http://www.carrs-milling.com/

http://www.carrs-milling.com/factsheet.pdf


Carr's Milling Industries PLC is a United Kingdom-based company. The Company, along with its subsidiaries, is engaged in agriculture trading, agriculture manufacturing, food and engineering. The Company's Agriculture Trading segment provides all farming requirements. It is engaged in the sale of animal feed and feed blocks together with retail sales of farm equipment, fuels and farm consumables. The Food segment is engaged in the milling of wheat into flour. Its Engineering segment is engaged in the design and manufacture of remote handling equipment for use in research and nuclear industries. In addition, the United Kingdom business is engaged in the design and manufacture of pressure vessels for the oil, petrochemical and gas industry. During the fiscal year ended August 28, 2010, the Company acquired the trade of Ag Chem fertilizer, A C Burn, which is an animal feed and farming supplier, and Scotmin Nutrition, which is an animal feed supplements.

Doing very nice, up 4% today

Another very good day

broke £10

Management Succession Plans
RNS
RNS Number : 2574P
Carr's Milling Industries PLC
23 October 2012





IMMEDIATE RELEASE
23 October 2012






CARR'S MILLING INDUSTRIES PLC

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



Management Succession Plans





Carr's (CRM.L), the agriculture, food and engineering group, announces the following changes to its Board of Directors.



On 6 July 2012 Carr's announced that Ron Wood would be retiring on 30 April 2013 and that Neil Austin, who is joining Carr's on 1 January 2013, will be appointed Finance Director on 1 May 2013.



Carr's now announces further planned changes to its management team:



- with effect from 28 February 2013 Lord Inglewood will retire as Chairman and Chris Holmes will become Executive Chairman; and

- Tim Davies will join the Board as Chief Executive on 1 March 2013.



Lord Inglewood, who will retire from the Board on 28 February 2013, has been on the Board since September 2004 and Chairman for the past seven years. During that period, the Group has achieved significant success, sometimes in challenging circumstances, and the Board thanks him for his valuable contribution over the last eight years.



Chris Holmes, who will become Chairman on 28 February 2013, will initially hold the position of Executive Chairman for a transitional period and it is intended that he will become Non-Executive Chairman by the end of July 2013.



Tim Davies, aged 50, is currently Group Managing Director of Openfield Group Ltd and has held this position since its creation in 2008. Openfield Group Ltd is the largest farmer-owned grain marketing business in the UK, handling over 20% of the total UK crop, with a turnover of £700m and employing 250 people. Prior to Openfield Group Ltd Tim Davies was Group Managing Director of Grainfarmers Plc.



Tim Davies has been a Director of the Agricultural Industries Confederation since it was founded in 2003.



There is no information concerning Tim Davies which requires disclosure under Rule LR 9.6.13 of the UK Listing Authority Listing Rules.

The Board recognises that the appointment of Chris Holmes as Chairman does not accord with the recommendations of the UK Corporate Governance Code. However, the Board believes that, in view of Chris Holmes' wealth of experience, and following Ron Wood's decision to retire as Finance Director with effect from 30 April 2013, the appointment is in the best interests of Carr's and its shareholders. The Board has consulted major shareholders who have expressed their strong support for the appointment of Chris Holmes as Chairman.



Chairman, Lord Inglewood, commented:



"The Board believes Chris is uniquely placed to be Chairman as a result of his long association with, and knowledge of, the Company.



Chris has made an exceptional contribution to Carr's since he joined the Company, and in particular as Chief Executive throughout varied and demanding conditions. He has been intrinsic in the development and success of Carr's and the Board believes that this expertise should be retained to assist the further development of Carr's under its new Chief Executive."

Final on monday 12 Nov

Final Results


Financial highlights (continuing operations)



· Revenue up 8.2% to £404.1m (2011: £373.3m)

· Profit before taxation up 30.5% to £13.1m (2011: £10.0m)

· EBITDA up 19.6% to £18.4m (2011: £15.4m)

· Adjusted EPS up 14.8% to 101.5p (2011: 88.4p)

· Declared final dividend of 14.5p up 11.5% with a total for the period of 29.0p (2011: 26.0p)

· Investment of £8.9m during the period with net debt of £2.5m at the period end



Commercial highlights



· Agriculture revenue up 7.7% with profit before tax (including contribution from associate and JVs) up 15.6%. Performance reflects high demand for low moisture feed blocks, particularly the USA, impact of acquisitions, and strong organic growth from retail and machinery.

· Food revenue was down 2.6%, but the continuing over-capacity in the flour milling industry and volatile wheat costs resulted in profit before tax down 64.9%.

· Engineering revenue up 65.2% and profit before tax up 183.8% reflects a strong order book. It was an exceptionally busy period with businesses operating to capacity during the period


http://www.moneyam.com/action/news/showArticle?id=4482041

Carr's Milling: Investec ups target from 970p to 1,000p, buy rating kept

A buy in this weeks IC. Profits at food producer Carr's Milling exceeded the record highs from 2008 buoyed by a strong performance from its German engineering business. The share price is close to a record high and shareholders have been rewarded with a sharp dividend hike. In the period , pre-tax profits at the engineering division surged from £1.7m to £4.7m, on revenues up 65% to $29.7m, driven by German operation Walischmiller. A strong forward order book provides for 90-95% of revenues out to 2014. The business will be helped by the completion of a new eu 5.5m (£4.4m) production facility at Markdorf next October.
Order books at Carrs Milling's agriculture business, which provides animal feed. are strong, too, buoyed by droughts in the US and wet summer in the UK. This created demand for low and high moisture feed blocks and underpinned a 26% rise in pre-tax profit to £8.1m, which more than offsets the profit shortfall at the flour milling business. High energy and wheat prices combined with excess industry capacity led to a collapse in profits there from £1.3m to £400,000. But Carrs is taking action . A new £17 million flour mill in Kirkcaldy completes in September and profits are expected to recover as competitors are knocked out of the market.
Broker Investec forcasts adjusted pre-tax profits of£13.7m and EPS of 107.4p in 2013. Trading on an undemanding 8.7 times earnings forecasts, and with a well covered payout providing ample room for growth .

Carrs Milling: Investec raises target price from 1000p to 1125p, buy rating kept.

All time high

holding the high

Interim Management Statement
RNS
RNS Number : 0007V
Carr's Milling Industries PLC
08 January 2013







IMMEDIATE RELEASE


8 January 2013




CARR'S MILLING INDUSTRIES PLC ("Carr's" or the "Group")



Interim Management Statement



Carr's (CRM.L), the agriculture, food and engineering group, announces its first Interim Management Statement for the 52 weeks to 31 August 2013, as required by the UK Listing Authority's Disclosure and Transparency Rules.



The Statement relates to the 18 week period ended 5 January 2013 and is issued to coincide with Carr's Annual General Meeting being held in Carlisle at 11.30 am today.



The period has seen a positive financial performance, reflecting favourable trading conditions in agriculture and engineering.



Agriculture



This has been a strong trading period, particularly from our animal feed block businesses in the UK and USA and from our expanded agricultural branch network.



In the USA, the drought that persisted through most of 2012 resulted in poor forage and high demand for our low moisture feed block as a feeding supplement, with sales up 30 per cent on the corresponding period in the prior year. Poor forage has also stimulated demand in the UK for both low and high moisture blocks and sales were also up on last year, benefiting from increased marketing and the recognised integrity of the products. Sales of Horslyx to the equine market had a particularly strong trading period.



Dairy feed sales recovered strongly from last year with lower than normal margins given the plight of the dairy farmer.



The retail branch network, increased by three outlets following the acquisition of Laycocks in July 2012, has continued to grow after last year's excellent result with a 32 per cent increase in sales during the period. This is substantially the result of the enlarged product range offered throughout the branch network. Machinery sales were low due to the adverse weather which has reduced yields from cereals and hence arable profitability. The reduction from machinery was partly mitigated by higher workshop activity and sales of parts.



Fuel sales volumes and profits were up on the corresponding period last year, reflecting the expanded distribution network following the Hexham depot opening in August 2011, which is establishing a strong presence in its territory, and the incremental benefit from the Cockermouth depot which opened in February 2012.


Food



Against the backdrop of the lowest quality UK wheat harvest since records began, our three flour mills have performed relatively well. The drier winter followed by extreme wet months with low sunshine hours has produced low wheat yields with small grains, causing low extraction rates. The impact of this was that only a very low proportion of the home-grown bread wheat met the requirements of millers. The UK has consequently become much more dependent on imported wheat, notably from Germany. Through the investment at Kirkcaldy two years ago to reopen the port and Silloth's port location, Carr's Flour Mills is benefiting from this trend.



Both global and UK wheat prices have risen significantly during the last six months and remain exceptionally volatile due to many external factors. Our strategy is to cover raw materials in conjunction with the fixing of sales contracts, thus mitigating the risk of volatility on our margins. Sales volumes and margins are in line with annual expectations.



The building of the mill at Kirkcaldy is progressing well and is on target to be commissioned in September 2013.



Engineering



The strong trading performance in the second half of the year ended 1 September 2012 has continued with all three divisions busy and some major contracts having been completed.



Wälischmiller, the remote handling and robotics business in Germany continues to operate at full capacity.



Phase 1 (new office accommodation and some production capacity) of the new factory at Markdorf was completed and employees were relocated in October. Phase 2 (production capacity) has commenced and will be complete in May with the final phase scheduled to be complete in October 2013.



Carrs MSM, our master slave manipulator business supplying the nuclear and chemical industry, has enjoyed a successful trading period and in particular has benefited from higher volume of orders from Sellafield following the signing of the "life of plant " contract last year.



Bendalls, the specialist fabricators, is heavily engaged in a £4 million project to supply pressure vessels for a floating production, storage and offloading platform being built by Hyundai for BP. This contract is scheduled for delivery in March 2013. In December 2012, Bendalls was one of twenty five UK based companies invited by Areva to sign a memorandum of understanding for the supply of components and services for new EPR™ nuclear reactors planned for the UK.



Financial Position



Net debt at 1 December 2012 was £16.5 million compared to net cash of £0.2 million a year ago and net debt of £2.5 million at 1 September 2012. The cash outflow since 1 September 2012 is the result of seasonal working capital increases in the agricultural businesses during the winter months, the rise in raw material costs, particularly wheat, and the further capital expenditure on the mill at Kirkcaldy and the factory at Markdorf, Germany.



The Group has total banking facilities of approximately £58.5 million.



Dividend



Subject to shareholder approval at today's AGM, the proposed final dividend of 14.5 pence per share will be paid on 18 January 2013 to shareholders on the register at close of business on 21 December 2012.



END

Trading on an undemanding 8.7 times earnings forecasts, and with a well covered payout providing ample room for growth

Not in this one , added the below for those interested -
A buy in this weeks Shares - Half year figures due 15 Apr- for the year to Aug , investec securities forecasts a 5% increase in taxable income to £13.7 million for 10% growth in earnings per share to 107.4p. The shares swap hands for just 10.3 times prospective earnings, a modest multiple which suggests they have further to go, even after the strong run seen since early November. A comfortably-covered 2.8% yield based on a projected 7% dividend hike to31p, only bolsters the attractions of the company.

On Friday, Carrs Milling Industries PLC (CRM:LSE) closed at 1,020, 13.19% below its 52-week high of 1,175.03, set on Feb 04, 2013.

May be a good share to watch for the turn around ?

recovering well, up 50 pence or 5% today. :-))

So far a good recovery play.

As of Apr 12, 2013, the investment analyst covering Carr's Milling Industries PLC advises investors to purchase equity in the company. This has been the consensus forecast since the sentiment of investment analysts improved on Feb 07, 2013. The previous consensus forecast advised that Carr's Milling Industries PLC would outperform the market.

Interim Results

Financial highlights

· Revenue up 18.1% to £231.6m (H1 2012: £196.0m)

· Profit before taxation up 36.2% to £10.1m (H1 2012: £7.4m)

· Diluted EPS up 53.1% to 79.9p (H1 2012: 52.2p)

· First interim dividend up 6.9% to 7.75p (1st interim 2012: 7.25p)

· Net debt of £19.0m (£2.5m as at 1 September 2012)



Commercial highlights

· Agriculture revenue up 17.8% and profit before tax up 21.4%, with animal feed benefiting from adverse weather conditions, feed blocks experiencing strong demand in the UK and USA, and retail and fuel distribution continuing to expand in Scotland and Northern England.

· Food revenue was up 8.0% and profit before tax up 10.9% with cost-effective access to imported wheat offsetting volatility on flour milling. The new mill in Kirkcaldy is on target to start production in September with over-capacity in Scotland reduced through closure of a competitor in Glasgow.

· Engineering revenue up 81.9% and profit before tax up 39.0%, reflecting demand for remote handling equipment and specialist fabrications from nuclear, petrochemical and other industries. Phase 2 of new factory in Germany complete and final phase expected to complete in November.






http://www.moneyam.com/action/news/showArticle?id=4575077

Carrs Milling: Investec raises target price from 1125p to 1400p staying with its buy recommendation.

Another 2.5% today

Carrs Milling Industries PLC (CRM:LSE) set a new 52-week high during today's trading session when it reached 1,240. Over this period, the share price is up 49.24%.

A buy in this weeks IC - Adverse weather conditions during the past six months have been positive for food producer, agricultural supplier and engineering specialist CARR'S MILLING INDUSTRIES. Extra demand for specialist animal feed due to poor grazing conditions meant an extra £1.1m of weather - related gains. Accordingly operating profit grew 31% year on year to £8.8m, with no let up in the pressure on feed supplies forecast this year. A PE ratio of nine looks undemanding and investec's sum-of-the-parts valuation suggests a price target of 1,400p

Up 7.44%

Carrs Milling Industries PLC (CRM:LSE) set a new 52-week high during today's trading session when it reached 1,299. Over this period, the share price is up 52.82%.

Carrs Milling Industries PLC (CRM:LSE) set a new 52-week high during today's trading session when it reached 1,309. Over this period, the share price is up 54.93%.As of Apr 26, 2013, the investment analyst covering Carr's Milling Industries PLC advises investors to purchase equity in the company. This has been the consensus forecast since the sentiment of investment analysts improved on Feb 07, 2013. The previous consensus forecast advised that Carr's Milling Industries PLC would outperform the market.

Carrs Milling Industries PLC (CRM:LSE) set a new 52-week high during today's trading session when it reached 1,329. Over this period, the share price is up 52.46%.

BUT it is ridiculously illiquid .... the spread is therefore likely to be very wide, and heaven forbid you should get the call wrong as there'll be no market into which to sell

That's why you buy at the bottom and sell at the top.

hahaha! and how do you know what is top and what is bottom?

I know what you are saying. :-)) I often get out from a share early on my say so as to say.

Carrs Milling: Investec raises target price from 1125p to 1400p staying with its buy recommendation.

.

Carrs Milling Industries PLC (CRM:LSE) set a new 52-week high during today's trading session when it reached 1,335. Over this period, the share price is up 57.06%.

Acquisition

RNS


RNS Number : 7221G

Carr's Milling Industries PLC

11 June 2013




IMMEDIATE RELEASE

11 June 2013


CARR'S MILLING INDUSTRIES PLC ("Carr's" or the "Group")


Acquisition USA feedblock business & New UK Plant Commissioned;



Carr's (CRM.L), the fully-listed agriculture, food and engineering group, announces that its wholly owned USA subsidiary, AFS Inc, has acquired the business and assets of Western Feed Supplements ("WFS"), a low moisture feed block manufacturer located in Silver Springs, Nevada, from California's largest feed manufacturer, Western Milling, for a cash consideration of £0.6 million. Following the acquisition, Carr's plans to invest in a modernisation programme at Silver Springs to create another state-of-the-art production facility for low moisture tubs, supplying the West Coast beef and dairy markets of the USA.



The acquisition is expected to have a broadly neutral earnings impact during the current financial year, becoming earnings positive following the completion of the modernisation programme.



Following AminoMax's® success in the USA, Carr's is currently commissioning a new AminoMax plant at Lancaster, Lancashire, UK. The new plant will commence production in July 2013. AminoMax® is the unique patented bypass protein feed product, which improves the performance of dairy cattle. AminoMax has been successfully manufactured in the USA at the Group's plant at Watertown, New York State. The Group is in the process of expanding production at Watertown to capitalise on the growing demand for the product. The Lancaster plant has been built utilising the proven manufacturing technologies and processes used at Watertown.





Tim Davies, Chief Executive of Carr's, commented:



"The acquisition of Western Feed Supplements is a natural strategic step for Carr's which follows our success in the USA feedblock market. WFS extends our geographic coverage in the USA in the low moisture tubs market and we expect to grow our market share in the feedblock business.



Carr's has a growing international reputation for its research-based approach to developing innovative products that improve the productivity and profitability of its agricultural customers. The decision to invest in the AminoMax® plant at Lancaster is part of Carr's strategy for continued organic growth."

In IC this week - cultivate big returns from these farmers friends.

It has recently seen extra demand for specialist animal feed due to poor grazing conditions and, trading on 10 times forward earnings , is below the peer average of 13.


Market cap £115.5m price change - 12months (%) 52 Forward PE ratio 10

Interim Management Statement

RNS


RNS Number : 2711J

Carr's Milling Industries PLC

15 July 2013









IMMEDIATE RELEASE

15 July 2013




CARR'S MILLING INDUSTRIES PLC ("Carr's", the "Company" or the "Group")



Interim Management Statement

Carr's (CRM.L), the agriculture, food and engineering group, announces its second Interim Management Statement for the year ending 31 August 2013, as required by the UK Listing Authority's Disclosure and Transparency Rules.

The Statement relates to the 18 week period ended 6 July 2013.

The financial performance of Carr's has benefited from a continuation of strong growth in activity achieved in the first half, reflecting further development across the Group and successful international expansion. Taking into account the normally lower levels of seasonal trading for the final quarter, the Board is confident that Carr's will deliver strong earnings growth in line with the Company's expectations.

Agriculture

The beneficial impact on revenue and profit of the Agriculture division from one-off weather-related factors, referred to in our interim results announcement in March, continued through to May. In the UK, the cold and wet conditions persisted through Easter and beyond, which stimulated a high level of sales of compound feed, feed blocks, animal health products and fuel. In the USA, the combination of droughts and a generally harsh winter resulted in poor quality forage in the spring, which increased the market for feed blocks.

Demand for our feed blocks continues to grow strongly in the USA, UK, mainland Europe and New Zealand. A substantial amount of the growth relates to greater recognition of our brands, including: Crystalyx™, Smartlic™, Feed in a Drum™ and Horslyx™, based on increased awareness of the benefits to livestock performance.

AminoMax™, the patented rumen bypass protein for dairy cattle, is now achieving record production from the operation at Watertown, New York State. Revenue and profit from this 50% joint venture are meeting targets, and as a result of increasing customer demand £1.6 million is being invested to increase capacity at Watertown, with completion due by November 2013.

The 100% owned AminoMax™ plant at Lancaster opened in June to launch the added value product in the UK market. The plant uses the proven manufacturing technologies and processes pioneered at Watertown, and early indications of the reception for AminoMax™ from UK dairy farmers are encouraging.

The UK retail network continues to perform well, although sales of farm machinery have fallen reflecting the pressure on farm incomes. The investment in our flagship store at Carlisle has been successfully completed in line with our on-going investment strategy for our retail network.

Food

The financial performance of our milling business, operating in an industry plagued by over-capacity and volatile input prices for years, has begun to improve. As with the Agriculture division, weather-related factors have had a beneficial impact; the exceptionally poor UK harvest of 2012 has led to a significantly greater dependence on overseas wheat and the port-side location of two of our three mills (Kirkcaldy and Silloth) continues to give Carr's cost-effective access to overseas wheat. Given the cold and wet conditions of this winter and spring, the outlook is for another low volume harvest in 2013 and possible further reliance on overseas wheat.

The closure of a competitor mill at Glasgow in March 2013 eased some capacity-related pressures in the Scottish market. The new state-of-the-art mill being built at Kirkcaldy is on track for commissioning in September, with the planned significant efficiencies and improvements in operating margins coming through next year.

Engineering

The division continued to build revenues strongly, maintaining the momentum established in 2012 as a result of increasing global demand for remote handling equipment and robotics from the nuclear and petrochemical industries.

Wälischmiller, based in Markdorf in Southern Germany, continues to enjoy buoyant demand for its remote handling and robotics products including the Telbot™ and bespoke special purpose manipulators. Several major contracts have been completed in the period and the order book continues to be healthy. The redevelopment of the factory and offices at Markdorf will be completed by the end of November 2013, enhancing productivity and efficiencies, as well as providing some additional capacity.

Bendalls' major multi-million dollar contract with Hyundai to supply pressure vessels for BP Quad 204, west of the Shetland Islands, will be substantially completed by the end of the financial year with the remainder delivered by the end of the current calendar year.

The sales momentum at Carrs MSM accelerated during the period with the business benefiting from the 'life of plant' contract at Sellafield, and financial performance is ahead of budget. The growing importance of Carrs MSM to the Engineering division is underpinned by sales visibility through to 2020.

Acquisitions

In line with our strategy of increasing our international footprint in the feed block market, we announced the acquisition of Western Feed Supplements, a low moisture feed block manufacturer, in June for £0.6 million. The plant, based in Silver Springs, Nevada, now enables Carr's to supply the West Coast dairy and beef markets with low moisture feed blocks. Further investment in greater capacity and modernisation of the plant is underway.

Financial position

At 1 June, net debt was £28.4 million, up £25.9 million from £2.5 million at 1 September 2012. The movement is largely explained by the planned capital expenditure programmes across all three divisions. However, the longer winter and associated higher levels of demand have increased working capital requirements over the third quarter. Undrawn committed facilities at the end of Q3 were £16.3 million.

Dividend

A second interim dividend of 7.75 pence per share (2012: 7.25 pence per share) will be paid on 11 October 2013 to shareholders on the register on 20 September 2013. The ex-dividend date will be 18 September 2013.

END

15 Jul Investec 1,400.00 Buy

Carrs Milling Industries PLC (CRM:LSE) set a new 52-week high during Friday's trading session when it reached 1,350. Over this period, the share price is up 53.41%.

Further US expansion

RNS


RNS Number : 0429M

Carr's Milling Industries PLC

20 August 2013


IMMEDIATE RELEASE




CARR'S MILLING INDUSTRIES PLC ("Carr's" or the "Group")



Further international expansion of low-moisture feed block business



Carr's (CRM.L), the agriculture, food and engineering group, announces that its wholly owned USA subsidiary, AFS Inc. ("AFS"), is investing in a newly established joint venture for the production of its patented low-moisture feed block products.



The new joint venture company, to be called ACC Feed Supplement LLC ("ACC"), will be 50 per cent. owned by AFS and Consumer Supply Distributing LLC ("CSD"). CSD is 50% owned by existing AFS customer, CHS Inc ("CHS").



ACC will build a low-moisture feed block plant at the premises of CSD in Sioux City, Iowa with an annual capacity of 12,000 tonnes, incorporating proprietary processing technology. The new plant will commence production in the second half of 2014 and will supply customers of AFS, CHS and CSD.



CHS is a leading global agribusiness owned by farmers, ranchers and co-operatives across the USA, and supplies: energy, crop nutrients, grain marketing services, livestock feed, food and food ingredients. CHS preferred stock is listed on NASDAQ and is a Fortune 100 company.



Tim Davies, Chief Executive of Carr's, commented:



"Investing in ACC is in line with our strategic objective of building our share of the US low-moisture feed block market. We are experiencing continuing growth and demand for our patented low moisture feed blocks both in the USA and across all markets. ACC adds to our coverage of the USA where CHS and CSD have a significant, nationwide sales and distribution network."



ACC will add to existing low-moisture feed block plants in Nevada, Oklahoma and South Dakota, increasing AFS' presence in the Central, Southern and Western markets in the USA.



END

Update on Kirkcaldy mill and notice of results

RNS


RNS Number : 1321O

Carr's Milling Industries PLC

17 September 2013








17 September 2013





CARR'S MILLING INDUSTRIES PLC ("Carr's" or the "Group")



Confirmation that Kirkcaldy mill is operational and notice of preliminary results



Carr's (CRM.L), the agriculture, food and engineering group, is pleased to confirm that its state of the art flour mill at Kirkcaldy is operational and has commenced a planned roll out to supply customers.



Tim Davies, Chief Executive of Carr's commented: "We are delighted that our Kirkcaldy mill is up and running on time and within budget as anticipated and we look forward to seeing the efficiencies and improvements from this investment coming through in 2014."



The Company will issue its preliminary results for the year ended 31 August 2013 on Monday 11 November 2013.

Full Year Results

RNS


RNS Number : 6288S

Carr's Milling Industries PLC

11 November 2013














11 November 2013




CARR'S MILLING INDUSTRIES PLC ("Carr's" or the "Group")



FULL YEAR RESULTS



"New Horizons for Growth"



Carr's (CRM.L), the fully-listed agriculture, food and engineering group, announces results for the 52 weeks ended 31 August 2013.



Financial highlights (continuing operations)



· Revenue up 15.8% to £468.1m (2012: £404.1m)

· Profit before taxation up 21.5% to £15.9m (2012: £13.1m)

· EBITDA up 20.3% to £22.2m (2012: £18.4m)

· Basic EPS up 31.1% to 128.7p (2012: 98.2p)

· Adjusted EPS up 26.8% to 128.7p (2012: 101.5p)

· Proposed final dividend of 16.5p up 13.8% resulting in a total for the period of 32.0p (2012: 29.0p)

· Capital expenditure of £19.1m during the period with net debt of £22.1m at the period end (2012:£2.5m)



Commercial highlights



· Agriculture revenue up 15.9% to £340.4m with profit before tax (including contribution from associate and JVs) up 22.5% to £11.6m. Performance reflects the beneficial impact of the weather in the UK and USA as well as market share gains and the expansion of the retail network.

· Food revenue up 17.0% to £94.2m, with profit before tax up 26.5% to £0.6m reflecting increased sales volumes and the benefit of port locations for imported wheat following the poor UK wheat harvest.

· Engineering revenue up 12.4% to £33.4m, reflecting a busy period at Wälischmiller and MSM but with profit before tax down 10.6% to £4.2m following Bendalls' settlement with Bechtel.



Chris Holmes, Chairman, said:



"With a new Chief Executive and Group Finance Director this has been a year of transition for Carr's, a transition which has been effected smoothly and successfully. The Group has achieved a record profit for the year, building on last year's success. This success can be attributed to strong operational performance, on-going pursuit of our strategic aims, benefits from the investments in assets, research and innovation, as well as assistance from adverse weather conditions, particularly in the UK and USA."

11 Nov Investec N/A Buy

In Shares - Growth and income-hungry investors may look to nurture a position in agriculture, food and engineering combine Carr's Milling Industries. Organic market share gains and scope for acquisitions mean Carr's should flourish amid further forecast upgrades, potentially as early as April's interim statement.

Acquisition

RNS


RNS Number : 3713E

Carr's Milling Industries PLC

09 April 2014








9 April 2014



CARR'S MILLING INDUSTRIES PLC ("Carr's" or the "Group")



Acquisition of Chirton Engineering Limited

Carr's, the fully-listed Agriculture, Food and Engineering group, is pleased to announce the acquisition of the entire issued share capital of Chirton Engineering Limited ("Chirton"), a subcontractor in the precision engineering component space. The initial cash consideration payable is £2.75m. Subject to certain criteria being met in the 5 year period following the acquisition, an additional cash amount, subject to an earn-out mechanism and capped at £2.55m, could become payable.

Chirton provides value-added manufacturing and services to businesses operating in offshore oil and gas manufacturing. Based in North Shields, it services an established global customer base, including IHC Merwede, Oceaneering, and Proserv Offshore. Recently it expanded into component manufacturing for high-end motor manufacturers such as McLaren as part of a strategy of collaborative innovation with its core customer base.

The business, which employs 52 people, will sit within Carr's Engineering division. Chirton's management team, including Managing Director Paul Stewart, will remain with the business to drive its continued development and growth.

Commenting on the acquisition Tim Davies, CEO said: "We are thrilled to be acquiring Chirton Engineering. The business and its management team are recognised in their industry and Chirton is renowned for delivering quality product innovation to its customers. The business will contribute to the ongoing development of our innovation programme within our Engineering division and we look forward to welcoming the new team into the Group."

Interim results Mon 14 April

9 Apr Investec 1,900.00 Buy

Interim Results

RNS


RNS Number : 6944E

Carr's Milling Industries PLC

14 April 2014










14 April 2014




CARR'S MILLING INDUSTRIES PLC ("Carr's" or the "Group")



INTERIM RESULTS



"A positive first half with current trading in line with the Board's expectations for the full year"



Carr's (CRM.L), the Agriculture, Food and Engineering Group, announces results for the six months ended 1 March 2014.



Financial highlights

· Profit before tax up 2.0% to £10.1m (H1 2013: £9.9m)

· Adjusted EPS up 0.6% to 78.1p (H1 2013: 77.6p1)

· First interim dividend up 9.7% to 8.5p (H1 2013: 7.75p)

· Net debt of £25.3m (£22.1m as at 31 August 2013)





Commercial highlights

· The Group has performed well and in line with the Board's expectations due to its geographical and operational diversity

· Kirkcaldy flour mill commissioned on time and within budget providing the expected financial benefits to the Food division

· New production facilities completed and operational at Wälischmiller in Germany

· Continued growth of the Agriculture division, with retail branch expansion together with increased brand and product recognition





Tim Davies, Chief Executive Officer, said:



"The period has clearly demonstrated the strength of the Group with its geographic diversity and operational balance delivering performance in line with our expectations. Throughout, our focus has been to invest for growth across each of our three divisions to deliver our strategic objectives.



I am delighted that our flour mill at Kirkcaldy was commissioned on time and within budget. This strategic investment, in the world's most technologically advanced flour mill, is delivering a step change in the financial performance of the Food division. In Agriculture, our increased brand recognition coupled with the severe winter conditions in the USA have driven the sales of blocks to record levels; however, this has been offset by mild weather conditions in the UK which resulted in a reduction in sales of some products. In Engineering, we have positioned the business so that we can benefit from the uplift in delayed nuclear contracts from Sellafield, which we believe will materialise in the short to medium term. Wälischmiller in Germany is performing well and is benefitting from the significant investment in new operational facilities and equipment, with the factory move now completed.



I have been encouraged by the performance of the business during the first six months, with each division making a solid contribution. The second half of the year has started well and the Board expects to deliver a full year performance in line with its current expectations."

Interim results Tues 15 July

11 Jul Oriel... 2,200.00 Buy

Interim Management Statement

RNS


RNS Number : 2677M

Carr's Milling Industries PLC

15 July 2014






15 July 2014





CARR'S MILLING INDUSTRIES PLC ("Carr's" or the "Group")



Interim Management Statement





Carr's (CRM.L), the agriculture, food and engineering group, is issuing its interim management statement for the nineteen week period ending 12 July 2014.



The Group's financial position and trading across all of Carr's divisions in the period remains consistent with the Board's expectations for the full year.





Agriculture



We are pleased with the continued progress in the strategic development of this division.



The Group's UK position has been strengthened through the acquisition of Merit (Feeds & Storage) Limited, a compound feed and retail business based in Lancashire, which was completed on 30 April 2014 and has now been consolidated into the Lancaster Mill and the enlarged Brock branch.



The Country store refurbishment programme of the last 12 months has resulted in significant improvements and increased efficiencies. Carr's customers continue to benefit from the vast range of core country store products available.



The growth in sales of the AminoMax® UK product is as a result of a significant uplift in demand from the Group's dairy customers, who realise the benefits of the patent-protected rumen-bypass protein product. This increase in sales supports the Group's ambition of becoming the UK leader in dairy nutrition.



Global demand for Carr's feed blocks continues, with increased recognition of the brands ensuring positive underlying growth and further global opportunities remain under constant evaluation. Following successful trials, our feed block offering has been expanded to include two innovative new products, manufactured in Germany by Crystalyx GmbH, for the pig and poultry industries throughout Europe.





Food



Food safety and hygiene standards remain a primary concern for our customers and investment continues in this division in order to maintain our position at the cutting edge of flour milling efficiency. The new mill at Kirkcaldy has been operational for 10 months and delivering all the planned technological benefits as expected.



This year's UK harvest is expected to be large but the quality remains unknown at this stage. As our three mills are strategically located, with two at port-side locations, we remain well placed to procure the best quality wheat, which enables us to distribute flour to our customers in the most cost effective manner.



Engineering



The new Wälischmiller factory was officially opened on 27 June 2014 and feedback from customers, partners and suppliers has been extremely positive.



Research projects have commenced into the effects of radiation on battery life, as well as advances in motor technology, both of which could be applicable to a range of products manufactured by Wälischmiller. The Demo 2000 development project into the adaptation of the Telbot® for the oil and gas industry, being conducted in conjunction with Shell and Statoil is progressing well in line with our expectations. The long term benefits to Carr's of our investment are clear and will be leveraged by a new state-of-the-art customer facility at Walischmiller.



The contract with BP Shah Deniz for 27 pressure vessels has been expanded further to a value of £8 million, and the forward order book at Bendalls is now full through 2014 and into 2015. Signs of activity in the nuclear sector are encouraging and the division is in a strong position to start capitalising on these in the next financial year.



Chirton Engineering, acquired in April this year, has been successfully integrated into the Engineering division. The full benefits of this acquisition are expected to be realised in the next financial year. The business will be moved to larger premises next year in order to meet the increasing customer demand.



Carrs MSM, the UK-based manipulator business, continues to perform well and ahead of expectations with demand emanating from the Sellafield "life of plant" contract signed in 2012. Under the terms of the contract, MSM supplies parts that are critical for the major operating plants at Sellafield. MSM is also experiencing continued demand for upgrading manipulators at the Heysham II, Hinckley, and Hartlepool power plants.



Financial Position

The Group's financial position remains strong. Net debt at 31 May 2014 was £27.1 million up from £25.3 million at 1 March 2014, the increase being primarily due to the acquisition of Chirton Engineering and ongoing capital expenditure. The renewal of the Group's UK banking facilities has been completed ahead of schedule on improved terms. Committed undrawn facilities at 31 May 2014 totalled £16.4 million.



Tim Davies, Chief Executive, commented: "Our geographic diversity and continued investment has ensured that we are at the forefront of innovation, technology and design. This has resulted in a strong performance across every division during the period. As such, we expect the full year performance to be in line with our existing expectations."



The Group expects to issue its Preliminary Results for the year ending 30 August 2014 on 10 November 2014.

~ END ~

Wednesday tips round-up: Carr's Milling, Dairy Crest

Wed, 16 July 2014

Price: 436.80

Chg: 4.30

Chg %: 0.99%

Date: 15:18



FTSE 250 Quote


Price: 15,595.13 Chg: 154.65 Chg %: 1.00% Date: 15:18

Investors should 'buy' shares of Carr's Milling Industries, according to the Questor column in The Telegraph, which believes that the stock is "overlooked and undervalued".

The paper explained that Carr's Milling is often overlooked by the market given that analysts struggle to put a value on the company, which is an "odd mix" of flour milling facilities, a nuclear robotics engineer and an animal feed business.

Questor said that the firm's third-quarter trading update on Tuesday showed a "strong performance across every division".

What's more, the shares are rated on a "fairly conservative" 13.8 times earnings - the multiple falls to 12.1 times next year - which is why the paper rates the stock as a 'buy'.

Second Interim Dividend

RNS


RNS Number : 7981M

Carr's Milling Industries PLC

21 July 2014




21 July 2014

Carr's Milling Industries PLC ("Carr's" or "the Company")

Second Interim Dividend

Carr's (CRM.L), the agriculture, food and engineering group announces that a second interim dividend of 8.5 pence per share (2013: 7.75 pence per share), an increase of 9.7% will be paid on 10 October 2014 to shareholders on the register 19 September 2014. The ex-dividend date will be 17 September 2014.

END

Ex dividend Wed 17 Sept 8.5p

Final results Mon 10 Nov

Final Results

RNS


RNS Number : 5241W

Carr's Milling Industries PLC

10 November 2014











10 November 2014








CARR'S MILLING INDUSTRIES PLC ("Carr's" or the "Group")



FULL YEAR RESULTS



"Strategic Diversity Delivering Results"



Carr's (CRM.L), the fully-listed Agriculture, Food and Engineering Group, announces results for the 52 weeks ended 30 August 2014.



Financial highlights (continuing operations)



· Revenue down 8.4% to £429.0m (2013: £468.1m)

· Profit before taxation up 7.8% to £16.6m (2013: £15.4m)

· EBITDA up 9.1% to £20.4m (2013: £18.7m)

· Basic EPS up 3.1% to 127.8p (2013: 123.9p)

· Adjusted EPS up 5.6% to 130.8p (2013: 123.9p)

· Proposed final dividend of 17.0p up 3.0% resulting in a total for the period of 34.0p (2013: 32.0p)

· Capital expenditure of £8.0m during the period with net debt of £24.6m at the period end (2013: £22.1m)



Commercial highlights



· Agriculture profit before tax (including contribution from associate and JVs) up 4.3% to £12.1m, despite revenue down 7.5% to £314.9m



· Food profit before tax up 309.7% to £2.3m despite revenue down 7.5% to £87.1m



· Engineering profit before tax down 11.7% to £3.7m with revenue down 19.6% to £26.9m.



Chris Holmes, Chairman, said:



"We have delivered another record year of pre-tax profit, building on successes of recent years.



In Agriculture, we anticipate the current year will be tough for our UK farming community with pressure on farmgate milk prices expected to remain. However, we believe our diverse offering and broad geographic footprint will help to mitigate some of this impact. In Food, our investment in Kirkcaldy is expected to realise further efficiencies in the current year and, despite some short term pressures expected in our Engineering division, the medium term prospects remain highly positive.



Overall, we have made a good start to the current financial year and the Board will continue to look at how best to maintain growth and achieve optimal returns for our shareholders. We remain confident for the full year and excited about the long-term growth opportunities for the business."

10 Nov Investec 1,900.00 Buy

Carr's Milling Industries: Numis downgrades from 'add' to 'hold' with a target price of 1800p.

Carr's Milling: Investec ups target price from 1900p to 1918p and reiterates a 'buy' recommendation.

Trading statement Tuesday 13 Jan

Interim Management Statement
RNS
RNS Number : 9641B
Carr's Milling Industries PLC
13 January 2015



13 January 2015





CARR'S MILLING INDUSTRIES PLC ("Carr's" or the "Group")

AGM and Interim Management Statement



Carr's (CRM.L), the Agriculture, Food and Engineering Group, is issuing its first interim management statement for the year ending 29 August 2015 to coincide with its Annual General Meeting being held in Carlisle today at 11:30am.



This statement relates to the 19 week period which ended on 10 January 2015.



Carr's continues to trade in line with the Board's expectations for the full year.



Agriculture



The overall performance of the division is as forecast for the period. However, the UK performance has been impacted by the mild autumn, the slow start to the winter and a decline in farm incomes related to the fall in the farm gate milk price, which underlines why geographical and operational diversity are key to Carr's continued success.



Sales volumes of animal feed in the UK are comparable to the same period last year, while the cold weather in the northern USA in November and December, coupled with an increase in market share, has resulted in an overall increase in worldwide feed block sales volumes for the period.



The mild start to the UK winter has had an adverse impact on fuel sales in the period; however, the retail business performed well with sales ahead of the same period last year. The new Annan Country Store opened in September 2014 has been well received by both the farming and local communities.



AminoMax®, the patented rumen bypass protein for dairy cattle, continues to perform well in both the USA and the UK, with volumes up significantly on last year.



Investment in our facilities has continued and, in addition to enlarging a number of retail Country Stores, the AminoMax® manufacturing operation at Watertown, New York State is being expanded and is on track for completion in mid-spring, as planned. In addition, the redevelopment project at the manufacturing plant in Silver Springs, Nevada is progressing with completion expected summer 2015.



Food



The Food division is trading ahead of last year's performance and is in line with expectations.



The Kirkcaldy mill is continuing to deliver the operational and commercial benefits that were demonstrated in the results for the year ended 30 August 2014. Flour sales volumes are higher than last year but, as a result of lower wheat prices, revenue is lower. The quality of flour, food safety and service levels are benefiting the business. Against a backdrop of ongoing volatility in wheat markets, Carr's continues to benefit from long-term established relationships with our customers, and remains positive about the performance of the division for the remainder of the financial year.





Engineering



Overall, the Engineering division is performing in line with expectations. MSM has had a strong start to the year, having won a new contract for the production of a significant number of master slave manipulators for installation in Sellafield, with delivery due in 2016. Bendalls continues to work to near capacity delivering the large contract for the supply of 33 pressure vessels for the BP Shah Deniz gas pipeline in Azerbaijan, scheduled to complete towards the end of this financial year. While the falling oil price could cause a reduction in activity in the oil sector, it is expected that there will continue to be an increase in activity within the UK nuclear industry, which will benefit the Engineering division.



In December 2014, Wälischmiller completed a major contract which required innovative design and remote handling capabilities for a complex decommissioning project at a nuclear plant in France. Political sanctions on Russia are likely to impact the timing of the award of new contracts.



Chirton Engineering, our precision machining business, is integrated within the Group and is developing synergies with our other engineering businesses. A move to its new premises in spring 2015 will provide an enhanced production facility, increased capacity and an improved working environment.



Financial position



The Group's financial position remains strong. Net debt as at 29 November 2014 was £30.4m, compared to £24.6m as at 30 August 2014 and £28.2m in the prior year. The cash outflow since the year end is due to the seasonal working capital increases in the agriculture businesses.



Undrawn banking facilities at 29 November 2014 amounted to £17.7m.



Dividend



Subject to shareholder approval at today's AGM, the proposed dividend of 17.0 pence per share will be paid on 16 January 2015 to shareholders on the register at close of business on 19 December 2014.



Tim Davies, Chief Executive, commented:



"We are encouraged by Carr's performance to date in the current financial year. Whilst the sectors in which Carr's operates are experiencing challenging times due to a variety of external factors, the Group's geographical spread, investment in assets, and on-going commitment to innovation continue to support the Group's development. We remain confident in the long term success of the Group and the Board's expectations for the full year remain unchanged."



The company expects to issue its Interim Results for the 26 week period ending 28 February 2015 on 13 April 2015.

13 Jan Shore Capital N/A Buy
13 Jan Investec 1,918.00 Buy
13 Jan Numis 1,800.00 Add

Share Split and Total Voting Rights

14 January 2015

The Company is pleased to announce that, following the passing of all resolutions at the Annual General Meeting held on Tuesday, 13 January 2015, the proposed ten-for-one share split has today become effective. As a result, 8,944,009 subdivided ordinary shares of 25 pence each in the Company were amended on the Official List and the main market of the London Stock Exchange at 8.00 a.m. today.

The Company's issued ordinary share capital as at 14 January 2015 therefore comprises 89,440,090 shares with a nominal value of 2.5 pence each with each share carrying the right to one vote. The Company does not hold any Ordinary Shares in Treasury. Therefore the total number of Ordinary Shares in the Company with voting rights is 89,440,090.

The above figure of (89,440,090) Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

The Company's ordinary shares of 2.5 pence each have the ISIN code: GB00BRK01058

27 Feb Investec 196.00 Buy

Please Note - Streaming News is only available to subscribers to the Active Level and above



Interim Results
RNS
RNS Number : 9062J
Carr's Group PLC
13 April 2015





13 April 2015




CARR'S GROUP plc1 ("Carr's" or the "Group")



INTERIM RESULTS



"A record first half performance with the Board confident in meeting expectations for the full year"



Carr's (CARR.L), the Agriculture, Food and Engineering Group, announces results for the six months ended 28 February 2015.



Financial highlights

· Revenue down 2.8% to £208.6m (H1 2014: £214.7m)

· Profit before tax up 5.4% to £10.6m (H1 2014: £10.1m)

· Basic EPS up 9.0% to 8.5p (H1 2014: 7.8p)

· Adjusted EPS2 up 11.5% to 8.7p (H1 2014: 7.8p3)

· First interim dividend up 8.8% to 0.925p (H1 2014: 0.85p3)

· Net debt of £26.0m (£24.6m as at 30 August 2014)





Commercial highlights

· Record first half performance demonstrating the strength of the Group's operational and geographic diversity

· Outstanding performance by the USA feed block business

· Strength of global feed block brands delivers record sales

· Investment in UK retail Country Store network drives retail sales growth

· Evidence of recovery in the UK nuclear industry with new contracts for the Engineering division

· Growth maintained in the Food division following the step change in performance last year



Tim Davies, Chief Executive Officer, commented:



"The strength of the Group, with its international operations and diversity of business, has been demonstrated in the delivery of a record performance in the first six months. This result has been achieved despite some challenging conditions in some of the markets within which we operate.



Trading in the second half has started well and we remain on track to meet the Board's expectations for the full year."





1 Formerly Carr's Milling Industries PLC

2 Adjusted EPS is after adding back amortisation of intangibles and non-recurring items, e.g. acquisition related costs

3 Restated figures due to 10:1 share split in January 2015

13 Apr Investec 196.00 Buy

Questor-share-tip-Carrs-record-profits.

Trading Statement
RNS
RNS Number : 0476T
Carr's Group PLC
15 July 2015

15 July 2015



CARR'S GROUP PLC

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



Trading Update



Carr's (CARR.L), the Agriculture, Food and Engineering Group, issues its second trading update for the year ending 29 August 2015. This update relates to the 19 week period which ended on 11 July 2015.



Overall trading continues to be in line with the Board's expectations for the full year.



Agriculture



Global sales of feedblocks are up year on year. The USA operations have delivered a strong performance, making market share gains. In addition, volumes have grown as beef breeding herds have continued to restock following the recovery from drought conditions across many areas of the USA. In the UK the abundance of quality winter forage reduced Crystalyx® feedblock volumes. Scotmin continued to achieve further sales growth in the period, driven primarily by our branded products Megastart® and Quattromag®.



In the UK, feed volumes have increased in the period despite a tough backdrop of market pressure, particularly in the dairy sector where the impact on dairy farm incomes from the low farmgate milk price has had a negative impact on both feed margins and sales of Aminomax®. Declining dairy farm incomes has also placed pressure on the machinery business, although its performance has been positive due to the breadth of the franchise offering and quality customer service. The oil division has performed well with volumes up year on year.



Retail sales have continued to perform ahead of both last year and the Board's expectations. Expansion of the country store network continued, with the successful opening of Selkirk and a new store at Rothbury, which opened on 1 July 2015. This was enhanced by the strategic acquisition of Reid & Robertson Ltd in Scotland in 12 June 2015, which extends the reach in West Scotland with new locations at Balloch, Oban and Ayr. This takes the total number of country stores to 30, with 4 satellite locations at auction marts and livestock centres.



Food



The Group's food division, operating from three strategically-located sites around the UK, continues to perform well with volumes ahead of last year. The state-of-the-art flour mill in Kirkcaldy has generated further efficiencies, cementing Carr's reputation for quality, service and technical expertise, resulting in several new customers being won across the division.



The retail market in which the division operates remains challenging, with the multiples rationalising their sliced bread offering and consumer shopping habits continuing to change. However, previous investment in the division's infrastructure ensures that Carr's remains well placed to adapt to changing retailer requirements and consumer demands.



Engineering



The UK nuclear market continues to show signs of recovery and increased activity, particularly from Sellafield with new contracts secured for the division. However, the Japanese and Russian markets remain subdued. In the oil and gas market, the low oil price continues to have an adverse impact on oil exploration related customers.



Performance at Wälischmiller remains on track for the year. The business has been awarded a contract for the design and supply of a robotic manipulator from ITER. ITER is the international collaboration for the creation of an experimental fusion reactor based in France. This contract underlines the strength of the business and its reputation.



Previously announced delays in Bendall's project for BP Shah Deniz are ongoing, with the majority of the vessels now expected to be delivered by the end of September 2015; the remainder are due to be delivered in Spring 2016. The newly established design department in Bendalls has been awarded its first contract from Sellafield for the design of a skip conveyor system. A further contract from Sellafield for the manufacture of a pressure vessel was also received in the period. The combined value of these contracts is in excess of £1.25m.



The low oil price has had an adverse impact on orders at Chirton and this looks set to continue into the next financial year. Chirton's move to new premises in North Shields was delayed but is now complete. This delay, a greater level of disruption than expected, and issues commissioning new equipment, resulted in extra costs and more lost production time than planned. This has adversely impacted results in the short term.



Carrs MSM, the UK-based manipulator business, continues to perform well and ahead of expectations.



Dividend



The Board announces that a second interim dividend of 0.925 pence per share (2014: 0.85 pence per share), an increase of 8.8%, will be paid on 9 October 2015 to shareholders on the register on 18 September 2015. The ex-dividend date will be 17 September 2015.





Tim Davies, Chief Executive, commented:



"Despite Carr's continuing to operate in mixed market conditions, we remain confident that the Group will meet the Board's expectations for the full year. This confidence is due to the breadth of the Group's geographical footprint and its ongoing commitment to, and investment in, assets and innovation."



The Group expects to issue its Preliminary Results for the year ending 29 August 2015 on 9 November 2015.



~ END ~