Agricultural firm is weathering Brexit storm

Carr's Group

Engineering and agricultural firm Carr’s has seen an increase in revenue and operating profit over the last six months.

Revenue was up three per cent to £206m and operating profit increased by 5.2 per cent to £11.9m at the Carlisle firm.

The firm had a robust performance in its agricultural division and engineering also had a strong performance.

The Board’s expectations for the full year remain unchanged

Chief executive Tim Davies said: “The group delivered a good performance during the first half of the financial year and trading remains in line with the board’s expectations for the full year.

“During the period, our agriculture division was impacted by challenging external market conditions, including unseasonably mild weather in marked contrast to the same period in 2018, and continued uncertainty in the UK around Brexit.

“However, we were able to mitigate the effect of these challenges through improved efficiencies, operating cost controls and better procurement.

“I am pleased to report that our Engineering division had a strong start to the year as a result of good performances in our UK Manufacturing and USA Engineering businesses.

“We are now seeing strong order books across the division, driven by contract wins, and we have improved manufacturing processes and strengthened our management teams.

Trading in the second half of the year has started in line with expectations, and the board’s outlook for the full year remains unchanged.

“We also remain confident in the medium term prospects of the Group as we continue to invest across our divisions, expand our product offering and grow our international footprint.”

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