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Carr's sees annual result 'slightly ahead' of expectations

By BFN News | 01:43 PM | Wednesday 18 July, 2018


Agricultural and engineering group Carr's said it was trading slightly ahead of its expectations and significantly ahead of the prior year. In a trading update for the 17-week period to 30 June, the company said its UK agriculture business continued to perform well, reflecting improved farm incomes and ongoing confidence over the near term. Feed volumes, retail sales, machinery sales and fuel sales are all ahead of the prior year. Carr's financial year runs through to 1 September. Pearson Farm Supplies, which it acquired in October 2017, had been successfully integrated into the wider Carrs Billington Agriculture business, delivering sales growth, the company said. Feed block volumes in the UK remained on track, while in the US they were significantly ahead of the prior year as the cattle market continued to recover. In the manufacturing division, a strong recovery continued, while the remote handling business was also performing well. 'Overall, the board remains confident in the prospects of UK Agriculture in the near term, although caution remains given the uncertainty over the nature of the UK's future trade agreements after Brexit,' Carr's said. 'We anticipate that the gradual recovery in the US cattle market seen last year and into the current financial year will continue. This, alongside our greater geographic reach, provides confidence in the medium term.' 'Order books across our engineering businesses remain strong and the board is pleased with the performance of the recently acquired NuVision business, which has greatly enhanced the division.' 'We continue to perform well and the board now anticipates that trading for the full year will be slightly ahead of its previous expectations.' At 1:43pm: (LON:CARR) Carrs Group Plc share price was -8.75p at 156.25p Story provided by StockMarketWire.com

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