Carr’s Group: Diversity strengthens performance

Carlisle / UK. (cg) British Carr’s Group PLC, fully-listed Agriculture, Food and Engineering Group, announced its results for the year ended 29 August 2015. Financial highlights from continuing operations:

• Revenue down 4.1 percent to 411.6 million GBP (2014: 429.0 million GBP) primarily due to low commodity prices
• Ebitda up 6.0 percent to 21.6 million GBP (2014: 20.4 million GBP)
• Profit before taxation up 5.5 percent to 17.5 million GBP (2014: 16.6 million GBP)
• Basic EPS up 4.7 percent to 13.4 Pence (2014 restated: 12.8 Pence)
• Adjusted EPS up 3.8 percent to 13.6 Pence (2014 restated: 13.1 Pence)
• Proposed final dividend of 1.85 Pence up 8.8 percent resulting in a total for the year of 3.7p (2014 restated: 3.4 Pence)
• Capital expenditure of 7.3 million GBP during the year with net debt of 24.4 million GBP at the year-end (2014: 24.6 million GBP)

Divisional Highlights

Agriculture profit before tax (excluding contribution from associate and JVs) up 8.8 percent to 10.4 million GBP, driven by a strong performance in the USA feed block business; Food profit before tax up 6.3 percent to 2.4 million GBP due to improved operational efficiencies; Engineering profit before tax down 16.7 percent to 3.1 million GBP due to contract mix and market difficulties.

«I am pleased to report that the Group achieved another record year of profit before tax, despite a number of headwinds across all of our divisions. We have been able to achieve this due to the diversity of our business and the resilience of our business model, together with the hard work of our management team and all of our employees. While we expect these headwinds to continue in 2016, we are in a very strong position to handle those challenges and capitalise on any potential opportunities», said Chairman Chris Holmes in a statement for the financial year ended 29 August 2015.

Carr’s Group PLC is an international business operating across Agriculture, Food and Engineering, supplying over 35 countries around the world. The Agriculture division compromises an international feed block supplement business with manufacturing locations in the USA, UK and Europe. In the UK it sells animal feed, fertiliser, animal health products, oil, farm machinery and rural supplies from its 30 Country Stores. The Food division produces flour from three strategically located mills in the UK to the bread, biscuit and retail markets. The Engineering division designs, manufactures and supplies specialist precision parts, equipment, robotics and remote handling products from three sites in the UK and one site in Germany. These highly specialised products and services are supplied predominately into the nuclear and oil and gas markets.