Full Year Results

14 November 2016

"Focusing on growth markets worldwide"

Carr's (CARR.L), the fully-listed Agriculture and Engineering Group, announces results for the year ended 3 September 2016.

 

Download

The full results are available to download in 
PDF format

Financial highlights (continuing operations)

  • Revenue down 4.9% to £314.9m (2015: £331.3m)
  • EBITDA up 6.6% to £16.5m (2015: £15.5m)
  • Operating profit up 5.6% to £12.8m (2015: £12.1m)
  • Profit before taxation up 2.8% to £14.1m (2015: £13.7m)
  • Basic EPS up 7.0% to 10.7p (2015: 10.0p)
  • Adjusted* EPS up 6.9% to 10.9p (2015: 10.2p)
  • Proposed final dividend of 1.9p up 2.7% resulting in a total for the year of 3.8p (2015: 3.7p), excluding the special dividend of 17.54p
  • Capital expenditure of £7.3m during the year
  • Net cash of £8.1m at the year-end (2015: net debt of £24.4m) following disposal of the Food division

 

Key Points

  • Agriculture operating profit (excluding contribution from associate and JVs) up 8.6% to £10.3m, driven by a strong performance in the USA feedblock business. Segmental revenue down 4.4% to £284.8m.
  • Engineering operating profit down 4.9% to £2.5m due to contract delays, with revenue down 10.2% to £30.1m.
  • Strategic refocussing of the Group on its Agriculture and Engineering divisions through the sale of its Food division and the return of £16.0m to shareholders, including the recent acquisition of STABER GmbH, a German engineering business. 
  • Profit from associate and joint ventures down 9.8% to £2.1m (2015: £2.3m).

Chris Holmes, Chairman, said:

“In what has been a challenging year in the sectors in which we operate, I am pleased to report that the Group has delivered a solid result. At the end of the year we announced the disposal of our Food division to Whitworths, which following a £16m special dividend to shareholders enables us to focus on growing our two remaining, higher margin, divisions.

“Subsequent to the year end we announced the acquisition of German engineering business STABER GmbH, which will be strategically beneficial to our existing German engineering business and in line with our intention to invest in specialised IP and innovative businesses.

“The current financial year has started in line with our expectations and we will continue to review suitable acquisition opportunities whilst investing in our existing businesses both in the UK and overseas.”

*Adjusted earnings per share is calculated after adjusting for non-recurring items and amortisation of intangible assets.

 

Enquiries:

Carr's Group plc
Tim Davies (Chief Executive Officer)
Neil Austin (Group Finance Director)
01228 554 600
Powerscourt
Nick Dibden
Lisa Kavanagh
020 7250 1446
[email protected]

 

Notes to Editors

Carr's is an international leader in manufacturing value added products and solutions with market leading brands and robust market positions in the Agriculture and Engineering sectors. The Group offers a range of services including the manufacturing and supply of feed blocks for livestock, farm machinery, a UK network of rural stores, and robotic and remote handling equipment, with a facility footprint spanning the UK, Europe and North America, supplying customers in over 35 countries around the world.

For further information, please visit: www.carrsgroup.com

 

INVESTOR ALERT

To subscribe to our investor alert, service and receive all press releases, financial results and other key shareholder messages as soon as they become available, simply enter your email address in the box below and click 'submit'.



 

This Email Alert service is provided by InvestorCom Limited ('we' or 'us') on behalf of Carr's Group.

InvestorCom and Carr's Group respect your privacy. We promise not to share, rent or sell the information we collect from you, outside of making it periodically available to Carr's Group. Your data will be stored securely and processed only in accordance with our Investor Communications Privacy Policy