Carr’s reaps bumper harvest
CUMBRIAN agriculture, food and engineering group Carr’s Milling Industries
delivered a glowing set of full-year figures with profits surging nearly 35% to £10m.
The Carlisle-based company said revenue in the 53 weeks to the end of September had risen 25.2% to £373.3m and ebitda by 23.7% to £13.6m.
It said its exit from the fertiliser market by means of its £22m sale of Carrs Fertilisers had “transformed” its balance sheet and reduced volatility and seasonal working capital requirements.
In line with this strong performance the Carlisle-based group raised its final dividend by 8.3% to 13p per share.
In Agriculture, Carr’s largest business unit revenue rose 6.7% with profits including contribution from associate and JVs up 16.9% to £8.2m. The group said performance reflected a favourable trading environment, acquisitions and successful entry of its animal feedblock business into new markets.
In the Food business – revenues rose, but profits fell 16% to £1.3m.
Engineering revenue bounced back after a dip in the first half, and profits leapt 68.7% to £1.7m. Carr’s said strong demand in the nuclear market had prompted it to invest €4m in a new factory at Markdorf, Germany.
Chairman Richard Inglewood praised a “strong performance” and said the board was continuing to weigh-up acquisition opportunities.
Chris Holmes, chief executive added: “Our core businesses are well placed to deliver sustainable, profitable growth over the next few years.
“Our strategy is to expand in the UK and internationally, both organically and through selected acquisitions, in growing niche markets, which build on our core strengths.”
