Carr’s boss pays tribute to staff after flooding

Work will help alleviate effects of flooding

THE boss of Cumbrian agriculture, food and engineering group Carr’s has paid tribute to his staff whose “resilience and tenacity” have helped the company recover well from the recent floods there.

The listed company is based in Carlisle which bore the brunt of the ferocious floods caused by Storm Desmond last month.

In its Agriculture divions, one its feed mills was flooded, while many rural and agricultural customers were also impacted.  Trade in its Food division was also hit too as a major flour customer was flooded. The company said insurance would cover any notable financial losses in both divisions.

In a statement ahead of the company’s annual meeting in Carlisle chief executive Tim Davies said: “Cumbria in particular has faced enormous challenges as a result of the flooding following Storm Desmond.  Despite the direct impact of the floods on some of our employees, customers and suppliers, the direct financial impact on the group is covered by insurance.  The speed of our recovery owes much to the resilience and tenacity of our employees.

“As highlighted at our results in November last year, we face a number of headwinds in the markets in which we operate.  However, our geographic diversity, investment across our asset base, together with the acquisitions we have made, will continue to set us apart and ensure the group remains in a robust position over the medium to long term.  Additionally our strong balance sheet ensures we remain in a good position to take advantage of any potential acquisition opportunities.”

Carr’s said its trading during the 18 weeks to January 2 was in “in line” with the board’s expectations for the full year.

It described its financial position as “strong”.  Net debt as at November 28 2015 was £31.9m compared to £30.4m as at November 2014 and £24.4m as at August 2015. Undrawn banking facilities amounted to £23.1m.

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