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Carr's reports modest uptick in profits as unexpected warm weather hurts agri volumes

By BFN News | 07:57 AM | Monday 15 April, 2019

Agriculture and engineering Group Carr's reported a modest uptick in half-year pre-tax profits as unexpected warm weather in the UK and USA hurt agriculture volumes. For the half year to 2 March, Adjusted profit before tax, which excluded amortisation of acquired intangibles and non-recurring items, increased by 4.5% to £11.4m. Revenue increased 3% to £206.2m. Reported pre-tax profits, which included a hit from amortisation and non-recurring items of £1.1m, fell 2.6% to £10.3m. 'During the period, our Agriculture division was impacted by challenging external market conditions, including unseasonably mild weather in marked contrast to the same period in 2018, and continued uncertainty in the UK around Brexit,' the company said. But engineering division fared delivering a strong start to the year as a result of 'good performances in our UK Manufacturing and USA Engineering businesses,' it added. The company said trading remained in line with the board's expectations for the full year. 'Trading in the second half of the year has started in line with expectations, and the Board's outlook for the full year remains unchanged. We also remain confident in the medium term prospects of the Group as we continue to invest across our divisions, expand our product offering and grow our international footprint,' said Tim Davies, Chief Executive Officer Story provided by

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