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Carr’s Group PLC - Carlisle, England-based agriculture supplies and engineering services - Profit for financial year that ended on September 2 will be marginally below the year before, after a strong second half for the Engineering division largely made up for a soft first half. Engineering order book is a record level of £63 million at year-end, up from £41 million a year before. Speciality Agriculture division, however, faces continued ‘challenging’ conditions, and adjusted operating profit will be ‘significantly below’ financial 2022. Carr’s had flagged this already in trading update in August. It says feed block volumes in both the UK and US are lower than a year before, as drought conditions in the US and high farm input costs in the UK sap demand. More positively, central costs will be lower than earlier forecast, with further savings expected in financial 2024. Carr’s had net cash of £4.2 million at the start of September, swung from net debt of £14 million a year before. Carr’s will release its full annual results in mid-December. Current stock price: 130.88 pence 12-month change: up 35% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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