TIDMCARR

RNS Number : 6132P

Carr's Group PLC

10 October 2023

Carr's Group plc

("Carr's", the "Company", or the "Group")

Trading Update

Carr's (CARR.L), the Speciality Agriculture and Engineering Group announces a trading update for the year ended 2 September 2023.

Since the last trading update on 4 August 2023, the Group has performed in line with the Board's revised expectations. Despite a soft first half, a strong second half for the Engineering division will result in profit for the full year being only marginally below that of FY22. The order book has reached a record level, finishing the year at GBP63m (August 2022: GBP41m), which gives confidence in growth prospects in FY24 and looking further ahead into FY25.

Conditions in Speciality Agriculture continue to be challenging and as previously indicated, adjusted operating profit will be significantly below the prior year. Feed block volumes in both the UK and the USA were lower than last year, with drought conditions in parts of the USA and high farm input costs in the UK suppressing demand. The challenging conditions in both markets are expected to continue in the year ahead but the Board anticipates a return to growth in the medium and long-term.

Central costs will be marginally lower than forecast at the previous update, with further savings anticipated in FY24. The Group closed the year with net cash (excluding leases) of GBP4.2m (FY22 continuing Group: net debt of GBP14.0m). Since the end of the financial year, this has been supplemented by significant customer receipts, with a further GBP4.0m related to the disposal of Agricultural Supplies division expected in October 2023.

The Group expects to announce its audited results for the year ended 2 September 2023 in mid-December.

Enquiries:

 
                                         +44 (0) 1228 554 
 Carr's Group plc                         600 
 Peter Page, Chief Executive Officer 
 David White, Chief Financial Officer 
 
                                         +44 (0) 203 727 
 FTI Consulting                           1340 
 Richard Mountain/ Ariadna Peretz

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 around the world. Carr's operates a business model that empowers operating subsidiaries enabling them to be competitive, agile, and effective in their individual markets whilst setting overall standards and goals.

The Speciality Agriculture division manufactures and supplies feed blocks, minerals and boluses containing trace elements and minerals for livestock.

The Engineering division manufactures vessels, precision components and remote handling systems, and provides specialist engineering services, for the nuclear, defence and oil & gas industries.

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October 10, 2023 02:00 ET (06:00 GMT)

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