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Home/Carr's Group Profit Hit by Costs but UK Agriculture Boosts...

Carr's Group Profit Hit by Costs but UK Agriculture Boosts Revenue

Carr's Group PLC on Wednesday reported a slight decline in profit in the first half of its financial year, but revenue grew thanks to a good performance from the UK agriculture business.

The agriculture and engineering group said pretax profit slipped to GBP8.3 million in the 26 weeks ended March 4 from GBP8.5 million the year before, due to it booking an exceptional cost of GBP634,000 in relation to business combination expenses and restructuring costs.

Revenue, however, rose to GBP176.8 million from GBP153.4 million, which Carr's said was boosted by a strong performance in UK agriculture and a rebound in UK machinery sales.

Feed block sales continued to be under pressure in the US, however, due to falling cattle prices, while the engineering business suffered from a contract delay in the UK.

The remote handling business, meanwhile, is performing ahead of expectations.

Car's Group will pay an interim dividend of 0.95 pence, which is flat year-on-year.

"We remain committed to delivering organic revenue growth, supported by value enhancing acquisitions and, further to the trading update released on March 30, the board's expectations for the full year remain unchanged," Chief Executive Tim Davies said in a statement.

Shares in Carr's Group were trading up 1.5% at 137.00 pence on Wednesday.