Carlisle-based agriculture and engineering firm Carr’s Group said activity to explore options to “maximise shareholder value for the group’s engineering division is proceeding satisfactorily and in line with board expectation and a further announcement will be made in due course.”

In a trading update for the year ended August 31, 2024, Carr’s Group added: “Integration of the businesses comprising the Agriculture Division under a single management team is complete and an update on a focussed Agriculture strategy will also be made in due course.

“Central cost reductions and non-core property and other asset realisations are progressing as planned. The group is also progressing exploration of removal of risk of future pension scheme volatility.

“The audited results for the year ended 31 August 2024 are expected to be announced in mid-December 2024.”