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Carr’s Group PLC on Thursday said Chief Executive Officer David White will step down as it reported increased earnings for the first half of the year. The Carlisle, England-based agriculture and engineering company said as a result of its transformation into a ‘pure-play Agriculture business’ David White will step down as CEO at the end of June, to be replaced by Global Agriculture division CEO Josh Hoopes. The firm also said on Wednesday that pretax profit multiplied to £7.7 million in the six months to the end of February from £1.8 million a year ago. Revenue increased by 7.0% to £50.6 million from £47.3 million, while cost of sales were up 1.3% to £39.1 million from £38.6 million. Carr’s declared an interim dividend of 1.20 pence per share, down 49% from 2.35 pence a year ago. In its Agriculture continuing operations, the company noted that UK low moisture block tonnage increased by 13% on-year, while US volumes grew by 3% ‘despite continued difficult market conditions’. Carr’s noted that in the short to medium term, its performance will be more seasonal than before the disposal of the Engineering division. ‘Whilst we anticipate the positive trading momentum from the first half will continue, the second half of the year typically experiences lower seasonal trade across our markets which will moderate overall performance,’ Carr’s said. The company said trading conditions in the US remain challenging due to climatic factors, with the anticipated recovery in US herd size now expected later than the second half of 2025 as previously anticipated. Chief Executive Officer David White said: ‘Today’s interim results clearly demonstrate the benefits of our strategic transformation to a specialist agriculture manufacturer. ‘During the period the group has achieved significant milestones through the sale of the bulk of the Engineering division, the development of a clear and refocused Agriculture strategy, with substantial progress made in corporate simplification through pension de-risking, sale of excess properties and ongoing central cost reduction.’ White said the board has ‘full confidence’ that the business can achieve ‘significant profitable growth’. Shares in Carr’s Group closed flat at 129.00 pence in London on Wednesday. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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