"Continued growth in challenging markets"
Carr's (CARR.L), the Agriculture and Engineering Group, announces its results for the 26 weeks ended 2 March 2019.
|Adjusted1 operating profit (£m)||11.9||11.3||+5.2%|
|Adjusted1 profit before tax (£m)||11.4||10.9||+4.5%|
|Adjusted1 EPS (p)||9.4||9.2||+2.2%|
|Operating profit (£m)||10.8||11.0||-1.6%|
|Profit before tax (£m)||10.3||10.6||-2.6%|
|Basic EPS (p)||8.3||9.0||-7.8%|
|Dividend per share (p)||1.125||1.075||+4.7%|
Net debt2 of £23.3m (£15.4m net debt at 1 September 2018)
1 Adjusted results are after adding back amortisation of acquired intangible assets and non-recurring items including acquisition costs
2 Further details of net debt can be found in note 12
Tim Davies, Chief Executive Officer, commented:
"The Group delivered a good performance during the first half of the financial year and trading remains in line with the Board's expectations for the full year. During the period, our Agriculture division was impacted by challenging external market conditions, including unseasonably mild weather in marked contrast to the same period in 2018, and continued uncertainty in the UK around Brexit. However, we were able to mitigate the effect of these challenges through improved efficiencies, operating cost controls and better procurement.
I am pleased to report that our Engineering division had a strong start to the year as a result of good performances in our UK Manufacturing and USA Engineering businesses. We are now seeing strong order books across the division, driven by contract wins, and we have improved manufacturing processes and strengthened our management teams.
Trading in the second half of the year has started in line with expectations, and the Board's outlook for the full year remains unchanged. We also remain confident in the medium term prospects of the Group as we continue to invest across our divisions, expand our product offering and grow our international footprint."
|Carr's Group plc
Tim Davies (Chief Executive)
Neil Austin (Group Finance Director)
|Tel: +44 (0) 1228 554 600|
Nick Dibden / Lisa Kavanagh / Sam Austrums
|Tel: +44 (0) 20 7250 1446|
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 over 50 countries around the world.
Its Agriculture division manufactures and supplies feed blocks and supplementation products for livestock, distributes 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 and provides technical engineering services into the nuclear, petrochemical, oil and gas, pharmaceutical, process and renewable energy industries, including robotic and remote handling equipment.