Full Year Results For the year ended 3 September 2022
23 March 2023
“A strong performance in a transformational year for the Group”
Download
The full results are available to download in
PDF format
Carr's (CARR.L), the Speciality Agriculture and Engineering Group, announces its full year results for the year ended 3 September 2022.
Financials (continuing operations)
| Adjusted1 | FY22 | FY21 | +/- |
| (restated)3 | |||
| Revenue (£m) | 124.2 | 120.3 | +3.3% |
| Adjusted1 operating profit (£m) | 11.9 | 11.1 | +7.5% |
| Adjusted1 profit before tax (£m) | 11.2 | 10.4 | +8.0% |
| Adjusted1 EPS (p) | 10.0 | 10.1 | -1.0% |
| Dividend (p per share) | 5.20 | 5.00 | +4.0% |
| Net debt2 (£m) | 14.0 | 10.0 | -40.8% |
| Statutory | FY22 | FY21 | +/- |
| (restated)3 | |||
| Revenue (£m) | 124.2 | 120.3 | +3.3% |
| Operating profit (£m) | 8.2 | 8.2 | +0.4% |
| Profit before tax (£m) | 7.6 | 7.5 | +0.4% |
| Basic EPS (p) | 6.4 | 6.2 | +3.2% |
Highlights
- Revenue from continuing operations increased 3.3%
- Adjusted profit before tax from continuing operations increased 8.0%
- Reported operating profit from continuing operations in line with prior year at £8.2m
- Agricultural Supplies business sold at market comparable 6.4 x FY21 EBITDA
- Post year-end disposal leads to net cash on balance sheet
- Refreshed Board for 2023
- Group now focused on higher margin, differentiated, international businesses
Peter Page, Chief Executive Officer, commented:
“2022 was a year of significant change for Carr’s Group. With a clear direction and strategy, the business is now focused on higher-margin, differentiated, international Speciality Agriculture and Engineering businesses with strong growth prospects.”
1 Adjusted results are consistent with how business performance is measured internally and are presented to aid comparability of performance. Adjusting items are disclosed in note 3
2 Excluding leases. Further details of net debt can be found in note 9
3 Prior year restatement recognised in relation to the recognition of revenue from customer contracts within the Engineering division. Details are disclosed in note 10
Enquiries:
| Carr's Group plc Peter Page (Chief Executive Officer) David White (Chief Financial Officer) | Tel: +44 (0) 1228 554 600 |
| FTI Consulting Richard Mountain/Ariadna Peretz | Tel: +44 (0) 20 3727 1340 |
| Investec Bank plc Carlton Nelson/David Anderson/William Brinkley | Tel: +44 (0) 20 7597 4000 |
An online briefing for analysts will be held today at 09:00 GMT. Analysts and investors wishing to attend the call are asked to contact FTI Consulting at [email protected]. Shareholders or investors wishing to make an appointment to meet with Senior Management should contact the Company directly at [email protected].
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 around the world. Carr's operates a business model that empowers operating subsidiaries, enabling them to be competitive, agile, and effective in their individual markets whilst setting overall standards and goals.
The Speciality Agriculture division manufactures and supplies feed blocks, minerals and boluses containing trace elements and minerals for livestock.
The Engineering division manufactures vessels, precision components and remote handling systems, and provides specialist engineering services, for the nuclear, defence and oil & gas industries.