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Annual Results

Carr's pre-tax profits up

14 November 2016 09:57

Agriculture and engineering group Carr's posts pre-tax profits of £14.1m for the year to 3 September - 2.8% up on last time.

Revenues fell by 4.9% to £314.9m but EBITDA rose by 6.6% to £16.5m and operating profit was up 5.6% at £12.8m.

Chairman Chris Holmes said: "In what has been a challenging year in the sectors in which we operate, I am pleased to report that the Group has delivered a solid result. At the end of the year we announced the disposal of our Food division to Whitworths, which following a £16m special dividend to shareholders enables us to focus on growing our two remaining, higher margin, divisions.

"Subsequent to the year end we announced the acquisition of German engineering business STABER GmbH, which will be strategically beneficial to our existing German engineering business and in line with our intention to invest in specialised IP and innovative businesses.

"The current financial year has started in line with our expectations and we will continue to review suitable acquisition opportunities whilst investing in our existing businesses both in the UK and overseas."

At 9:57am: (LON:CARR) Carrs Group Plc share price was +5.75p at 144.25p

Story provided by StockMarketWire.com

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