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Carr's Group revenue increases despite headwinds; raises dividend

23rd Mar 2023 13:18

(Alliance News) - Carr's Group PLC on Thursday said annual revenue climbed, shaking off what the company described as a "challenging" year.

The Carlisle, England-based speciality agriculture and engineering group reported revenue for the year ended September 3 was GBP124.2 million, increasing 3.2% from GBP120.3 million the year prior. The company noted supply chain delays, raw material cost increases and energy price rises in 2022, which it says made for a tricky year.

Pretax profit was GBP7.6 million, up 0.4% from GBP7.5 million in financial 2021. Basic earnings per share also saw a small increase, to 6.4 pence per share from 6.2p.

The company declared a final dividend of 2.85p per share, up 7.5% from 2.65p, bringing the total dividend to 5.20p, up 4.0% from 5.00p in financial 2021.

Carr's said it made progress in 2022, adding that the future development of its speciality agriculture division will be through organic growth opportunities as well as targeted acquisitions.

Chief Executive Officer Peter Page said: "2022 was a year of significant change for Carr's Group. With a clear direction and strategy, the business is now focused on higher-margin, differentiated, international Speciality Agriculture and Engineering businesses with strong growth prospects.

Carr's shares were suspended in January, after it was unable to publish its results for financial 2022 due to delays in the auditing process.

By Harvey Dorset, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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