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.

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