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.

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

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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.



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