Full Year Results

"Diversity strengthens performance"

Carr's (CARR.L), the fully-listed Agriculture, Food and Engineering Group, announces results for the year ended 29 August 2015.

Financial highlights (continuing operations)

• Revenue down 4.1% to £411.6m (2014: £429.0m) primarily due to low commodity prices
• EBITDA up 6.0% to £21.6m (2014: £20.4m)
• Profit before taxation up5.5% to £17.5m (2014: £16.6m)
• Basic EPS up 4.7% to 13.4p (2014 restated: 12.8p**)
• Adjusted* EPS up 3.8% to 13.6p (2014 restated: 13.1p**)
• Proposed final dividend of 1.85p up 8.8% resulting in a total for the year of 3.7p (2014 restated: 3.4p**)
• Capital expenditure of £7.3m during the year with net debt of £24.4m at the year-end (2014: £24.6m)

Divisional highlights

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

Chris Holmes, Chairman, said:

"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."

*Adjusted earnings per share is calculated after adjusting for non-recurring items and amortisation of intangible assets.
** Restated due to share split of 10:1 which took place on 14 January 2015.

Enquiries:

Notes to Editors

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.

The Group is listed on the London Stock Exchange.

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