Full Year Results

10 November 2014

Carr's (CRM.L), the fully-listed Agriculture, Food and Engineering Group, announces results for the 52 weeks ended 30 August 2014.

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Financial highlights

  • Revenue down 8.4% to £429.0m (2013: £468.1m)
  • Profit before taxation up 7.8% to £16.6m (2013: £15.4m)
  • EBITDA up 9.1% to £20.4m (2013: £18.7m)
  • Basic EPS up 3.1% to 127.8p (2013: 123.9p)
  • Adjusted EPS up 5.6% to 130.8p (2013: 123.9p)
  • Proposed final dividend of 17.0p up 3.0% resulting in a total for the period of 34.0p (2013: 32.0p)
  • Capital expenditure of £8.0m during the period with net debt of £24.6m at the period end (2013: £22.1m)

Commercial highlights

  • Agriculture profit before tax (including contribution from associate and JVs) up 4.3% to £12.1m, despite revenue down 7.5% to £314.9m
  • Food profit before tax up 309.7% to £2.3m despite revenue down 7.5% to £87.1m
  • Engineering profit before tax down 11.7% to £3.7m with revenue down 19.6% to £26.9m.

Chris Holmes, Chairman, said:

"We have delivered another record year of pre-tax profit, building on successes of recent years.

In Agriculture, we anticipate the current year will be tough for our UK farming community with pressure on farmgate milk prices expected to remain. However, we believe our diverse offering and broad geographic footprint will help to mitigate some of this impact. In Food, our investment in Kirkcaldy is expected to realise further efficiencies in the current year and, despite some short term pressures expected in our Engineering division, the medium term prospects remain highly positive.

Overall, we have made a good start to the current financial year and the Board will continue to look at how best to maintain growth and achieve optimal returns for our shareholders. We remain confident for the full year and excited about the long-term growth opportunities for the business."

 

Enquiries:

 

Carr's Group plc
Tim Davies (Chief Executive Officer)
Neil Austin (Group Finance Director)
Tel: +44 (0) 1228 554 600
Powerscourt
Nick Dibden
Sophie Moate
Tel: +44 (0) 20 7250 1446
[email protected]

 

Notes to Editors

Carr's Milling Industries (CRM.L) is an international leader in the provision of essential industrial services focused on the Agriculture, Food and Engineering sectors. The Group offers a range of services including the manufacturing and supply of flour, remote handling equipment, farm machinery, feed blocks for livestock, and a UK network of rural stores, with a facility footprint spanning the UK, Europe and North America, supplying 31 countries around the world. The Group is listed on the London Stock Exchange. www.carrsgroup.com

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