In the year to end-December, EBITDA (before non-recurring costs) was £12.6m (2008: £24.6m) abd operating profit before amortisation was £0.1m (2008: £12.4m).

The group recorded a net loss of £1.5m for the year, compared to a profit of £11.1m previously.

Basic earnings per share were 2.5p, down from 14.4p.

AGA said cash balances increased to £28m from £5.8m in the year reflecting the emphasis placed on strong business processes, good working capital management and on cash generation.

Markets improved as the year progressed and Rangemaster orders were up in the year whilst AGA cooker orders were ahead in the last quarter.

William McGrath, CEO, commented: "The generation of cash was the big achievement of 2009 and that remains the focus given the caution needed in the current market. Our lead indicators, however, are positive and after a slow order intake at the start of the year, the prospects are encouraging heading into the Spring." Story provided by Business Financial Newswire