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Carr's profits fall in challenging year

By BFN News | 07:17 AM | Monday 13 November, 2017

Underlying operating profits at agriculture and engineering group Carr's fell by 28.5% to £9.3m in the eyar to the 2 Sep. Revenue rose by 9.9% to £346.2m but EBITDA fell by 18.8% to £13.4m and reported operating profit was down 38.3% at £7.9m. Underlying pre-tax profits fell by 20.2% to £11.4m and reported pre-tax profits were down 29.0% at £10.0m. The board has proposed a final dividend of 2.1p resulting in a total for the year up 5.3% at 4.0p (2016: 3.8p), excluding the special dividend of 17.54p paid in October 2016. Chairman Chris Holmes said: 'While 2017 was a challenging year, impacted by external market conditions, we made significant investment and progress towards achieving our strategic objectives. 'During the year we invested in the acquisition of two engineering businesses, STABER GmbH in Germany and NuVision Engineering, Inc. in the USA. 'In our Agriculture division, we invested in our new low moisture feed block plant in Tennessee, USA and, since the financial year end, in the acquisition of Pearson Farm Supplies Limited. 'Trading in the new financial year has started well and remains in line with the Board's expectations. 'We believe that the investments we have made in acquisitions and research across both our divisions have laid a solid foundation for sustained growth and remain confident in the outlook for the Group.' Story provided by

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