Business
AGM Statement
AGM Statement.
About this update from Fevara Plc
[{"type":"text","content":"\n Carr's Milling Industries PLC\n09 January 2006\n\n\n\n\n\n CARR'S MILLING INDUSTRIES PLC\n\n Chairman's AGM Statement\n\nAt this morning's AGM in Carlisle of Carr's, the Cumbria-based agriculture, food\nand engineering group, the Chairman, Lord (Richard) Inglewood, will make the\nfollowing statement:\n\n'This is my first AGM as Chairman of the Company and it is a pleasure to be able\nto report on a successful year. In the 53 weeks to 3 September 2005, Carr's more\nthan doubled the size of its flour business, nearly doubled its compound and\nblended animal feed volumes, and achieved a seventh successive annual increase\nin adjusted earnings per share, with a 20% increase to 47.7p. Adjusted pre-tax\nprofit increased by a similar percentage to £6.14m, whilst the reported figure\nwas 76% higher at £9.02m. Total dividends per share of 16p, up 19% and three\ntimes covered by adjusted earnings per share, are proposed.\n\nFour months of the year to 2 September 2006 have now elapsed and Carr's remains\non track for a further year of underlying profit growth, despite mixed trading.\n\nIn Agriculture, feed-blocks in the UK and US are ahead of budget. In the UK,\ncompound feed volumes and margins have moved below budget in a marketplace that\nis experiencing a noticeable reduction in demand both in our trading area and in\nthe UK more generally. The integration of the W&J Pye business, which was\nacquired in July by Carr's associate company, Carrs Billington Agriculture\n(Operations), and the rationalisation of the expanded business, is going well.\nThe related sale of the former feedmills at Blackburn and Shrewsbury, which\nbelonged to Pye, and Penrith, which belonged to CBAO, is progressing well. A new\nlow-moisture animal feed block plant to manufacture Crystalyx in Oldenburg,\nGermany, in joint venture with one of Germany's largest agricultural companies,\nwill be commissioned later this month.\n\nFlour is trading ahead of budget and all three mills - Kirkcaldy and Maldon,\nwhich were acquired in November 2004, and Silloth - are trading well.\n\nIn Engineering, much the smallest of the three Divisions, which returned to\nprofit last year, Bendalls is benefiting from August's smooth move into a new\npurpose-built 5,000 sq m factory on the Kingstown Industrial Estate in Carlisle.\nConsent has recently been granted for the next ge...