AGA FOODSERVICE Group is to change its name and return £140 million (€180 million) to shareholders in its first full year as a dedicated consumer business.

The maker of the cult cookers will be known as Aga Rangemaster Group in recognition of its cheaper range whose sales have risen faster than its larger peers.

The return of cash to shareholders comes after the company last year sold its Foodservice division to Ali, an Italian manufacturer, for £260 million.

Pretax profit at the group, which acquired Waterford Stanley in 2005, remained broadly flat at £27.6 million in 2007 on revenue of £291.8 million.

Sales of its Aga, Rayburn and Stanley brands dipped slightly.

Earnings per share were 19.4p (16.5p), including the contribution of its discontinued business. -

© 2008 Financial Times