Full Year Results For the year ended 1 September 2018
12 November 2018
"Strategic progress and financial performance ahead of expectations"
Carr's (CARR.L), the Agriculture and Engineering Group, announces its results for the year ended 1 September 2018.
DownloadThe full results are available to download in |
Financial highlights
| Adjusted1 | |||
| FY18 | FY17 | +/- | |
| Revenue (£m) | 403.2 | 346.2 | +16.5% |
| Operating profit (£m) | 17.5 | 12.1 | +44.4% |
| Profit before tax (£m) | 16.6 | 11.4 | +45.2% |
| Adjusted1 EPS (p) | 13.9 | 8.9 | +56.2% |
| Statutory | |||
| FY18 | FY17 | +/- | |
| Revenue (£m) | 403.2 | 346.2 | +16.5% |
| Operating profit (£m) | 16.4 | 10.7 | +53.5% |
| Profit before tax (£m) | 15.5 | 10.0 | +55.0% |
| Basic EPS (p) | 13.0 | 7.7 | +68.8% |
| Dividend per share (p) | 4.5 | 4.0 | +12.5% |
| Net debt | 15.4 | 14.1 | +8.6% |
| Capex | 5.5 | 3.9 | +41.5% |
Commercial Highlights
- Strong performance in UK Agriculture with growth across all areas, reflecting improved farm incomes
- USA feed blocks significantly ahead of expectations, up 17.7%, driven by recovery in USA cattle prices
- Plans to expand feed block business internationally progressing well:
- Agreements signed with leading distributors in New Zealand
- Post year end, acquired Animax, a producer of market-leading livestock trace element supplementation products
- Significant improvement in Engineering:
- Strong recovery in UK Manufacturing
- First full year contribution from NuVision
- First contracts won to sell Wälischmiller remote handling equipment into the USA market
- NuVision now integrated and two significant MSIP® contracts signed, strengthening order book to FY21
Chris Holmes, Chairman of Carr's Group, commented:
"We are very pleased to announce a significant improvement in the Group's financial performance for the year, exceeding the Board's expectations, across both the Agriculture and Engineering divisions. This performance was largely as a result of investments we made across the business in recent years, in addition to a recovery in our underlying markets.
"UK Agriculture continued to perform well reflecting the sustained recovery in farm incomes. Our USA feed blocks business continued to benefit from the recovery in USA cattle prices and we made further progress on growing our international feed blocks business. Our Engineering division also delivered a significantly improved performance during the year.
"Trading for the new financial year has started in line with the Board's expectations. We made further progress during the year on our strategic objectives and continue to believe the breadth of our product offering, investments in acquisitions and research, and our international footprint leaves us well positioned for further growth across both our divisions in the medium term."
1 Adjusted results are after adding back amortisation of acquired intangible assets and non-recurring items including acquisition costs (note 3)
Enquiries:
| Carr's Group plc Tim Davies (Chief Executive) Neil Austin (Group Finance Director) |
Tel: +44 (0) 1228 554 600 |
| Powerscourt 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.