Positive outlook for listed Carr’s Group

Cumbrian agricultural and engineering business, Carr’s Group said trading is looking positive as the impact of Covid begins to recede.

The group, now under the leadership of CEO Hugh Pelham, has undergone a new restructure and has been split into three divisions: Speciality Agriculture, Agricultural Supplies and Engineering to create ‘greater operational efficiencies, market focus and provide greater transparency for investors.’

Revenues for the six months to 27 February were up 0.7 per cent to £201.4m, and pre-tax profits down 3.2 per cent to £10.2m.

Hugh Pelham, CEO, said: “Despite a challenging operational environment with significant headwinds experienced in Engineering we have delivered an improved performance compared to the same period last year.

“Our Speciality Agriculture and Agricultural Supplies divisions have performed particularly strongly. The outlook for Engineering is for an improved performance in the second half of the financial year.

“I have been fortunate to inherit some sound foundations from my predecessor, Tim Davies.  Carr’s Group owns a portfolio of good businesses with strong market positions.

“Our people have responded brilliantly to the challenge of working in a COVID-19 environment. I would like to thank them for their commitment and dedication in keeping all our stores, fuel depots and manufacturing operations running in such difficult times.

He added: “Considerable opportunity exists to optimise the current portfolio through a process of standardisation, simplification and seeking synergies between similar businesses.

“Growth can be achieved through a mixture of geographic expansion, selling all our service lines to our customer base, and acquisition and potential industry consolidation.

“I am confident that the Group will continue to deliver a resilient and improving set of results over time.”