REG - Carr's Group PLC - Trading Update

Carr'sAnnouncement

10/10/2023 07:00

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RNS Number : 6132P  Carr's Group PLC  10 October 2023

Carr's Group plc

 

("Carr's", the "Company", or the "Group")

 

Trading Update

 

Carr's (CARR.L), the Speciality Agriculture and Engineering Group announces a
trading update for the year ended 2 September 2023.

 

Since the last trading update on 4 August 2023, the Group has performed in
line with the Board's revised expectations. Despite a soft first half, a
strong second half for the Engineering division will result in profit for the
full year being only marginally below that of FY22. The order book has reached
a record level, finishing the year at £63m (August 2022: £41m), which gives
confidence in growth prospects in FY24 and looking further ahead into FY25.

 

Conditions in Speciality Agriculture continue to be challenging and as
previously indicated, adjusted operating profit will be significantly below
the prior year. Feed block volumes in both the UK and the USA were lower than
last year, with drought conditions in parts of the USA and high farm input
costs in the UK suppressing demand. The challenging conditions in both markets
are expected to continue in the year ahead but the Board anticipates a return
to growth in the medium and long-term.

 

Central costs will be marginally lower than forecast at the previous update,
with further savings anticipated in FY24. The Group closed the year with net
cash (excluding leases) of £4.2m (FY22 continuing Group: net debt of
£14.0m). Since the end of the financial year, this has been supplemented by
significant customer receipts, with a further £4.0m related to the disposal
of Agricultural Supplies division expected in October 2023.

 

The Group expects to announce its audited results for the year ended 2
September 2023 in mid-December.

 

 

Enquiries:

 

 Carr's Group plc                      +44 (0) 1228 554 600
 Peter Page, Chief Executive Officer
 David White, Chief Financial Officer

 FTI Consulting                        +44 (0) 203 727 1340
 Richard Mountain/ Ariadna Peretz

 

 

About Carr's Group plc:

Carr's is an international leader in manufacturing value added products and
solutions, with market leading brands and robust market positions in
Agriculture and Engineering, supplying customers around the world. Carr's
operates a business model that empowers operating subsidiaries enabling them
to be competitive, agile, and effective in their individual markets whilst
setting overall standards and goals.

 

The Speciality Agriculture division manufactures and supplies feed blocks,
minerals and boluses containing trace elements and minerals for livestock.

 

The Engineering division manufactures vessels, precision components and remote
handling systems, and provides specialist engineering services, for the
nuclear, defence and oil & gas industries.

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