"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.
|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%|
|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%|
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)