The British manufacturer Aga Rangemaster has announced significant job cuts, eliminating almost 200 positions—primarily in its production department—following a sharp downturn in sales. The company reported a turnover drop of approximately £29 million, bringing revenue down to £115.5 million in 2023 from £144.5 million the previous year, marking a decline of over 20%. Profits also plummeted, falling nearly 60% from £20.1 million in 2022 to £8.3 million.
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The workforce has been significantly affected, decreasing from 836 employees at the end of 2022 to around 660, a reduction of just over 21%. The hardest hit were production roles, which saw a loss of 168 positions, while eight sales and distribution jobs were also eliminated. Despite the job losses, the company's administrative staff numbers have remained stable.
The financial report attributes these lay-offs to challenging market conditions, but notes a nearly 25% increase in exports to the U.S. Additionally, Aga Rangemaster remains optimistic about future prospects, citing a healthy order book and the introduction of new models, such as the Aga Era and Aga eR7, to drive growth.
Source: www.kbbreview.com