Business
Interim Announcement
Interim Announcement.
About this update from Fevara Plc
[{"type":"text","content":"\n RNS Number : 1558Q Carr's Milling Industries PLC 06 April 2009 \n \n\nMonday 6 April 2009\n\nCARR'S MILLING INDUSTRIES PLC - INTERIM ANNOUNCEMENT \n\n'Carr's performed well'\n\nCarr's (CRM.L), the fully-listed agriculture, food and engineering group, announces an increased profit for the 26 weeks to 28 February 2009 relative to the 26 weeks to 1 March 2008, which was a strong period. \n\nFinancial Highlights\n\n\n\nRevenue up 8% to £174.5m (2008: £161.9m)\n\n\nPre-tax profit up 2% to £5.3m (2008: £5.2m)\n\n\nFully-diluted earnings per share down 15% at 37.2p (2008: 44.0p), reflecting an increased minority interest and the increase in the issued share capital \n\n\nInterim dividend per share unchanged at 6.0p \n\n\n\nCommercial Highlights \n\n\n\nAgriculture increased its operating profit* by 9% to £4.4m on revenue up 10% at £130.2m and also reported a post-tax profit in associate and JVs down 23% at £0.8m. Animal feed, agricultural retailing and fuel distribution all did well\n\n\nFood increased its operating profit* by 45% to £1.6m on revenue up 2% at £40.5m. Volumes and profit increased in all three mills and the result was in line with budget \n\n\nEngineering achieved an operating profit of £0.5m, up 3%, on revenue up 14% at £3.8m \n\n\n\n* before retirement benefit charge\n\nRichard Inglewood, Chairman, stated 'Carr's performed well in the 26 weeks to 28 February 2009. Pre-tax profit increased by 2% to £5.3m (2008: £5.2m), reflecting strong underlying trading in all major areas, with the exception of fertilisers, more than offsetting a £0.4m increase in the pension charge. \n\nSince the period end, the fertiliser market has become more difficult in terms of both volumes and prices and the Group now anticipates, for fertilisers, a substantial adverse variance to budget for the full year. The remainder of the business is trading satisfactorily. \n\nAccordingly, for the 52 weeks to 29 August 2009, the Board expects the pre-tax profit to be appreciably lower than last year's underlying figure, reflecting mainly the weakness in fertiliser but also the impact of the increased retirement benefit charge. Further out, the potential for improvement in the three Divisions, particularly fertiliser in Agriculture and the growth prospects for Engineering, give th...