Shares of Carlisle-based agriculture and engineering firm Carr’s Group rose as much as 9% after it announced results for the year ended September 2, 2023.

Carr’s said its revenue increased 15.3% to £143.2 million while adjusted profit before tax fell 33.2% to £7.5 million.

Total dividend will be maintained at 5.2p per share.

In its outlook, Carr’s said: “Trading conditions in agriculture remain challenging and the board expects this to continue through the current financial year, while retaining confidence in prospects improving in the medium to long term.

“The engineering division delivered a strong second half performance during FY23 and the order book levels will enable year-on-year growth during FY24, while also providing renewed confidence beyond the current financial year.  

“At this early stage in the new financial year expectations for FY24 remain unchanged.”

Carr’s CEO David White said: “Despite the headwinds impacting Speciality Agriculture we are making significant progress on our plans to increase market penetration, integrate our businesses to optimise performance and reduce costs; and leverage supportive trends.

“We expect challenging trading conditions in Speciality Agriculture to continue through the current financial year but are focused on managing current performance and positioning the division for growth on market recovery.

“The Engineering order book levels will help deliver year on year growth during FY24 and beyond, with operational leverage in that division providing attractive returns.”

Carr’s chairman Tim Jones said: “The Carr’s brand has a deservedly strong reputation which is supported by a leading market share in the UK, an exciting range of product innovations and new licence approvals alongside compelling opportunities in overseas markets.

“Notwithstanding the challenging conditions presently being felt across the agricultural sector the company is firmly focused on market penetration, the reduction of its costs and optimising shareholder value.”