Full Year Results For the year ended 28 August 2021
07 December 2021
“A strong performance ahead of expectations”
Carr's (CARR.L), the Agriculture and Engineering Group, announces its full year results for the year ended 28 August 2021.
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Financial highlights
| Adjusted1 | FY21 | FY20 | +/- | |
|---|---|---|---|---|
| (restated)2 | ||||
| Revenue (£m) | 417.3 | 395.6 | +5.5% | |
| Adjusted1 operating profit (£m) | 17.6 | 16.3 | +7.9% | |
| Adjusted1 profit before tax (£m) | 16.6 | 15.0 | +11.1% | |
| Adjusted1 EPS (p) | 13.2 | 12.0 | +10.0% | |
| Statutory | FY21 | FY20 | +/- | |
| (restated)2 | ||||
| Revenue (£m) | 417.3 | 395.6 | +5.5% | |
| Operating profit (£m) | 13.0 | 12.3 | +6.1% | |
| Profit before tax (£m) | 12.1 | 10.9 | +10.3% | |
| Basic EPS (p) | 8.3 | 9.1 | -8.8% | |
| Dividend (p per share) | 5.00 | 4.75 | +5.3% | |
| Net debt3 (£m) | 10.0 | 18.9 | -47.2% | |
Commercial and strategic highlights
- Results ahead of Board’s improved expectations, despite COVID-19 and oil price volatility
- Substantial increase in profitability of both Agriculture divisions:
- Strong performance in Speciality Agriculture assisted by livestock prices in the UK and USA
- Successful year in Agricultural Supplies with feed volumes, machinery revenues, and retail sales all improved
- Engineering adjusted operating profits marginally higher, despite lower oil prices and COVID-19 impact in Q1
- Year end Engineering order book 15.9% higher than prior year
- Very strong cash and net debt position
- Board remains confident in prospects of all divisions
Peter Page, Chairman, commented:
“The Group has delivered an excellent result ahead of the Board’s original expectations, with increased profits across both Agriculture divisions and an enhanced order book for Engineering. In large part, this result stems from the unwavering
commitment of all employees.
“The markets for both Agriculture and Engineering remain positive, and the Board therefore remains confident in the Group’s prospects.”
1 Adjusted results are consistent with how business performance is measured internally and are presented to aid comparability of performance. Adjusting items are disclosed in note 3
2 Prior year restatement recognised in relation to the adoption of the IFRIC agenda decision on cloud configuration and customisation costs in April 2021. Further details can be found in note 9
3 Excluding leases. Further details of net debt can be found in note 8
Enquiries:
| Carr's Group plc Peter Page (Chairman) Neil Austin (Chief Financial Officer) | Tel: +44 (0) 1228 554 600 |
| Powerscourt Nick Dibden / Nick Hayns / Sam Austrums | Tel: +44 (0) 20 7250 1446 |
About Carr's Group plc:
Carr's is an international leader in manufacturing value added products and solutions, with market leading brands and robust market positions in Agriculture and Engineering, supplying customers in over 50 countries around the world. Carr's operates
a decentralised business model that empowers operating subsidiaries enabling them to be competitive, agile, and effective in their individual markets whilst setting overall standards and goals.
Its Speciality Agriculture division manufactures and supplies feed blocks, minerals and boluses containing trace elements and minerals for livestock.
Its Agricultural Supplies division manufactures compound animal feed, distributes farm machinery and fuels, and runs a UK network of rural stores, providing a one-stop shop for the farming community.
Its Engineering division designs and manufactures pressure vessels, manufactures precision components from specialist steel alloys, manufactures robotic manipulators, and provides engineering design, assembly, and installation services for the nuclear, defence and oil & gas industries.