Trading Update
10 October 2023
Carr's (CARR.L), the Speciality Agriculture and Engineering Group announces a trading update for
the year ended 2 September 2023.
Since the last trading update on 4 August 2023, the Group has performed in line with the Board's
revised expectations. Despite a soft first half, a strong second half for the Engineering
division will result in profit for the full year being only marginally below that of FY22. The
order book has reached a record level, finishing the year at £63m (August 2022: £41m), which gives
confidence in growth prospects in FY24 and looking further ahead into FY25.
Conditions in Speciality Agriculture continue to be challenging and as previously indicated,
adjusted operating profit will be significantly below the prior year. Feed block volumes in both
the UK and the USA were lower than last year, with drought conditions in parts of the USA and high
farm input costs in the UK suppressing demand. The challenging conditions in both markets are
expected to continue in the year ahead but the Board anticipates a return to growth in the medium
and long-term.
Central costs will be marginally lower than forecast at the previous update, with further savings
anticipated in FY24. The Group closed the year with net cash (excluding leases) of £4.2m (FY22
continuing Group: net debt of £14.0m). Since the end of the financial year, this has been
supplemented by significant customer receipts, with a further £4.0m related to the disposal of
Agricultural Supplies division expected in October 2023.
The Group expects to announce its audited results for the year ended 2 September 2023 in mid-December.
Enquiries:
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Carr's Group plc |
+44 (0) 1228 554 600 |
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Peter Page, Chief Executive Officer |
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David White, Chief Financial Officer |
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FTI Consulting |
+44 (0) 203 727 1340 |
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Richard Mountain/ Ariadna Peretz |
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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 around the world. Carr's operates a business model that empowers operating subsidiaries
enabling them to be competitive, agile, and effective in their individual markets whilst setting
overall standards and goals.
The Speciality Agriculture division manufactures and supplies feed blocks, minerals and boluses
containing trace elements and minerals for livestock.
The Engineering division manufactures vessels, precision components and remote handling systems, and provides specialist engineering services, for the nuclear, defence and oil & gas industries.