Waterford Stanley is a hot investment for Aga

IRISH stove manufacturer Waterford Stanley has proved a hot investment for the Aga Foodservice Group with 2005 figures boasting a turnover of €30 million.

Waterford Stanley was taken over by Aga Foodservice Group in June 2005 for €13.8m cash and debt.

The enlarged group reported yesterday that half year turnover for 2006 was up 21% to £273m (€401.7m).

Profit before tax was up 18% to £20m (€29.43m). The group’s turnover for total Irish operations in 2005 was €40m. Waterford Stanley was responsible for approximately 75% of turnover for all Irish operations.

The remaining Irish income came from Aga, Rayburn, Rangemaster, and Fired Earth brands.

Waterford Stanley’s Commercial Director, Owen Power said he expected the established trends to continue in the second half of this year.

“The current retail presence of our brands in Ireland is excellent. We expect the established trends to continue in the second half of the year,” he said.

Stove sales were up 30% in the first six months of this year.

There are 18 Stanley centres and 15 Waterford centres throughout Ireland.