Profits rise to £11.2m at agricultural business

Operating profit increased by just under four per cent to £11.2m at agricultural firm Carr’s over the last 12 months.

The Cumbrian firm released its interim results this morning and said that revenues were down by three per cent to £200m.

Adjusted operating profit fell by 13.4per cent to £10.3m.

The firm said there had been no material overall impact to date as a result of coronavirus but significant uncertainty remains.

Measures have been implemented and contingencies planned to minimise the potential impact on the business.

The firm said it has a strong balance sheet with net debt (excluding leases) of £25.4m and undrawn facilities of £22.4m

Payment of the interim dividend has been deferred until full effects of COVID-19 become clearer.

Chief executive Tim Davies said: “In challenging market conditions, with significant headwinds experienced in both divisions, we have delivered a resilient performance in the period.

“While there remains significant uncertainty over the impact of COVID-19, we are moving decisively on all fronts to address these challenges, ensuring we conserve cash and maintain a robust financial position. We will continue to monitor developments closely and respond accordingly.

“At this time the health, safety and well-being of our employees, customers and the wider communities in which we operate remain our absolute first priority, and we have implemented measures to protect and support them through these unprecedented times.

“We are confident that our approach and robust business model will ensure the Group is well placed to endure this period of uncertainty and continue to deliver growth in the medium term.”