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Carr's group continues to trade in line with expectations despite 'challenging' weather conditions

By BFN News | 09:55 AM | Wednesday 17 July, 2019


Agriculture and Engineering Group Carr's said it continued to trade in line with expectations despite the impact of in the short-term by challenging weather conditions. The update comes as group's agriculture segment was dented by ongoing unseasonably mild and dry weather through to the end of April, which reduced demand for feed and fuel. Some of the impact, however, was partially offset by high levels of farm activity and efforts to cut costs, the company said. Its engineering business continued to develop in the period, particularly in UK Manufacturing where order books have strengthened. Order books in Remote Handling were lower, as previously reported, the company added. Its USA Engineering business had a 'very strong' order book position and opportunity pipeline following a number of contract wins previously announced, with work now underway to develop its passive cooling technology following the award of funding from the US Department of Energy. The company announced a second interim dividend of 1.125 pence per share, up from 1.075p per share last year. Looking ahead, the company remained wary of the impact from Brexit uncertainty on its agri business, while it?s the strength of its engineering business' order books provided confidence over the medium term. 'We are pleased to report that the Group continues to trade in line with the Board's expectations for the full year, despite being impacted in the short-term by challenging weather conditions,' said Tim Davies, Chief Executive. 'We've made notable progress with the integration of Animax, as we expand international sales and invest in new product development. Brexit uncertainty remains a concern and we continue to closely monitor developments.' The company expects to issue its preliminary results for the year ending 31 August 2019 on Monday 11 November 2019. At 9:55am: (LON:CARR) Carrs Group Plc share price was +1.5p at 151p Story provided by StockMarketWire.com

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