8th Jan 2019 08:32
LONDON (Alliance News) - Agriculture & engineering company Carr's Group PLC on Tuesday said trading in its current financial year is in line with expectations, despite Brexit uncertainties.
In the Agriculture division, Carr's said financial 2019 began positively in September, despite the mild autumn in the UK, which reduced demand for oil and some animal health products and supplements.
Sales volumes of feed blocks in the US have started the year strongly following the recovery of cattle prices. In the UK and Europe, feed block volumes are in line with expectations, Carr's said.
The Engineering division has continued to perform well, it said, with the company's order book remaining strong. In December, Carr's strengthened its order book further by signing an USD8.5 million contract in the US.
The company said it has also secured confirmation of significant funding from the US Department of Energy to develop the Engineering division's passive cooling technology, which has the potential to be retrofitted on existing nuclear power plants.
"We remain confident that the investments made in acquisitions, research and product innovation leave the group well positioned for future growth," said Chief Executive Tim Davies.
"Further clarity over the UK's future trading relationship with the EU would bring greater confidence and stability back to our customers and marketplace," added Davies.
Carr's expects to issue its interim results on April 15. Carr's first half ends on March 2.
The stock was trading 0.2% lower on Tuesday at 159.50p a share.
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