Carr’s defies ‘challenging market’ to boost profits

AGRICULTURE, food and engineering company Carr’s Group has overcome “challenging conditions” to record a trading performance in line with expectations for the six months until the end of February.

The Cumbrian-based company’s revenues fell 2.8% to £208.6m (H1 2014: 214.7m), but pre-tax profits were up 5.4% to £10.6m (H1 2014: £10.1m).

Adjusted earnings per share rose 11.5% to 8.7p and the first interim dividend was up 8.8% to 0.925p.

Meanwhile, net debt rose to £26m from £24.6m at the end of August 2014.

The company says its performance was helped by the group’s geographical diversity, including an outstanding showing in its USA feed block business and because the strength of its global feed block brands were delivering record sales.

Investment Carr’s UK retail country store network drove retail sales growth and there was evidence of recovery in the UK nuclear industry with new contracts for the engineering division.

Chief executive Tim Davies said: “The strength of the group, with its international operations and diversity of business, has been demonstrated in the delivery of a record performance in the first six months.

“This result has been achieved despite some challenging conditions in some of the markets within which we operate.
 
“Trading in the second half has started well and we remain on track to meet the Board’s expectations for the full year.”