Carr’s sees half-year profits leap 49%
RECENT acquisitions and strong trading have contributed to significant earnings and sales growth at Carlisle food and engineering company Carr’s Milling Industries.
In the six months to February 26 pre-tax profits grew by 49% to £7.9m on sales of £204.7m, up 27%.
Carr’s said the results reflected the positive business environment, with demand from farmers increasing as prices for beef, lamb and cereals have remained firm.
The company, which sells animal feed and fuel oils, also said it was helped by the severe winter weather. Profitability at its engineering business improved in line with a growing order book but its food division, which supplies ingredients to manufacturers, saw profits fall by 20% to £700,000 due to higher wheat prices.
Chief executive Chris Holmes said: “We have made encouraging strategic progress in our markets during 2010 and into 2011. We are confident that Carr’s will continue to trade in line with management’s expectations for the full year.”
Carr’s said the results had benefited from the acquisitions of Scotmin Nutrition and A C Burn in June 2010 and of Forsyths in September 2010, all of which have now been integrated into the group.
