Carlisle-based agriculture and engineering firm Carr’s Group said on Wednesday Josh Hoopes will be appointed CEO on June 30 as it becomes a pure-play agriculture business.
Carr’s also published results for the six months ended February 28, 2025, showing revenue from continuing operations increased 7% to £50.6 million and statutory profit rose 150% to £7.1 million.
Interim dividend fell to 1.2p per share from 2.35p.
“As a result of the transformation into a pure-play agriculture business, Group CEO David White will step down with effect from 30 June 2025, at which point Josh Hoopes, currently CEO Global Agriculture, will be appointed CEO for the business,” said Carr’s.
White said: “Today’s interim results clearly demonstrate the benefits of our strategic transformation to a specialist agriculture manufacturer.
“During the period the group has achieved significant milestones through the sale of the bulk of the engineering division, the development of a clear and refocused agriculture strategy, with substantial progress made in corporate simplification through pension de-risking, sale of excess properties and ongoing central cost reduction.
“I would like to thank current and former colleagues in the engineering division and group functions for their hard work and dedication in delivering a successful realisation of value for the engineering division.
“With the planned return of capital to shareholders expected to complete in early July, the time is right to transition leadership to our CEO Global Agriculture, Josh Hoopes.
“As such I shall step down as group CEO on 30 June 2025, at which point Josh will be appointed as CEO for the business.
“The board has full confidence that under Josh’s leadership and through execution of our refocused strategy the business can achieve significant profitable growth and drive shareholder returns. I wish him and the team every success as they pursue exciting opportunities that lie ahead.”
Carr’s Group chairman Tim Jones said: “The company’s transition into a pure-play specialist manufacturer of research proven, value-added livestock supplements is almost complete.
“I would like to thank David White for his role in expertly leading this transformation with clarity and pace. David’s help in assembling and enabling the team of agriculture specialists to take the company forward and in strengthening and de-risking our balance sheet – as our Interim results illustrate – perfectly positions us for the next phase of our strategy.
“Under Josh Hoopes’ ongoing leadership we have every confidence in the delivery of that strategy and of the value that it can create.”
In its outlook, Carr’s said: “With dependence on agriculture markets across the northern hemisphere, in the short to medium term the performance of the group will be more seasonal than prior to the disposal of the Engineering Division.
“Whilst we anticipate the positive trading momentum from the first half will continue, the second half of the year typically experiences lower seasonal trade across our markets which will moderate overall performance. In addition, completion of the main Engineering disposal will enable further reductions in central costs.
“Trading conditions in the US, particularly in the southern states, remain challenging, largely due to climatic factors, with the anticipated recovery in US herd size likely to be later than the previously anticipated second half of 2025, impacting expected performance in FY26.
“Across all our markets, our strategic priority remains to deliver increased market share and margin enhancements through disciplined commercial execution.”