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Carr's profits jump as recent investments bolster performance

By BFN News | 09:34 AM | Monday 12 November, 2018


Agriculture and engineering Group Carr's said Monday annual profits jumped sharply amid strong performance in its UK agriculture segment. For the year ended 1 September 2018, profit before tax rose 45.2% to £16.6m and revenue rose 16.5% to £403.2m. The performance, ahead of the company's expectations, was supported by strong growth in agriculture, which had benefitted from investments made in previous years, the company said. The company proposed a final dividend of 2.35p a share, taking the total dividend for the year to 4.5p a share, up from 4.0p a share. '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,' said Chris Holmes, Chairman of Carr's Group. '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.' At 9:34am: (LON:CARR) Carrs Group Plc share price was +10.5p at 166.5p Story provided by StockMarketWire.com

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