"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.
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
|Carr's Group plc||Tel: +44 (0) 1228 554 600|
|Tim Davies (Chief Executive)|
|Neil Austin (Group Finance Director)|
|Powerscourt||Tel: +44 (0) 20 7250 1446|
|Nick Dibden / Lisa Kavanagh|
About Carr's Group plc:
Carr's is an international leader in manufacturing value added products and solutions, with market leading brands and robust market positions in Agriculture and Engineering, supplying customers in 35 countries around the world.
Its Agriculture division manufactures and supplies feed blocks for livestock, farm machinery and runs a UK network of rural stores, providing a one-stop shop for the farming community. Its Engineering division designs and manufactures bespoke equipment for use in the nuclear, petrochemical, oil and gas, pharmaceutical, process and renewable energy industries, including robotic and remote handling equipment.