Carr’s Group, Carlisle – positive start but increasing net debt

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Carr’s, the Carlisle-based agriculture and engineering group, reported a positive start to the year with overall performance over the period broadly in line with board expectations.

Specialty Agriculture traded as expected with higher sales volumes than the prior year, although margins were impacted by raw material price increases. High livestock prices should support demand for the rest of the year.

Overall, business activity in the group’s agricultural supplies division is on track, with strong machine performance helping to offset the impact of raw material price volatility and reduced fuel volumes due to of milder weather.

However, Engineering traded below expectations, but significantly ahead of the prior year, driven by strong performance in manufacturing and precision engineering and improved performance in remote handling and robotics .

Net debt at December 25, 2021 was £27.9m compared to £19.0m at December 26, 2020.

Subject to shareholder approval, the proposed final dividend of 2.65 pence per share for the year to August 28, 2021 will be paid on January 26, 2022 to shareholders of record at the close of business on December 17, 2021. The ex-dividend date was December 16, 2021.


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