INTERIM RESULTS for the 26 weeks ended 26 February 2022
20 April 2022
“A robust performance in the period with full year expectations unchanged”
Carr's (CARR.L), the Agriculture and Engineering Group, announces its Interim Results for the 26 weeks ended 26 February 2022.
Financial highlights
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| | Adjusted1 H1 2022 | Adjusted1 H1 2021 (restated)2 | +/- |
|---|---|---|---|
| Revenue (£m) | 222.7 | 201.4 | +10.6% |
| Adjusted1 operating profit (£m) | 10.8 | 11.0 | -1.9% |
| Adjusted1 profit before tax (£m) | 10.3 | 10.5 | -2.3% |
| Adjusted1 EPS (p) | 7.6 | 8.3 | -8.4% |
| Net debt3 (£m) | 29.9 | 10.6 | +182.8% |
| Statutory H1 2022 | Statutory H1 2021 (restated)2 | +/- | |
| Revenue (£m) | 222.7 | 201.4 | +10.6% |
| Operating profit (£m) | 10.0 | 10.0 | +0.2% |
| Profit before tax (£m) | 9.5 | 9.5 | -0.1% |
| Basic EPS (p) | 7.6 | 7.8 | -2.6% |
| Interim dividend (p) | 1.175 | 1.175 | - |
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 8
2 Prior period 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 18
3 Excluding leases. Further details of net debt can be found in note 12
Highlights
- Strong performance in Agricultural Supplies despite significant raw material cost increases
- Engineering order book value increased 14% during H1 with improved utilisation and stronger margins
- Speciality Agriculture margins impacted by timing difference between input cost increases and sale price movements
- Full year outlook in line with Board’s expectations
Outlook
During the second half, an improved performance in Engineering, where order books stand at record levels, together with continued positive trading in Agricultural Supplies are expected to offset volume and pricing challenges in Speciality Agriculture.
The Board is confident in the prospects of all three divisions in the medium term and its full year expectations are unchanged.
Peter Page, Executive Chairman, commented:
"Carr's Group has performed well in the first half, with a strong performance in Agricultural Supplies at a time of extraordinary raw material cost increases and a marked recovery in Engineering offsetting input cost impact on margins in Speciality Agriculture. The outlook for the second half remains positive with the group on track to meet the Board’s expectations for the full year."
Enquiries:
| Carr's Group plc Peter Page (Executive 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 bespoke equipment, including robotic and remote handling equipment, and provides technical services primarily into nuclear, oil and gas, and defence industries.