Carlisle-based agriculture and engineering firm Carr’s Group said on Monday its revenue fell 2% to £395.6 million in the year ended August 29, 2020, with reported profit before tax falling 23.4% to £12.5 million.

Carr’s is proposing a final dividend of 2.5p per share which, together with the interim dividend of 2.25p makes a total dividend for the year of 4.75p per share (2019: 4.75p). 

Carr’s Group chairman Peter Page said: “In difficult market conditions the group delivered a robust financial performance, with full year profitability slightly ahead of the board’s revised expectations.

“Across both divisions, the group responded well to managing the challenges arising from the COVID-19 pandemic. 

“The global economy has been dominated by COVID-19, creating uncertainty and making forecasts difficult.

“Nevertheless, the group is well positioned as the agriculture sector remains crucial in supplying raw materials and ingredients to the food chain, and our engineering businesses are predominantly involved in government funded contracts in the nuclear sector. 

“Trading in the new financial year has started in line with the board’s expectations.

“Whilst uncertainties remain in the broader economic environment, the board is confident about the prospects of our business in the medium term.”