Carr’s of Carlisle sees revenue rise to £417m

Shares of Carlisle-based agriculture and engineering firm Carr’s Group rose about 5% on Tuesday after it reported its revenue for the year to August 28 increased 5.5% to £417.3 million and profit before tax increased 10.3% to £12.1 million.

In its outlook, Carr’s said: “Whilst all businesses face inflation headwinds in raw material supply chains, we see a positive outlook for the group based upon the strength of livestock and milk prices across agriculture and a growing order book in engineering.”

Total dividend for the year will be 5p per share, up 5.3% on the prior year.

Carr’s reported a strong performance in speciality agriculture assisted by livestock prices in the UK and the US, a successful year in agricultural supplies with feed volumes, machinery revenues, and retail sales all improved.

The group said its engineering adjusted operating profits were marginally higher, and year-end engineering order book was 15.9% higher than the prior year.

Carr’s Group chairman Peter Page said: “The group has delivered an excellent result ahead of the board’s original expectations, with increased profits across both agriculture divisions and an enhanced order book for engineering.”