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.

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?