challenges in the economy and lack of activity in the property market have clearly had an impact on demand in the first half as customers delay purchasing big ticket items.
However, our investment in innovation, efficiency drive and great product offer ensures that we are well placed to respond when the market recovers.”