Business
Interim Management/AGM Statem
Interim Management/AGM Statem.
About this update from Fevara Plc
[{"type":"text","content":"\n RNS Number : 1459L Carr's Milling Industries PLC 06 January 2009 \n \n\nTuesday 6 January 2009\n\nCARR'S MILLING INDUSTRIES PLC \n\nInterim Management Statement/Annual General Meeting Statement\n\nCarr's (CRM.L), the fully-listed agriculture, food and engineering group, is publishing this first Interim Management Statement of the 52 weeks to 29 August 2009, as required by the UK Listing Authority's Disclosure and Transparency Rules. The Statement relates to trading and events in the 18 weeks since the 30 August 2008 year end. \n\nThe Statement is being issued to coincide with Carr's Annual General Meeting, which is being held in Carlisle at 11.30 this morning. \n\nOverview\n\nThe Preliminary Announcement of 10 November 2008 concluded 'Overall, the Group remains well-placed for the current year, albeit without the benefit of exceptional trading conditions in its largest Division, Agriculture'. That remains the case. Profit in the first quarter of the 52 weeks to 29 August 2009 was ahead of budget and last year's actual and Carr's remains on target for the full year, despite trading conditions becoming more difficult. \n\nAgriculture\n\nIn compound and blended feed, Carr's has maintained its market share. However, volumes are down, reflecting a reduction in bought-in feed following the higher yields of last year's cereal harvest. With feed raw materials bought forward at higher than spot prices, margins have started to be squeezed. \n\nMarket share gains were made in the feed block businesses and revenues were ahead in each of the UK, Germany and the USA.\n\nSince November, fertiliser sales have been much reduced in expectation by farmers of selling price reductions which may turn out to be overestimated.\n\nFirst quarter revenue from retail and machinery sales is ahead of both budget and last year. \n\nFurther growth was achieved in the fuel oil business, with increases in both volume and revenue.\n\nFood\n\nAs predicted, this year has started much better than last for flour, following the price rises put through in September and ...