FTSE Announcements

2024

INTERIM RESULTS For the 26 weeks ended 4 March 2023

02 May 2023

Carr's (CARR.L), the Speciality Agriculture and Engineering Group, announces its Interim Results for the 26 weeks ended 4 March 2023.

 

Download

The interim results are available to download in 
PDF format


 

Financial highlights

 
                             
 
 
                     Adjusted1
                        H1 2023
Adjusted1
H1 2022
(restated)2,3
 
 
+/-
Revenue (£m) 79.8 64.5 +23.6%
Adjusted1 operating profit (£m) 5.8 7.5 -23.4%
Adjusted1 profit before tax (£m) 5.5 7.2 -23.3%
Adjusted1 EPS (p) 4.9 6.1 -19.7%
Net (cash)/debt4 (£m)
 
(8.6) 29.9  

 
 
 
                     Statutory
                        H1 2023
 
                  Statutory
                     H1 2022
               (restated)2,3
 
 
 
       +/-
Revenue (£m) 79.8 64.5 +23.6%
Operating profit (£m) 5.1 8.0 -35.8%
Profit before tax (£m) 4.9 7.7 -36.2%
Basic EPS (p) 4.4 6.8 -35.3%
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 restated to provide comparable information for continuing and discontinued operations following the classification of the Carr’s Billington Agricultural business as a disposal group. Further details of results from discontinued operations and net assets relating to the disposal group can be found in note 9.

3   See note 19 for an explanation of the prior period restatements recognised in relation to the recognition of revenue from customer contracts within the Engineering division.

4   Excluding leases. Further details of net (cash)/debt can be found in note 13.

Highlights

  • Revenue increased 24% on prior year, reflecting raw material cost recovery in Speciality Agriculture division
  • H1 profits impacted by volumes in Speciality Agriculture and contract timing in Engineering
  • Record Engineering order book of £57 million at 28 April, up by 30% from start of the period
  • Phasing in engineering work will be favourable in H2, with strong profit generation in the division expected
  • Net cash position following receipt of £24 million on completion of disposal of Agricultural Supplies division

Outlook

The outlook for Engineering in the second half of FY2023 is positive. The division has several key contracts coming through in fabrication and robotics, allied to an improved position for the precision engineering business buoyed by activity in oil and gas. These factors will offset the low summer season for Speciality Agriculture which also continues to manage historically high input costs. Acknowledging the challenges ahead, the Board anticipates full year adjusted profit before tax of c.£10m and remains confident in the prospects of both divisions in the medium term. 

Peter Page, Chief Executive Officer, commented:

“A strong order book in robotics, fabrication and precision engineering, alongside completion of a long-running defence contract in H1, provides the prospect of a considerable step up in profits from the Engineering division for H2. This will offset the quieter summer months for the Speciality Agriculture division, which is managing a period of unprecedented input costs. The outlook for 2024 and 2025 is encouraging in both divisions.”

Enquiries: 

Carr's Group plc
Peter Page (Chief Executive Officer)
David White (Chief Financial Officer)

Tel: +44 (0) 1228 554 600
FTI Consulting
Richard Mountain/Ariadna Peretz
Tel: +44 (0) 20 3727 1340
Investec Bank plc
Carlton Nelson/David Anderson/William Brinkley
 
Tel: +44 (0) 20 7597 4000

 

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.

2023

INTERIM RESULTS For the 26 weeks ended 4 March 2023

02 May 2023

Carr's (CARR.L), the Speciality Agriculture and Engineering Group, announces its Interim Results for the 26 weeks ended 4 March 2023.

 

Download

The interim results are available to download in 
PDF format


 

Financial highlights

 
                             
 
 
                     Adjusted1
                        H1 2023
Adjusted1
H1 2022
(restated)2,3
 
 
+/-
Revenue (£m) 79.8 64.5 +23.6%
Adjusted1 operating profit (£m) 5.8 7.5 -23.4%
Adjusted1 profit before tax (£m) 5.5 7.2 -23.3%
Adjusted1 EPS (p) 4.9 6.1 -19.7%
Net (cash)/debt4 (£m)
 
(8.6) 29.9  

 
 
 
                     Statutory
                        H1 2023
 
                  Statutory
                     H1 2022
               (restated)2,3
 
 
 
       +/-
Revenue (£m) 79.8 64.5 +23.6%
Operating profit (£m) 5.1 8.0 -35.8%
Profit before tax (£m) 4.9 7.7 -36.2%
Basic EPS (p) 4.4 6.8 -35.3%
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 restated to provide comparable information for continuing and discontinued operations following the classification of the Carr’s Billington Agricultural business as a disposal group. Further details of results from discontinued operations and net assets relating to the disposal group can be found in note 9.

3   See note 19 for an explanation of the prior period restatements recognised in relation to the recognition of revenue from customer contracts within the Engineering division.

4   Excluding leases. Further details of net (cash)/debt can be found in note 13.

Highlights

  • Revenue increased 24% on prior year, reflecting raw material cost recovery in Speciality Agriculture division
  • H1 profits impacted by volumes in Speciality Agriculture and contract timing in Engineering
  • Record Engineering order book of £57 million at 28 April, up by 30% from start of the period
  • Phasing in engineering work will be favourable in H2, with strong profit generation in the division expected
  • Net cash position following receipt of £24 million on completion of disposal of Agricultural Supplies division

Outlook

The outlook for Engineering in the second half of FY2023 is positive. The division has several key contracts coming through in fabrication and robotics, allied to an improved position for the precision engineering business buoyed by activity in oil and gas. These factors will offset the low summer season for Speciality Agriculture which also continues to manage historically high input costs. Acknowledging the challenges ahead, the Board anticipates full year adjusted profit before tax of c.£10m and remains confident in the prospects of both divisions in the medium term. 

Peter Page, Chief Executive Officer, commented:

“A strong order book in robotics, fabrication and precision engineering, alongside completion of a long-running defence contract in H1, provides the prospect of a considerable step up in profits from the Engineering division for H2. This will offset the quieter summer months for the Speciality Agriculture division, which is managing a period of unprecedented input costs. The outlook for 2024 and 2025 is encouraging in both divisions.”

Enquiries: 

Carr's Group plc
Peter Page (Chief Executive Officer)
David White (Chief Financial Officer)

Tel: +44 (0) 1228 554 600
FTI Consulting
Richard Mountain/Ariadna Peretz
Tel: +44 (0) 20 3727 1340
Investec Bank plc
Carlton Nelson/David Anderson/William Brinkley
 
Tel: +44 (0) 20 7597 4000

 

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.

2022

INTERIM RESULTS For the 26 weeks ended 4 March 2023

02 May 2023

Carr's (CARR.L), the Speciality Agriculture and Engineering Group, announces its Interim Results for the 26 weeks ended 4 March 2023.

 

Download

The interim results are available to download in 
PDF format


 

Financial highlights

 
                             
 
 
                     Adjusted1
                        H1 2023
Adjusted1
H1 2022
(restated)2,3
 
 
+/-
Revenue (£m) 79.8 64.5 +23.6%
Adjusted1 operating profit (£m) 5.8 7.5 -23.4%
Adjusted1 profit before tax (£m) 5.5 7.2 -23.3%
Adjusted1 EPS (p) 4.9 6.1 -19.7%
Net (cash)/debt4 (£m)
 
(8.6) 29.9  

 
 
 
                     Statutory
                        H1 2023
 
                  Statutory
                     H1 2022
               (restated)2,3
 
 
 
       +/-
Revenue (£m) 79.8 64.5 +23.6%
Operating profit (£m) 5.1 8.0 -35.8%
Profit before tax (£m) 4.9 7.7 -36.2%
Basic EPS (p) 4.4 6.8 -35.3%
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 restated to provide comparable information for continuing and discontinued operations following the classification of the Carr’s Billington Agricultural business as a disposal group. Further details of results from discontinued operations and net assets relating to the disposal group can be found in note 9.

3   See note 19 for an explanation of the prior period restatements recognised in relation to the recognition of revenue from customer contracts within the Engineering division.

4   Excluding leases. Further details of net (cash)/debt can be found in note 13.

Highlights

  • Revenue increased 24% on prior year, reflecting raw material cost recovery in Speciality Agriculture division
  • H1 profits impacted by volumes in Speciality Agriculture and contract timing in Engineering
  • Record Engineering order book of £57 million at 28 April, up by 30% from start of the period
  • Phasing in engineering work will be favourable in H2, with strong profit generation in the division expected
  • Net cash position following receipt of £24 million on completion of disposal of Agricultural Supplies division

Outlook

The outlook for Engineering in the second half of FY2023 is positive. The division has several key contracts coming through in fabrication and robotics, allied to an improved position for the precision engineering business buoyed by activity in oil and gas. These factors will offset the low summer season for Speciality Agriculture which also continues to manage historically high input costs. Acknowledging the challenges ahead, the Board anticipates full year adjusted profit before tax of c.£10m and remains confident in the prospects of both divisions in the medium term. 

Peter Page, Chief Executive Officer, commented:

“A strong order book in robotics, fabrication and precision engineering, alongside completion of a long-running defence contract in H1, provides the prospect of a considerable step up in profits from the Engineering division for H2. This will offset the quieter summer months for the Speciality Agriculture division, which is managing a period of unprecedented input costs. The outlook for 2024 and 2025 is encouraging in both divisions.”

Enquiries: 

Carr's Group plc
Peter Page (Chief Executive Officer)
David White (Chief Financial Officer)

Tel: +44 (0) 1228 554 600
FTI Consulting
Richard Mountain/Ariadna Peretz
Tel: +44 (0) 20 3727 1340
Investec Bank plc
Carlton Nelson/David Anderson/William Brinkley
 
Tel: +44 (0) 20 7597 4000

 

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.

2021

INTERIM RESULTS For the 26 weeks ended 4 March 2023

02 May 2023

Carr's (CARR.L), the Speciality Agriculture and Engineering Group, announces its Interim Results for the 26 weeks ended 4 March 2023.

 

Download

The interim results are available to download in 
PDF format


 

Financial highlights

 
                             
 
 
                     Adjusted1
                        H1 2023
Adjusted1
H1 2022
(restated)2,3
 
 
+/-
Revenue (£m) 79.8 64.5 +23.6%
Adjusted1 operating profit (£m) 5.8 7.5 -23.4%
Adjusted1 profit before tax (£m) 5.5 7.2 -23.3%
Adjusted1 EPS (p) 4.9 6.1 -19.7%
Net (cash)/debt4 (£m)
 
(8.6) 29.9  

 
 
 
                     Statutory
                        H1 2023
 
                  Statutory
                     H1 2022
               (restated)2,3
 
 
 
       +/-
Revenue (£m) 79.8 64.5 +23.6%
Operating profit (£m) 5.1 8.0 -35.8%
Profit before tax (£m) 4.9 7.7 -36.2%
Basic EPS (p) 4.4 6.8 -35.3%
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 restated to provide comparable information for continuing and discontinued operations following the classification of the Carr’s Billington Agricultural business as a disposal group. Further details of results from discontinued operations and net assets relating to the disposal group can be found in note 9.

3   See note 19 for an explanation of the prior period restatements recognised in relation to the recognition of revenue from customer contracts within the Engineering division.

4   Excluding leases. Further details of net (cash)/debt can be found in note 13.

Highlights

  • Revenue increased 24% on prior year, reflecting raw material cost recovery in Speciality Agriculture division
  • H1 profits impacted by volumes in Speciality Agriculture and contract timing in Engineering
  • Record Engineering order book of £57 million at 28 April, up by 30% from start of the period
  • Phasing in engineering work will be favourable in H2, with strong profit generation in the division expected
  • Net cash position following receipt of £24 million on completion of disposal of Agricultural Supplies division

Outlook

The outlook for Engineering in the second half of FY2023 is positive. The division has several key contracts coming through in fabrication and robotics, allied to an improved position for the precision engineering business buoyed by activity in oil and gas. These factors will offset the low summer season for Speciality Agriculture which also continues to manage historically high input costs. Acknowledging the challenges ahead, the Board anticipates full year adjusted profit before tax of c.£10m and remains confident in the prospects of both divisions in the medium term. 

Peter Page, Chief Executive Officer, commented:

“A strong order book in robotics, fabrication and precision engineering, alongside completion of a long-running defence contract in H1, provides the prospect of a considerable step up in profits from the Engineering division for H2. This will offset the quieter summer months for the Speciality Agriculture division, which is managing a period of unprecedented input costs. The outlook for 2024 and 2025 is encouraging in both divisions.”

Enquiries: 

Carr's Group plc
Peter Page (Chief Executive Officer)
David White (Chief Financial Officer)

Tel: +44 (0) 1228 554 600
FTI Consulting
Richard Mountain/Ariadna Peretz
Tel: +44 (0) 20 3727 1340
Investec Bank plc
Carlton Nelson/David Anderson/William Brinkley
 
Tel: +44 (0) 20 7597 4000

 

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.

2020

INTERIM RESULTS For the 26 weeks ended 4 March 2023

02 May 2023

Carr's (CARR.L), the Speciality Agriculture and Engineering Group, announces its Interim Results for the 26 weeks ended 4 March 2023.

 

Download

The interim results are available to download in 
PDF format


 

Financial highlights

 
                             
 
 
                     Adjusted1
                        H1 2023
Adjusted1
H1 2022
(restated)2,3
 
 
+/-
Revenue (£m) 79.8 64.5 +23.6%
Adjusted1 operating profit (£m) 5.8 7.5 -23.4%
Adjusted1 profit before tax (£m) 5.5 7.2 -23.3%
Adjusted1 EPS (p) 4.9 6.1 -19.7%
Net (cash)/debt4 (£m)
 
(8.6) 29.9  

 
 
 
                     Statutory
                        H1 2023
 
                  Statutory
                     H1 2022
               (restated)2,3
 
 
 
       +/-
Revenue (£m) 79.8 64.5 +23.6%
Operating profit (£m) 5.1 8.0 -35.8%
Profit before tax (£m) 4.9 7.7 -36.2%
Basic EPS (p) 4.4 6.8 -35.3%
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 restated to provide comparable information for continuing and discontinued operations following the classification of the Carr’s Billington Agricultural business as a disposal group. Further details of results from discontinued operations and net assets relating to the disposal group can be found in note 9.

3   See note 19 for an explanation of the prior period restatements recognised in relation to the recognition of revenue from customer contracts within the Engineering division.

4   Excluding leases. Further details of net (cash)/debt can be found in note 13.

Highlights

  • Revenue increased 24% on prior year, reflecting raw material cost recovery in Speciality Agriculture division
  • H1 profits impacted by volumes in Speciality Agriculture and contract timing in Engineering
  • Record Engineering order book of £57 million at 28 April, up by 30% from start of the period
  • Phasing in engineering work will be favourable in H2, with strong profit generation in the division expected
  • Net cash position following receipt of £24 million on completion of disposal of Agricultural Supplies division

Outlook

The outlook for Engineering in the second half of FY2023 is positive. The division has several key contracts coming through in fabrication and robotics, allied to an improved position for the precision engineering business buoyed by activity in oil and gas. These factors will offset the low summer season for Speciality Agriculture which also continues to manage historically high input costs. Acknowledging the challenges ahead, the Board anticipates full year adjusted profit before tax of c.£10m and remains confident in the prospects of both divisions in the medium term. 

Peter Page, Chief Executive Officer, commented:

“A strong order book in robotics, fabrication and precision engineering, alongside completion of a long-running defence contract in H1, provides the prospect of a considerable step up in profits from the Engineering division for H2. This will offset the quieter summer months for the Speciality Agriculture division, which is managing a period of unprecedented input costs. The outlook for 2024 and 2025 is encouraging in both divisions.”

Enquiries: 

Carr's Group plc
Peter Page (Chief Executive Officer)
David White (Chief Financial Officer)

Tel: +44 (0) 1228 554 600
FTI Consulting
Richard Mountain/Ariadna Peretz
Tel: +44 (0) 20 3727 1340
Investec Bank plc
Carlton Nelson/David Anderson/William Brinkley
 
Tel: +44 (0) 20 7597 4000

 

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.

2019

INTERIM RESULTS For the 26 weeks ended 4 March 2023

02 May 2023

Carr's (CARR.L), the Speciality Agriculture and Engineering Group, announces its Interim Results for the 26 weeks ended 4 March 2023.

 

Download

The interim results are available to download in 
PDF format


 

Financial highlights

 
                             
 
 
                     Adjusted1
                        H1 2023
Adjusted1
H1 2022
(restated)2,3
 
 
+/-
Revenue (£m) 79.8 64.5 +23.6%
Adjusted1 operating profit (£m) 5.8 7.5 -23.4%
Adjusted1 profit before tax (£m) 5.5 7.2 -23.3%
Adjusted1 EPS (p) 4.9 6.1 -19.7%
Net (cash)/debt4 (£m)
 
(8.6) 29.9  

 
 
 
                     Statutory
                        H1 2023
 
                  Statutory
                     H1 2022
               (restated)2,3
 
 
 
       +/-
Revenue (£m) 79.8 64.5 +23.6%
Operating profit (£m) 5.1 8.0 -35.8%
Profit before tax (£m) 4.9 7.7 -36.2%
Basic EPS (p) 4.4 6.8 -35.3%
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 restated to provide comparable information for continuing and discontinued operations following the classification of the Carr’s Billington Agricultural business as a disposal group. Further details of results from discontinued operations and net assets relating to the disposal group can be found in note 9.

3   See note 19 for an explanation of the prior period restatements recognised in relation to the recognition of revenue from customer contracts within the Engineering division.

4   Excluding leases. Further details of net (cash)/debt can be found in note 13.

Highlights

  • Revenue increased 24% on prior year, reflecting raw material cost recovery in Speciality Agriculture division
  • H1 profits impacted by volumes in Speciality Agriculture and contract timing in Engineering
  • Record Engineering order book of £57 million at 28 April, up by 30% from start of the period
  • Phasing in engineering work will be favourable in H2, with strong profit generation in the division expected
  • Net cash position following receipt of £24 million on completion of disposal of Agricultural Supplies division

Outlook

The outlook for Engineering in the second half of FY2023 is positive. The division has several key contracts coming through in fabrication and robotics, allied to an improved position for the precision engineering business buoyed by activity in oil and gas. These factors will offset the low summer season for Speciality Agriculture which also continues to manage historically high input costs. Acknowledging the challenges ahead, the Board anticipates full year adjusted profit before tax of c.£10m and remains confident in the prospects of both divisions in the medium term. 

Peter Page, Chief Executive Officer, commented:

“A strong order book in robotics, fabrication and precision engineering, alongside completion of a long-running defence contract in H1, provides the prospect of a considerable step up in profits from the Engineering division for H2. This will offset the quieter summer months for the Speciality Agriculture division, which is managing a period of unprecedented input costs. The outlook for 2024 and 2025 is encouraging in both divisions.”

Enquiries: 

Carr's Group plc
Peter Page (Chief Executive Officer)
David White (Chief Financial Officer)

Tel: +44 (0) 1228 554 600
FTI Consulting
Richard Mountain/Ariadna Peretz
Tel: +44 (0) 20 3727 1340
Investec Bank plc
Carlton Nelson/David Anderson/William Brinkley
 
Tel: +44 (0) 20 7597 4000

 

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.

2018

INTERIM RESULTS For the 26 weeks ended 4 March 2023

02 May 2023

Carr's (CARR.L), the Speciality Agriculture and Engineering Group, announces its Interim Results for the 26 weeks ended 4 March 2023.

 

Download

The interim results are available to download in 
PDF format


 

Financial highlights

 
                             
 
 
                     Adjusted1
                        H1 2023
Adjusted1
H1 2022
(restated)2,3
 
 
+/-
Revenue (£m) 79.8 64.5 +23.6%
Adjusted1 operating profit (£m) 5.8 7.5 -23.4%
Adjusted1 profit before tax (£m) 5.5 7.2 -23.3%
Adjusted1 EPS (p) 4.9 6.1 -19.7%
Net (cash)/debt4 (£m)
 
(8.6) 29.9  

 
 
 
                     Statutory
                        H1 2023
 
                  Statutory
                     H1 2022
               (restated)2,3
 
 
 
       +/-
Revenue (£m) 79.8 64.5 +23.6%
Operating profit (£m) 5.1 8.0 -35.8%
Profit before tax (£m) 4.9 7.7 -36.2%
Basic EPS (p) 4.4 6.8 -35.3%
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 restated to provide comparable information for continuing and discontinued operations following the classification of the Carr’s Billington Agricultural business as a disposal group. Further details of results from discontinued operations and net assets relating to the disposal group can be found in note 9.

3   See note 19 for an explanation of the prior period restatements recognised in relation to the recognition of revenue from customer contracts within the Engineering division.

4   Excluding leases. Further details of net (cash)/debt can be found in note 13.

Highlights

  • Revenue increased 24% on prior year, reflecting raw material cost recovery in Speciality Agriculture division
  • H1 profits impacted by volumes in Speciality Agriculture and contract timing in Engineering
  • Record Engineering order book of £57 million at 28 April, up by 30% from start of the period
  • Phasing in engineering work will be favourable in H2, with strong profit generation in the division expected
  • Net cash position following receipt of £24 million on completion of disposal of Agricultural Supplies division

Outlook

The outlook for Engineering in the second half of FY2023 is positive. The division has several key contracts coming through in fabrication and robotics, allied to an improved position for the precision engineering business buoyed by activity in oil and gas. These factors will offset the low summer season for Speciality Agriculture which also continues to manage historically high input costs. Acknowledging the challenges ahead, the Board anticipates full year adjusted profit before tax of c.£10m and remains confident in the prospects of both divisions in the medium term. 

Peter Page, Chief Executive Officer, commented:

“A strong order book in robotics, fabrication and precision engineering, alongside completion of a long-running defence contract in H1, provides the prospect of a considerable step up in profits from the Engineering division for H2. This will offset the quieter summer months for the Speciality Agriculture division, which is managing a period of unprecedented input costs. The outlook for 2024 and 2025 is encouraging in both divisions.”

Enquiries: 

Carr's Group plc
Peter Page (Chief Executive Officer)
David White (Chief Financial Officer)

Tel: +44 (0) 1228 554 600
FTI Consulting
Richard Mountain/Ariadna Peretz
Tel: +44 (0) 20 3727 1340
Investec Bank plc
Carlton Nelson/David Anderson/William Brinkley
 
Tel: +44 (0) 20 7597 4000

 

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.

2017

INTERIM RESULTS For the 26 weeks ended 4 March 2023

02 May 2023

Carr's (CARR.L), the Speciality Agriculture and Engineering Group, announces its Interim Results for the 26 weeks ended 4 March 2023.

 

Download

The interim results are available to download in 
PDF format


 

Financial highlights

 
                             
 
 
                     Adjusted1
                        H1 2023
Adjusted1
H1 2022
(restated)2,3
 
 
+/-
Revenue (£m) 79.8 64.5 +23.6%
Adjusted1 operating profit (£m) 5.8 7.5 -23.4%
Adjusted1 profit before tax (£m) 5.5 7.2 -23.3%
Adjusted1 EPS (p) 4.9 6.1 -19.7%
Net (cash)/debt4 (£m)
 
(8.6) 29.9  

 
 
 
                     Statutory
                        H1 2023
 
                  Statutory
                     H1 2022
               (restated)2,3
 
 
 
       +/-
Revenue (£m) 79.8 64.5 +23.6%
Operating profit (£m) 5.1 8.0 -35.8%
Profit before tax (£m) 4.9 7.7 -36.2%
Basic EPS (p) 4.4 6.8 -35.3%
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 restated to provide comparable information for continuing and discontinued operations following the classification of the Carr’s Billington Agricultural business as a disposal group. Further details of results from discontinued operations and net assets relating to the disposal group can be found in note 9.

3   See note 19 for an explanation of the prior period restatements recognised in relation to the recognition of revenue from customer contracts within the Engineering division.

4   Excluding leases. Further details of net (cash)/debt can be found in note 13.

Highlights

  • Revenue increased 24% on prior year, reflecting raw material cost recovery in Speciality Agriculture division
  • H1 profits impacted by volumes in Speciality Agriculture and contract timing in Engineering
  • Record Engineering order book of £57 million at 28 April, up by 30% from start of the period
  • Phasing in engineering work will be favourable in H2, with strong profit generation in the division expected
  • Net cash position following receipt of £24 million on completion of disposal of Agricultural Supplies division

Outlook

The outlook for Engineering in the second half of FY2023 is positive. The division has several key contracts coming through in fabrication and robotics, allied to an improved position for the precision engineering business buoyed by activity in oil and gas. These factors will offset the low summer season for Speciality Agriculture which also continues to manage historically high input costs. Acknowledging the challenges ahead, the Board anticipates full year adjusted profit before tax of c.£10m and remains confident in the prospects of both divisions in the medium term. 

Peter Page, Chief Executive Officer, commented:

“A strong order book in robotics, fabrication and precision engineering, alongside completion of a long-running defence contract in H1, provides the prospect of a considerable step up in profits from the Engineering division for H2. This will offset the quieter summer months for the Speciality Agriculture division, which is managing a period of unprecedented input costs. The outlook for 2024 and 2025 is encouraging in both divisions.”

Enquiries: 

Carr's Group plc
Peter Page (Chief Executive Officer)
David White (Chief Financial Officer)

Tel: +44 (0) 1228 554 600
FTI Consulting
Richard Mountain/Ariadna Peretz
Tel: +44 (0) 20 3727 1340
Investec Bank plc
Carlton Nelson/David Anderson/William Brinkley
 
Tel: +44 (0) 20 7597 4000

 

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.

2016

INTERIM RESULTS For the 26 weeks ended 4 March 2023

02 May 2023

Carr's (CARR.L), the Speciality Agriculture and Engineering Group, announces its Interim Results for the 26 weeks ended 4 March 2023.

 

Download

The interim results are available to download in 
PDF format


 

Financial highlights

 
                             
 
 
                     Adjusted1
                        H1 2023
Adjusted1
H1 2022
(restated)2,3
 
 
+/-
Revenue (£m) 79.8 64.5 +23.6%
Adjusted1 operating profit (£m) 5.8 7.5 -23.4%
Adjusted1 profit before tax (£m) 5.5 7.2 -23.3%
Adjusted1 EPS (p) 4.9 6.1 -19.7%
Net (cash)/debt4 (£m)
 
(8.6) 29.9  

 
 
 
                     Statutory
                        H1 2023
 
                  Statutory
                     H1 2022
               (restated)2,3
 
 
 
       +/-
Revenue (£m) 79.8 64.5 +23.6%
Operating profit (£m) 5.1 8.0 -35.8%
Profit before tax (£m) 4.9 7.7 -36.2%
Basic EPS (p) 4.4 6.8 -35.3%
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 restated to provide comparable information for continuing and discontinued operations following the classification of the Carr’s Billington Agricultural business as a disposal group. Further details of results from discontinued operations and net assets relating to the disposal group can be found in note 9.

3   See note 19 for an explanation of the prior period restatements recognised in relation to the recognition of revenue from customer contracts within the Engineering division.

4   Excluding leases. Further details of net (cash)/debt can be found in note 13.

Highlights

  • Revenue increased 24% on prior year, reflecting raw material cost recovery in Speciality Agriculture division
  • H1 profits impacted by volumes in Speciality Agriculture and contract timing in Engineering
  • Record Engineering order book of £57 million at 28 April, up by 30% from start of the period
  • Phasing in engineering work will be favourable in H2, with strong profit generation in the division expected
  • Net cash position following receipt of £24 million on completion of disposal of Agricultural Supplies division

Outlook

The outlook for Engineering in the second half of FY2023 is positive. The division has several key contracts coming through in fabrication and robotics, allied to an improved position for the precision engineering business buoyed by activity in oil and gas. These factors will offset the low summer season for Speciality Agriculture which also continues to manage historically high input costs. Acknowledging the challenges ahead, the Board anticipates full year adjusted profit before tax of c.£10m and remains confident in the prospects of both divisions in the medium term. 

Peter Page, Chief Executive Officer, commented:

“A strong order book in robotics, fabrication and precision engineering, alongside completion of a long-running defence contract in H1, provides the prospect of a considerable step up in profits from the Engineering division for H2. This will offset the quieter summer months for the Speciality Agriculture division, which is managing a period of unprecedented input costs. The outlook for 2024 and 2025 is encouraging in both divisions.”

Enquiries: 

Carr's Group plc
Peter Page (Chief Executive Officer)
David White (Chief Financial Officer)

Tel: +44 (0) 1228 554 600
FTI Consulting
Richard Mountain/Ariadna Peretz
Tel: +44 (0) 20 3727 1340
Investec Bank plc
Carlton Nelson/David Anderson/William Brinkley
 
Tel: +44 (0) 20 7597 4000

 

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.

2015

INTERIM RESULTS For the 26 weeks ended 4 March 2023

02 May 2023

Carr's (CARR.L), the Speciality Agriculture and Engineering Group, announces its Interim Results for the 26 weeks ended 4 March 2023.

 

Download

The interim results are available to download in 
PDF format


 

Financial highlights

 
                             
 
 
                     Adjusted1
                        H1 2023
Adjusted1
H1 2022
(restated)2,3
 
 
+/-
Revenue (£m) 79.8 64.5 +23.6%
Adjusted1 operating profit (£m) 5.8 7.5 -23.4%
Adjusted1 profit before tax (£m) 5.5 7.2 -23.3%
Adjusted1 EPS (p) 4.9 6.1 -19.7%
Net (cash)/debt4 (£m)
 
(8.6) 29.9  

 
 
 
                     Statutory
                        H1 2023
 
                  Statutory
                     H1 2022
               (restated)2,3
 
 
 
       +/-
Revenue (£m) 79.8 64.5 +23.6%
Operating profit (£m) 5.1 8.0 -35.8%
Profit before tax (£m) 4.9 7.7 -36.2%
Basic EPS (p) 4.4 6.8 -35.3%
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 restated to provide comparable information for continuing and discontinued operations following the classification of the Carr’s Billington Agricultural business as a disposal group. Further details of results from discontinued operations and net assets relating to the disposal group can be found in note 9.

3   See note 19 for an explanation of the prior period restatements recognised in relation to the recognition of revenue from customer contracts within the Engineering division.

4   Excluding leases. Further details of net (cash)/debt can be found in note 13.

Highlights

  • Revenue increased 24% on prior year, reflecting raw material cost recovery in Speciality Agriculture division
  • H1 profits impacted by volumes in Speciality Agriculture and contract timing in Engineering
  • Record Engineering order book of £57 million at 28 April, up by 30% from start of the period
  • Phasing in engineering work will be favourable in H2, with strong profit generation in the division expected
  • Net cash position following receipt of £24 million on completion of disposal of Agricultural Supplies division

Outlook

The outlook for Engineering in the second half of FY2023 is positive. The division has several key contracts coming through in fabrication and robotics, allied to an improved position for the precision engineering business buoyed by activity in oil and gas. These factors will offset the low summer season for Speciality Agriculture which also continues to manage historically high input costs. Acknowledging the challenges ahead, the Board anticipates full year adjusted profit before tax of c.£10m and remains confident in the prospects of both divisions in the medium term. 

Peter Page, Chief Executive Officer, commented:

“A strong order book in robotics, fabrication and precision engineering, alongside completion of a long-running defence contract in H1, provides the prospect of a considerable step up in profits from the Engineering division for H2. This will offset the quieter summer months for the Speciality Agriculture division, which is managing a period of unprecedented input costs. The outlook for 2024 and 2025 is encouraging in both divisions.”

Enquiries: 

Carr's Group plc
Peter Page (Chief Executive Officer)
David White (Chief Financial Officer)

Tel: +44 (0) 1228 554 600
FTI Consulting
Richard Mountain/Ariadna Peretz
Tel: +44 (0) 20 3727 1340
Investec Bank plc
Carlton Nelson/David Anderson/William Brinkley
 
Tel: +44 (0) 20 7597 4000

 

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.

2014

INTERIM RESULTS For the 26 weeks ended 4 March 2023

02 May 2023

Carr's (CARR.L), the Speciality Agriculture and Engineering Group, announces its Interim Results for the 26 weeks ended 4 March 2023.

 

Download

The interim results are available to download in 
PDF format


 

Financial highlights

 
                             
 
 
                     Adjusted1
                        H1 2023
Adjusted1
H1 2022
(restated)2,3
 
 
+/-
Revenue (£m) 79.8 64.5 +23.6%
Adjusted1 operating profit (£m) 5.8 7.5 -23.4%
Adjusted1 profit before tax (£m) 5.5 7.2 -23.3%
Adjusted1 EPS (p) 4.9 6.1 -19.7%
Net (cash)/debt4 (£m)
 
(8.6) 29.9  

 
 
 
                     Statutory
                        H1 2023
 
                  Statutory
                     H1 2022
               (restated)2,3
 
 
 
       +/-
Revenue (£m) 79.8 64.5 +23.6%
Operating profit (£m) 5.1 8.0 -35.8%
Profit before tax (£m) 4.9 7.7 -36.2%
Basic EPS (p) 4.4 6.8 -35.3%
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 restated to provide comparable information for continuing and discontinued operations following the classification of the Carr’s Billington Agricultural business as a disposal group. Further details of results from discontinued operations and net assets relating to the disposal group can be found in note 9.

3   See note 19 for an explanation of the prior period restatements recognised in relation to the recognition of revenue from customer contracts within the Engineering division.

4   Excluding leases. Further details of net (cash)/debt can be found in note 13.

Highlights

  • Revenue increased 24% on prior year, reflecting raw material cost recovery in Speciality Agriculture division
  • H1 profits impacted by volumes in Speciality Agriculture and contract timing in Engineering
  • Record Engineering order book of £57 million at 28 April, up by 30% from start of the period
  • Phasing in engineering work will be favourable in H2, with strong profit generation in the division expected
  • Net cash position following receipt of £24 million on completion of disposal of Agricultural Supplies division

Outlook

The outlook for Engineering in the second half of FY2023 is positive. The division has several key contracts coming through in fabrication and robotics, allied to an improved position for the precision engineering business buoyed by activity in oil and gas. These factors will offset the low summer season for Speciality Agriculture which also continues to manage historically high input costs. Acknowledging the challenges ahead, the Board anticipates full year adjusted profit before tax of c.£10m and remains confident in the prospects of both divisions in the medium term. 

Peter Page, Chief Executive Officer, commented:

“A strong order book in robotics, fabrication and precision engineering, alongside completion of a long-running defence contract in H1, provides the prospect of a considerable step up in profits from the Engineering division for H2. This will offset the quieter summer months for the Speciality Agriculture division, which is managing a period of unprecedented input costs. The outlook for 2024 and 2025 is encouraging in both divisions.”

Enquiries: 

Carr's Group plc
Peter Page (Chief Executive Officer)
David White (Chief Financial Officer)

Tel: +44 (0) 1228 554 600
FTI Consulting
Richard Mountain/Ariadna Peretz
Tel: +44 (0) 20 3727 1340
Investec Bank plc
Carlton Nelson/David Anderson/William Brinkley
 
Tel: +44 (0) 20 7597 4000

 

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.