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Latest Results

Interim Results
for the six months ended 4 March 2017

"A robust half year performance, medium term outlook remains positive"

Carr's (CARR.L), the Agriculture and Engineering Group, announces its results for the six months ended 4 March 2017.



The full results are available to download in PDF format

Financial highlights

  • Revenue up 15.3% to £176.8m (H1 2016: £153.4m*)
  • Operating profit (before exceptional items) up 0.9% to £7.5m (H1 2016: £7.5m*)
  • Operating profit (after exceptional items) down 7.6% to £6.9m (H1 2016: £7.5m*)
  • 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 EPS1 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)

*continuing operations

  • Strong performance in UK Agriculture, outperforming the market and continuing to grow market share. Greater confidence in UK agriculture expected to continue into H2
  • Rebound in UK machinery sales, up 43.4% on H1 2016, and retail business performed well, benefiting from store improvement programme
  • Significant pressure from falling cattle prices impacting USA feed block sales
  • Full year performance in Engineering to be impacted by previously announced contract delay in UK Manufacturing
  • Remote handling business performing ahead of expectations and bolstered by a strong order book, demonstrating the potential in this market
  • Integration of STABER acquisition progressing well, with plans to extend premises in Markdorf, Germany

Tim Davies, Chief Executive Officer, commented:

"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."

1 Adjusted EPS is after adding back amortisation of intangibles and non-recurring items e.g. acquisition related costs



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