Business
AGM/Interim Management Statem
AGM/Interim Management Statem.
About this update from Fevara Plc
[{"type":"text","content":"\n RNS Number : 2196Z Carr's Milling Industries PLC 11 January 2011 \n \n\n \n \n\n\n\n\nIMMEDIATE RELEASE\n\n\n11 January 2011\n\n\n\n\n \n \nCARR'S MILLING INDUSTRIES PLC\n(\"Carr's\" or \"the Group\")\n \nAnnual General Meeting/Interim Management Statement\n \n \nCarr's (CRM.L), the agriculture, food and engineering group, announces its first Interim Management Statement for the 53 weeks to 3 September 2011, as required by the UK Listing Authority's Disclosure and Transparency Rules. \n \nThe Statement relates to the 18 week period ended 1 January 2011 and is being issued to coincide with Carr's Annual General Meeting being held in Carlisle at 11.30 am today.\n \nOverview\n \nThe strong trading performance for the first quarter of the current year, indicated in the annual results announcement on 8 November 2010, has continued and is ahead of management expectations. The growth in sales and profit achieved during the period also reflects the successful integration of the acquisitions made during 2010. The markets in which the Group operates remain stable and the Board remains confident in prospects for the full year. \n \nHighlights\n \n· Trading to 1 January 2011 is ahead of management expectations\n· Strong performance from Agriculture businesses, particularly feed blocks, fertilisers and fuels\n· Businesses acquired in 2010 have been integrated and are making a good contribution to Group profit\n· Engineering division trading ahead of last year\n· Food division sales volumes are ahead of last year and trading in line with budget\n· Cash outflow is higher than budget due to the working capital requirements associated with higher than normal seasonal activity, but remains comfortably within bank facilities\n \n \n \nAgriculture Trading \n \nAs expected, the UK feed block business, Caltech, has benefited from the launch of the Crystalyx brand in New Zealand and the integration of the Scotmin business acquired in June 2010. Sales and profit have increased following a successful autumn sales promotion and, from late November onwards, from snow covered g...