Business
Trading Statement and Cash Pl
Trading Statement and Cash Pl.
About this update from Fevara Plc
[{"type":"text","content":"\n RNS Number : 8048C Carr's Milling Industries PLC 05 September 2008 \n \nFriday 5 September 2008\n\n\n\nCARR'S MILLING INDUSTRIES PLC (CMR.L)\n\nPre-close positive trading update and £2.7m cash placing\n\nTRADING UPDATE\n \nCarr's (CMR.L), the fully listed agriculture, food and engineering group, expects to announce its results for the year to 30 August 2008 on Monday 10 November 2008.\n\nIn the second half of the financial year, Carr's has enjoyed very strong trading across all divisions and geographies. This has been particularly the case in Agriculture, much the largest of the Group's three divisions. \n\nOn 10 July 2008, Carr's announced a trading update which indicated that the Board expected profit before tax for the year to 30 August 2008 to be in excess of £9.2m on revenue of at least £330m; on 8 August 2008, a further trading update advanced profit guidance to substantially in excess of £9.2m. Following the close of the financial year, the Board now expects that the profit before tax will be no less than £12.5m (2007: £5.5m), on revenue of approximately £350m (2007: £253m). \n\nThe Board of Carr's intends to recommend the payment of a final dividend of 17 pence per Ordinary Share (making 23 pence (2007: 19 pence) for the year to 30 August 2008 when combined with the interim dividend of 6 pence per Ordinary Share).\n\nChris Holmes, Carr's CEO, stated, 'With pre-tax profit set to more than double, it has been an exceptional year for Carr's with strong trading across all divisions. We are benefitting from market share gains in both feed and fertiliser, seeing strong underlying trading in our retail business and improved margins in flour. In addition, in 2008 we have benefitted from significant 'one off' inventory and foreign exchange gains totalling £4 million in our Agriculture Division. We enter the new financial year with confidence in underlying trading.'\n\n\nCASH PLACING\n\nIn addition, Carr's has today placed 410,000 new Ordinary Shares at 660 pence per share to raise £2.7 million (approx...