21st Feb 2023 14:50
(Alliance News) - Carr's Group PLC on Tuesday said it expects both annual revenue and profit to rise, with trading to be in line with its annual expectations.
The Carlisle, England-based speciality agriculture and engineering group said it expects revenue for the year ended on September 3 to reach GBP124.2 million, up 3.3% from GBP120.3 million the year before.
Pretax profit is expected to be at GBP7.5 million, up 0.4% from GBP7.5 million, and adjusted pretax profit is expected to reach GBP11.2 million, up 8.0% from GBP10.4 million from the year before. Basic earnings per share from continuing operations is expected to increase to 6.4 pence per share from 6.2p the year before.
Looking ahead, Carr's said trading in the early part of the financial 2023 was strong, but said it became more challenging in November and December, with "lower volumes of feed blocks sold in both the US and UK markets and very competitive pricing for tenders in the Engineering division".
The company remains confident that trading for the full year will be in line with its expectations.
Additionally, Carr's said Tim Jones has joined the board as an non-executive chair. Peter Page has become chief executive officer, relinquishing the role of executive chair.
Chief Financial Officer Neil Austin stands down from the board replaced by David White. Carr's said all changes take effect immediately.
Previously, White spent the previous 16 years in a variety of senior finance roles for international mobile power solutions provider Aggreko PLC.
At the request of the group, trading in Carr's shares was suspended on January 4, in accordance with the Financial Conduct Authority's listing rules.
The group will apply to have the trading of its shares reinstated upon the day its results are published.
Shares were last traded at 121.62 pence each on January 4.
By Xindi Wei, Alliance News reporter
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