Carlisle-based agriculture and engineering firm Carr’s Group said on Tuesday morning its revenue increased 24% to 79.8 million in the 26 weeks ended March 4, 2023, “reflecting raw material cost recovery in speciality agriculture division.”
However, profit before tax fell 36.2% to £4.9 million.
Carr’s Group reported a record engineering order book of £57 million at April 28, 2023, up by 30% from start of the period.
In its outlook, Carr’s Group said: “The outlook for engineering in the second half of FY2023 is positive.
“The division has several key contracts coming through in fabrication and robotics, allied to an improved position for the precision engineering business buoyed by activity in oil and gas.
“These factors will offset the low summer season for speciality agriculture which also continues to manage historically high input costs.
“Acknowledging the challenges ahead, the board anticipates full year adjusted profit before tax of c.£10m and remains confident in the prospects of both divisions in the medium term.”
Carr’s Group CEO Peter Page said: “A strong order book in robotics, fabrication and precision engineering, alongside completion of a long-running defence contract in H1, provides the prospect of a considerable step up in profits from the engineering division for H2.
“This will offset the quieter summer months for the speciality agriculture division, which is managing a period of unprecedented input costs.
“The outlook for 2024 and 2025 is encouraging in both divisions.”
On Tuesday afternoon, Carr’s Group said all resolutions proposed at its General Meeting held in Carlisle were passed by shareholders.
However, in the vote to approve the firm’s remuneration report, 23.32% of votes were cast against.
“The company will engage with shareholders to fully understand the reasons for this and provide an update within six months as required by the Corporate Governance Code 2018,” said Carr’s Group.