Carr's Milling Industries PLC - Interim Statement
Carr's Milling Industries Plc. said it has continued to enjoy strong trading, particularly in agriculture.
The Board says it now expects profit before tax for the year to 30 August 2008 to be in excess of £9.2m (2007: £5.5m) on revenue of at least £330m (2007: £253m). These would represent increases of 67% and 30%, respectively.
The statement says Carr's has made further gains in market share in animal feed. Since 1 March 2008, compound and blended feed has increased its volumes and increased its revenues substantially (following increases in the cost of the principal raw materials, feed wheat and proteins). Volumes of low moisture feed blocks, in each of the UK, the USA and Germany, are also up on last year.
After an unusually busy first half (reflecting forward buying by farmers), fertiliser sales were also strong in the traditionally busy months of March and April. Continuing fertiliser raw material price inflation is resulting in increased sales, as many farmers are buying this year for next year's usage.
The Board says it now expects profit before tax for the year to 30 August 2008 to be in excess of £9.2m (2007: £5.5m) on revenue of at least £330m (2007: £253m). These would represent increases of 67% and 30%, respectively.
The statement says Carr's has made further gains in market share in animal feed. Since 1 March 2008, compound and blended feed has increased its volumes and increased its revenues substantially (following increases in the cost of the principal raw materials, feed wheat and proteins). Volumes of low moisture feed blocks, in each of the UK, the USA and Germany, are also up on last year.
After an unusually busy first half (reflecting forward buying by farmers), fertiliser sales were also strong in the traditionally busy months of March and April. Continuing fertiliser raw material price inflation is resulting in increased sales, as many farmers are buying this year for next year's usage.
