Profits up 30% at Carr’s Milling
CUMBRIAN agriculture and engineering group Carr’s Milling Industries has reported a 30% surge in profits to £13.1m.
The Carlisle-based company said revenues in the year to September 1 were up 8.2% to £404.1m. Its strong results allowed it to hike its final dividend 11.5% to 14.5p taking the total for the year to 29p per share.
The company said its agriculture and engineering divisions had performed strongly, but food revenues had been hit by “continuing over-capacity in the flour milling industry.”
Chairman Richard Inglewood, said: “The challenge for Carr’s after the strong period of financial performance experienced is how to build on it and grow further.
“We view 2013 with optimism, boosted by the likely benefits of the considerable investments we have made and are making across all three divisions.”
Chief executive Chris Holmes added: “Our agriculture businesses are likely to be the main source of growth in 2013. The drivers of growth are the demand for Carr’s proprietary products for livestock across all markets as well as the expansion of the retail, machinery franchise, and fuel depot networks in the UK.”
