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Latest Results

Full Year Results
For the year ended 1 September 2018


"Strategic progress and financial performance ahead of expectations"

Carr's (CARR.L), the Agriculture and Engineering Group, announces its results for the year ended 1 September 2018.

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The full results are available to download in PDF format

Financial highlights

  Adjusted1
  FY18 FY17 +/-
Revenue (£m) 403.2 346.2 +16.5%
Operating profit (£m) 17.5 12.1 +44.4%
Profit before tax (£m) 16.6 11.4 +45.2%
Adjusted1 EPS (p) 13.9 8.9 +56.2%
   
  Statutory
  FY18 FY17 +/-
Revenue (£m) 403.2 346.2 +16.5%
Operating profit (£m) 16.4 10.7 +53.5%
Profit before tax (£m) 15.5 10.0 +55.0%
       
Basic EPS (p) 13.0 7.7 +68.8%
Dividend per share (p) 4.5 4.0 +12.5%
       
Net debt 15.4 14.1 +8.6%
Capex 5.5 3.9 +41.5%

Commercial Highlights

  • Strong performance in UK Agriculture with growth across all areas, reflecting improved farm incomes
  • USA feed blocks significantly ahead of expectations, up 17.7%, driven by recovery in USA cattle prices
  • Plans to expand feed block business internationally progressing well:
    • Agreements signed with leading distributors in New Zealand
  • Post year end, acquired Animax, a producer of market-leading livestock trace element supplementation products
  • Significant improvement in Engineering:
    • Strong recovery in UK Manufacturing
    • First full year contribution from NuVision
  • First contracts won to sell Wälischmiller remote handling equipment into the USA market
  • NuVision now integrated and two significant MSIP® contracts signed, strengthening order book to FY21

Chris Holmes, Chairman of Carr's Group, commented:

"We are very pleased to announce a significant improvement in the Group's financial performance for the year, exceeding the Board's expectations, across both the Agriculture and Engineering divisions. This performance was largely as a result of investments we made across the business in recent years, in addition to a recovery in our underlying markets.

"UK Agriculture continued to perform well reflecting the sustained recovery in farm incomes. Our USA feed blocks business continued to benefit from the recovery in USA cattle prices and we made further progress on growing our international feed blocks business. Our Engineering division also delivered a significantly improved performance during the year.

"Trading for the new financial year has started in line with the Board's expectations. We made further progress during the year on our strategic objectives and continue to believe the breadth of our product offering, investments in acquisitions and research, and our international footprint leaves us well positioned for further growth across both our divisions in the medium term."

 

1 Adjusted results are after adding back amortisation of acquired intangible assets and non-recurring items including acquisition costs (note 3)

 



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