Interim Results

11 April 2016

"Diversity drives a resilient half year performance despite challenging market conditions"

Carr's (CARR.L), the Agriculture, Food and Engineering Group, announces results for the six months ended 27 February 2016.

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The full results are available to download in 
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Financial highlights

  • Revenue down 9.4% to £189.1m (H1 2015: £208.6m)
  • Operating profit up 0.5% to £9.6m (H1 2015: £9.6m)
  • Profit before tax down 0.9% to £10.5m (H1 2015: £10.6m)
  • Basic EPS up 4.7% to 8.9p (H1 2015: 8.5p)
  • Adjusted EPS1 up 3.4% to 9.0p (H1 2015: 8.7p)
  • First interim dividend up 2.7% to 0.95p (H1 2015: 0.925p)
  • Net debt of £27.0m (£24.4m as at 29 August 2015)

Commercial highlights

  • On track first half performance demonstrating the strength of the Group's operational and  geographic diversity
  • Outstanding performance by the USA feed block business
  • Strengthened retail network and product offering drives retail sales growth in UK Country Stores
  • UK agricultural market conditions continue to deteriorate
  • Strategy of focusing on the UK nuclear sector proving successful with new contracts awarded from Sellafield - as expected performance will be second half weighted
  • Growth maintained in the Food division

Tim Davies, Chief Executive Officer, commented:

"The Group is operating in challenging markets, however our international presence and diversity has provided a robust H1 performance. Trading in the second half is as anticipated and we remain on track to meet the full year expectations of the Board.

The UK agricultural market has suffered from the depressed farm gate milk and livestock prices and we expect this to continue through 2016 and 2017, which will directly adversely impact our UK farm customers."

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

 

Enquiries:

Carr's Group plc
Tim Davies (Chief Executive Officer)
Neil Austin (Finance Director)		 01228 554 600
Powerscourt
Nick Dibden
Sophie Moate		 020 7250 1446
[email protected]

 

Notes to Editors

Carr's Group (CARR.L) is an international leader in the provision of essential industrial services focused on the Agriculture, Food and Engineering sectors. The Group offers a range of services including the manufacturing and supply of flour, robotic and remote handling equipment, farm machinery, feed blocks for livestock, and a UK network of rural stores, with a facility footprint spanning the UK, Europe and North America, supplying customers in 35 countries around the world.