Interim Results

24 April 2012

Carr's (CRM.L), the agriculture, food and engineering group, announces interim results for the 26 weeks ended 3 March 2012.

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Financial Highlights

  • Revenue up 12% to £196.0m (2011: £175.5m)
  • Profit before taxation up 31% to £7.4m (2011: £5.7m)
  • Fully diluted EPS up 29% to 52.2p (2011: 40.4p)
  • First interim dividend up to 7.25p (2011: 6.5p)
  • Net cash £1.6m (2011 net debt: £28.2m)

Commercial Highlights

  • Agriculture revenue up 12% to £147.2m and profit before taxation up 19% to £5.2m, despite lower UK compound feed volumes resulting from the mild winter weather. The good performance reflects strong feed block sales, particularly in the US, UK and New Zealand, and growth in retail sales and margins.
  • Food revenue up 8% to £41.4m but profit before taxation down 39% to £0.4m, reflecting the continuing pressure on margins caused by volatile wheat prices and over-capacity in the flour industry.
  • Engineering revenue up 33% to £7.4m with profit before taxation up 175% to £1.6m, reflecting strong demand, the completion of significant contracts and an expanding order pipeline.

Chris Holmes, Chief Executive, commented:

"The Board is pleased with the first half performance, which was ahead of our forecast. The trading environment, particularly in agriculture, is mixed due to the milder weather conditions experienced and this trend has continued into the second half. However, demand for our products, particularly animal feed blocks, remains strong. Following the profit growth achieved in the first half the Board believes the results for the year will be ahead of the expectations that the Company had at the beginning of the year, and is well positioned for sustained profitable growth."

Enquiries:

Carr's Group plc
Chris Holmes (Chief Executive Officer)
01228-554 600
Ron Wood (Finance Director)
Bankside Consultants Limited
Simon Bloomfield or James Irvine-Fortescue
020-7367 8888

 

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