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Interim Results

Carr's revenues up after robust first half

12 April 2017 07:24

Agriculture and engineering group Carr's has reported a robust half year performance and said the medium term outlook remained positive.

Revenue for the six months to 4 March rose 15.3% to £176.8m and operating profit (before exceptional items) increased by 0.9% to £7.5m.

Operating profit (after exceptional items) was down 7.6% to £6.9m (H1 2016: £7.5m).

Other highlights:

- Profit before tax (before exceptional items) up 4.8% to £8.9m (H1 2016: £8.5m)

- Profit before tax (after exceptional items) down 2.6% to £8.3m (H1 2016: £8.5m)

- Basic EPS down 3.0% to 6.4p (H1 2016: 6.6p)

- Adjusted EPS up 6.0% to 7.1p (H1 2016: 6.7p)

- Interim dividend held at 0.95p (H1 2016: 0.95p)

- Net debt of £11.5m (£8.1m net cash at 3 September 2016)

Chief executive Tim Davies said: "While still at an early stage, we are seeing initial signs of improving confidence among our core UK farming customers resulting in a strong first half performance in our UK Agriculture business, which we expect to continue in the second half.

"However, our USA feed block business continues to be impacted by the fall in cattle prices.

"Our Engineering business has been affected by a delay to a significant UK Manufacturing contract, which will impact our full year performance, but we have a strong pipeline in UK manufacturing and our remote handling business is performing ahead of expectations.

"We remain committed to delivering organic revenue growth, supported by value enhancing acquisitions and, further to the trading update released on 30 March, the Board's expectations for the full year remain unchanged."

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