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Trading statements

Carr's on track

20 July 2017 09:55

Carr's said overall trading for the group remained in line with the board's expectations for the current year.

It said the recovery in UK agriculture continued with all aspects of the business performing well.

It said feed volumes and like for like retail sales were running ahead of the prior year, while machinery revenues were significantly ahead of the prior year.

The group said UK Manufacturing continued to be impacted by the issues previously reported, particularly the significant contract delay and the current pressures in the oil and gas market that were predominantly impacting margins.

Factory throughput, however, was currently high with a steady pipeline of opportunities building.

The delayed contract had now been signed and this would be delivered through the next financial year into 2018/19.

Chief executive Tim Davies said: "It is pleasing to see UK agriculture continuing to improve, buoyed by the improvement in farmgate milk prices and, with green shoots of recovery in the USA market, we are confident of the medium term prospects within our Agriculture division.

"We are pleased to report that the delayed contract in Engineering has now been signed and will be delivered in the next financial year, in line with our existing expectations.

"In addition we have a strong pipeline in place and our remote handling business is performing ahead of expectations."

At 9:55am: (LON:CARR) Carrs Group Plc share price was +4.63p at 141.5p

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