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Latest Results

Interim Results for the six months ended 3 March 2018

"Significant improvement in performance"

Carr's (CARR.L), the Agriculture and Engineering Group, announces its results for the six months ended 3 March 2018. 



The full results are available to download in PDF format

For the 26 weeks ended 3 March 2018

    26 weeks
3 March
26 weeks
4 March
52 weeks
2 September
  Notes £'000 £'000 £'000
Cash flows from operating activities        
Cash generated from continuing operations 16 6,947 6,057 15,094
Interest received   119 93 175
Interest paid   (560) (480) (896)
Tax paid   (978) (447) (1,179)
Net cash generated from operating activities   5,528 5,223 13,194
Cash flows from investing activities        
Acquisition of subsidiaries (net of overdraft/cash acquired) 15 (1,562) (4,698) (12,640)
Contingent/deferred consideration paid   (561) - (549)
Dividend received from associate and joint ventures   245 627 1,212
Loan repaid by associates   164 - 22
Other loans   59 74 80
Purchase of intangible assets   (61) (67) (371)
Proceeds from sale of property, plant and equipment   174 176 691
Purchase of property, plant and equipment   (1,846) (1,347) (2,854)
Purchase of own shares held in trust   - (4) (4)
Redemption of preference shares in joint venture   - - 150
Net cash used in investing activities   (3,388) (5,239) (14,263)
Cash flows from financing activities        
Proceeds from issue of ordinary share capital   11 23 24
Net proceeds from issue of new bank loans   2,943 - 6,000
Finance lease principal repayments   (501) (394) (846)
Repayment of borrowings   (1,951) (5,895) (3,110)
Increase/(decrease) in other borrowings   10,159 743 (2,804)
Dividends paid to shareholders   (2,788) (18,599) (19,467)
Dividends paid to related party   (245) - (245)
Net cash generated from/(used in) financing activities   7,628 (24,122) (20,448)
Effects of exchange rate changes   (528) (37) 344
Net increase/(decrease) in cash and cash equivalents   9,240 (24,175) (21,173)
Cash and cash equivalents at beginning of the period   18,614 39,787 39,787
Cash and cash equivalents at end of the period   27,854 15,612 18,614
Cash and cash equivalents consist of:        
Cash and cash equivalents per the balance sheet   33,835 21,176 23,887
Bank overdrafts included in borrowings   (5,981) (5,564) (5,273)
    27,854 15,612 18,614


Statement of Directors' responsibilities

The Directors confirm that these condensed interim financial statements have been prepared in accordance with International Accounting Standard 34, ‘Interim Financial Reporting', as adopted by the European Union and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

  • an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
  • material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.


The Directors are listed in the Annual Report and Accounts 2017. A list of current Directors is maintained on the website: www.carrsgroup.com

On behalf of the Board

Tim Davies
Chief Executive
16 April 2018
Neil Austin
Group Finance Director
16 April 2018



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