Carr’s is making the grade

CUMBRIAN company Carr’s Milling Industries, the agriculture, food and engineering group, has reported a satisfactory performance in its first interim management statement ahead of its annual meeting.

The statement relating to the 19 week period up to the end of January 10 says a slow start to the winter and a decline in farm incomes led to a fall in the farm gate milk price, underlining the need for the company to diversify.

Cold weather in the northern US in November and December, coupled with increased market share, resulted in an overall increase in worldwide feed block sales.

But a mild start to the UK winter had an adverse effect on fuel sales but the retail part of the business performed well with the new Annan Country Store well received by farming and local communities.

Meanwhile, the food division and engineers divisions are trading well ahead of last year’s performance and in line with expectations.

Chief executive Tim Davies said: “We are encouraged by Carr’s performance to date in the current financial year.

“Whilst sectors in which Carr’s operates are experiencing challenging times due to a variety of factors, the Group’s geographical spread, investment in assets and on-going commitment to innovation continue to support our development.”

The proposed dividend of 17p per share will be paid on January 16 to shareholders.