Interim Results

"A record first half performance with the Board confident in meeting expectations for the full year"

Carr's (CARR.L), the Agriculture, Food and Engineering Group, announces results for the six months ended 28 February 2015.

Financial highlights

• Revenue down 2.8% to £208.6m (H1 2014: £214.7m)
• Profit before tax up 5.4% to £10.6m (H1 2014: £10.1m)
• Basic EPS up 9.0% to 8.5p (H1 2014: 7.8p)
• Adjusted EPS2 up 11.5% to 8.7p (H1 2014: 7.8p3)
• First interim dividend up 8.8% to 0.925p (H1 2014: 0.85p3)
• Net debt of £26.0m (£24.6m as at 30 August 2014)

Commercial highlights

• Record first half performance demonstrating the strength of the Group's operational and geographic diversity
• Outstanding performance by the USA feed block business
• Strength of global feed block brands delivers record sales
• Investment in UK retail Country Store network drives retail sales growth
• Evidence of recovery in the UK nuclear industry with new contracts for the Engineering division
• Growth maintained in the Food division following the step change in performance last year

Tim Davies, Chief Executive Officer, said:

"The strength of the Group, with its international operations and diversity of business, has been demonstrated in the delivery of a record performance in the first six months. This result has been achieved despite some challenging conditions in some of the markets within which we operate.

Trading in the second half has started well and we remain on track to meet the Board's expectations for the full year."

1 Formerly Carr's Milling Industries PLC
2  Adjusted EPS is after adding back amortisation of intangibles and non-recurring items, e.g. acquisition related costs
3  Restated figures due to 10:1 share split in January 2015

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