Carr’s revises profit forecasts

CARLISLE food and engineering company Carr’s Milling Industries is to revise its profit forecasts after a tough year.

The board has revised down its growth calculations for the coming years after experiencing “challenging trading conditions” in its fertiliser, US agriculture and UK engineering markets.

But it said it was on track to meet earnings targets for the year to August.

In a trading update the group said profits would be down on last year but “significantly higher” than its 2007 figure. It added that it did not expect to repeat “substantial inventory losses” in its fertiliser activities.

The company expects to maintain its final dividend at the same level as last year at 17p a share, giving an annual dividend of 23p which Carr’s said would be well-covered by earnings.