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Carr's Group PLC on Friday said its overall trading performance for the full financial year is in line with expectations, as it made changes at the top of the company.
For the 22-week period that ended on July 30, the agriculture machinery distributor and engineering firm said sales margins were notably improved in all markets in Speciality Agriculture, as price increases have been passed onto customers.
Carr's said volumes in the UK and Ireland remained solid due to strong farmgate prices, but USA volumes continued to be hurt by a reduction in beef cattle herd size. This is due to ‘drought causing a shortage of grazing’.
Carr's said its overall trading performance is in line with expectations for the full financial year.
It said that a review of the strategic options for each of the company's three divisions - Speciality Agriculture, UK Agricultural Supplies, and
Engineering - is nearing completion.
Carr's noted that a second interim dividend of 1.175 pence per share, unchanged, will be paid on September 30.
Carr's said Chair Peter Page would become its new chief executive officer. Page has been the chair since January 2020, having joined the board in the previous year.
Page had been the CEO of Glasgow-based collagen food products maker Devro PLC, and head of Europe for poultry breeding company Aviagen Group.
‘With a background in animal science and agriculture, Peter has a strong track record of building and developing successful businesses in international markets. The board unanimously concluded that he is best placed to lead the group through its next phase,’ Senior Independent Director John Worby said.
The company also said Chief Financial Officer Neil Austin has decided to stand down as a director after being with Carr's for nine years. He said he will take up a new role as CFO of the Westmorland Family in Cumbria, a family business that cooks food and sell produce in motorway service areas.
Austin will remain with the firm until the annual general meeting in January next year. Carr's said Worby will lead the searches for a new non-executive chair and CFO.
Shares were up 3.1% at 133.00 pence each on Friday morning in London.
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