Carr's Group PLC Trading Update (5668F)
July 19 2021 - 1:00AM
UK Regulatory
TIDMCARR
RNS Number : 5668F
Carr's Group PLC
19 July 2021
CARR'S GROUP PLC
("Carr's" or the "Group")
Trading Update
"A strong Group performance with improved full-year
expectations"
Carr's (CARR.L), the Agriculture and Engineering Group,
announces a trading update for the 20-week period ended 17 July
2021.
The Group's trading performance for the full financial year is
anticipated to be moderately ahead of the Board's expectations.
Speciality Agriculture continues to perform strongly across the
UK, USA, and Europe. Livestock prices remain buoyant which,
together with a continued recovery in our animal health business,
has led to a significant improvement in performance compared with
the prior year.
Our Agricultural Supplies division is slightly ahead of
expectations, with strong machinery revenues and an improved retail
performance more than offsetting the negative impact of raw
material price increases seen earlier in the year. Resilient
farmgate prices continue to drive farmer confidence in the UK.
Engineering performance significantly improved over the 20-week
period, driven by contract wins, reduced overhead costs and a
recovery in oil & gas prices. Order books, particularly across
the nuclear and defence sectors, are encouraging, having grown
significantly during the financial year.
Cash flow remains strong, with net cash from operating
activities materially higher compared with the equivalent period in
the prior year owing to robust working capital management.
A second interim dividend of 1.175 pence per share will be paid
on 1 October 2021 to shareholders on the register at close of
business on 27 August 2021. The ex-dividend date will be 26 August
2021.
The Group's performance remains encouraging owing to the
strength of its businesses, range of products and services, and
market positions globally. Activity levels across the Group remain
high and ongoing standardisation programmes are expected to enhance
future performance.
The Company expects to announce its results for the year ending
28 August 2021 on 22 November 2021.
Hugh Pelham, Chief Executive Officer, commented: " Trading
conditions have remained positive in Agriculture and have improved
in Engineering. Our business improvement initiatives remain on
track. Carr's is well positioned to continue driving further
growth. "
Enquiries:
Carr's Group plc Powerscourt
Hugh Pelham (Chief Executive Officer) Nick Dibden / Lisa
Kavanagh / Sam Austrums
Neil Austin (Chief Financial Officer) Tel: +44 (0) 20 7250
1446
Tel: +44 (0) 1228 554 600
About Carr's Group plc:
Carr's is an international leader in manufacturing value added
products and solutions, with market leading brands and robust
market positions in Agriculture and Engineering, supplying
customers in over 50 countries around the world. Carr's operates a
decentralised business model that empowers operating subsidiaries
enabling them to be competitive, agile, and effective in their
individual markets whilst setting overall standards and goals.
Its Speciality Agriculture division manufactures and supplies
feed blocks, minerals and boluses containing trace metals and
minerals for livestock.
Its Agricultural Supplies division manufactures compound animal
feed, distributes farm machinery and runs a UK network of rural
stores, providing a one-stop shop for the farming community.
Its Engineering division designs and manufactures pressure
vessels, manufactures precision components from specialist steel
alloys, manufactures robotic manipulators, and provides engineering
design, assembly, and installation services for the nuclear,
defence and oil & gas industries.
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END
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