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.”

About the Author

Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.