Aga Foodservices, maker of the Aga Rayburn cooking ranges, posted a pre-tax profit of £33.5m yesterday and told shareholders to expect a 20% rise in dividends.
The chief executive, William McGrath, said the preliminary results had been achieved on the back of a series of acquisitions in Europe and North America.
"The key objective in 2002 was to create a framework for international growth, which has been achieved by creating a visible presence in the US and Europe, as well as strengthening our position in the UK," he said.
Pre-tax profits were up 16% to December 2002, from £29m in 2001, delivering a dividend up by 1p to 6p. Turnover rose to £323.3m from £209.8m and the group ended the year with a cash position of over £55m, despite its acquisitions.
Mr McGrath ruled out any shareholder windfall.
In the course of last year Aga acquired Domain, a US east coast furniture retailer, and in France it increased its interest in Grange, a Lyon-based furniture distributor and manufacturer, from 27% to 40%. The group also reported a major success in its "Project 10,000" scheme, designed to take sales of Aga-branded cookers to over 10,000 a year by 2003. Last year sales broke through the 9,000 point.
In the food services market, Aga acquired Belshaw, the Seattle-based doughnut equipment manufacturer, for $24m(£15.3m) securing its position in North America.
In continental Europe, Aga acquired Bongard, paying 55m euros (£37m). The bakery equipment manufacturer is market leader in France and the Benelux countries and has strong positions in Italy and Spain.
Aga shares closed down 2.5p at 189p.
