Heat is on for Aga as orders dive by a fifth

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The upmarket ovens maker and retailer today also scrapped its final dividend.

"We have retreated to a defensive position and are working hard at the cost base," said chief executive William McGrath, admitting he had cut the workforce by 420 in recent months to 2800. "Our aim is to remain profitable and cash-generative."

The scale of that job was revealed with Aga Rangemaster's financial results for 2008. Profits slumped 55% to £11 million on sales down 4% at £279 million.

The company had paid a 4p interim dividend but axed the final after cleaning itself out of cash with a 121p-a-share, £139 million payout to shareholders following the sale of its commercial ovens business.

McGrath said that, although cooker sales are down, one bright light was its wood-burning Rayburns as people turn away from the expensive and less ecologically sound oil-burning Agas.