Beep Beep, Beep Beep, Yeah
14/11/11 -- Carrs are reporting a decent set of figures today with group turnover up 25% to GBP373 million for the year ended September 3rd. Profit before tax is almost 35% higher at a nice round GBP10 million.
Within that Agriculture chipped in with a revenue of GBP272.7 million, up 26.7%, and a profit before tax on item excluding associate and joint ventures of GBP7 million (up 12.1%).
I was now going to make a joke about that being a lot of water biscuits. I did a quick Google for Carr's Water Biscuits and was surprised to discover that it may well have been part of the same company at one time as under history on their website it says "Carr’s Biscuits began during the British Industrial Revolution, when Jonathan Carr formed a small bakery in the city of Carlisle, England in 1831."
Profits Up At Carrs
08/11/10 -- Agriculture, food and engineering group Carr's Milling Industries are reporting a pre-tax profit increase of more than 27% to GBP9.0 million today for their FY ended 28 Aug 2010.
Group trading dipped slightly, down 1.7% to GBP344 million, but revenue from agriculture was up 3% to GBP203.0 million, with pre-tax profits up 1% to GBP5.23 million.
Carr's Milling Industries Financial Results
Carr's Milling Industries plc have announces its results for the 52 weeks to 29 August 2009 today.
Financial Highlights:
- Revenue down 6% to £350.0m (2008: £372.3m)
- Pre-tax profit down 45% to £7.0m (2008: £12.9m), but up 27% on 2007's £5.5m
- Fully diluted earnings per share down 45% to 50.3p (2008: 91.2p)
- Net assets per share 340p (2008: 298p), assisted by a £2.6m net placing
- Gearing 65% (2008: 70%), despite £4.3m cash consideration for the acquisition in March 2009 of the Walischmiller Engineering business
- Dividends per share unchanged at 23.0p, including an unchanged 17.0p final
Commercial Highlights:
- Revenue from Agriculture was 8% lower at £255.0m (2008: £275.8m) and operating profit* decreased by 48% to £6.0m (2008: £11.7m). Additionally, the Group's share of post-tax profit in associate and joint ventures was down 34% at £1.1m (2008: £1.6m)
- Food increased its operating profit* by 19% to £2.3m (2008: £2.0m) on revenue 8% lower at £79.0m (2008: £85.6m)
- Engineering increased its operating profit* by 31% to £1.4m (2008: £1.1m) on revenue up 48% at £15.9m (2008: £10.7m), benefiting from the Walischmiller acquisition
*before retirement benefit charge but after non-recurring items and amortisation
In agriculture, divisional revenue was 8% lower at £255.0m (2008: £275.8m) and operating profit (before retirement benefit charge but after non-recurring items and amortisation) decreased by 48% to £6.0m (2008: £11.7m).
In food, operating profit (before retirement benefit charge but after non-recurring items and amortisation) of £2.3m (2008: £2.0m), up 19%, was achieved on revenue 8% lower at £79.0m (2008: £85.6m). The decline in revenue reflected the lower price of the principal raw material, milling wheat, which was passed on to the customer, they said. The operating margin, though improved, remained modest, at 3.0% (2008: 2.3%).
In the year, all three of the Group's flour mills - at Kirkcaldy (Fife), Silloth (Cumbria) and Maldon (Essex) - made volume gains through product innovation and increased their profit through cost reduction, they added.
Carr's Milling Interim Management Statement
Carr's Milling Industries, the agriculture, food and engineering group, says in it's interim management statement released today that it is on-track to achieve market expectations for the full year, which are of an appreciably lower figure than last year's.
This is despite difficult markets for fertiliser (where trading conditions are as adverse this year as they were favourable last year) and animal feed, compensated for by a strong performance in food, the retailing of agricultural machinery and supplies, and fuel oil distribution, they say.
Revenue and profit from compound and blended feed are well below last year's levels, as a result of substantial reductions in demand, driven principally by lower livestock numbers and cheaper home-grown cereals being utilised as feed, following a record harvest, they add.
For fertiliser, they report "very substantial reduction in demand" with revenue for the year to date down by a smaller percentage than volumes, at 23%.
No great surprises in that lot, you can replace the word Carr's with that of just about every other major player in the country.
Carrs Milling Shares Drop 11 Percent
Shares in Carr's Milling Industries are more than 11% lower at 400 pence in early trade Monday after the company warned that pre-tax profit for the full year will be lower than last year as it announced half-year figures.
"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," said the group.
Anyone who knows anything about agriculture will know that matching 2008's performance is going to be highly unlikely in 2009 for any agri-business.
Carr's Milling Industries PLC - Interim Management/AGM Statement Q1 2008/09
Carr's Milling Industries Plc., the fully-listed agriculture, food and engineering group, said its profit in the first quarter of the current financial year ending Aug. 29, 2009, was ahead of budget.
The company said it remained on target for the full year, despite trading conditions becoming more difficult.
"Overall, the Group remains well-placed for the current year, albeit without the benefit of exceptional trading conditions in its largest Division, Agriculture," the company added.
Agriculture
In 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.
Market share gains were made in the feed block businesses and revenues were ahead in each of the UK, Germany and the USA.
Since November, fertiliser sales have been much reduced in expectation by farmers of selling price reductions which may turn out to be overestimated.
First quarter revenue from retail and machinery sales is ahead of both budget and last year.
Further growth was achieved in the fuel oil business, with increases in both volume and revenue.
Food
As predicted, this year has started much better than last for flour, following the price rises put through in September and November 2007. The first quarter profit is ahead of last year and in line with budget. The market remains competitive and market share is being maintained. Forward wheat contracts are in place to safeguard margins.
Engineering
The Engineering businesses were busy and profit in the first quarter was ahead of last year. The order book remains strong and the enquiry level is encouraging.
Carr's shares were +5 (+1.2%) at 435 pence in early afternoon trade.
Carrs Milling Industries FY Results
Carr's Milling Industries PLC have reported a sharp rise in profits for its financial year ended Aug 30th 2008.
Revenue for the period rose 47% to £372 million from £253 million a year earlier, whilst pre-tax profit was up 133% to £12.9 million.
Net profit attributable to shareholders rose to £7.7 million from £4.2 million.
The company said operating profit at its agriculture division more than doubled due to unprecedented increases in commodity prices during the period, but warned that this was most unlikely to be repeated in FY 2009.
Agriculture increased its operating profit by 128% to £11.7m on revenue up 48% at £275.8m. Food increased its operating profit by 77% to £2m on revenue up 50% to £85.6m as wheat prices rose sharply, while engineering increased its operating profit by 7% to £1.1m.
Carr's raised its final dividend 26% to 17 pence from 13.5 pence. In mid-morning trade shares were up around 5% at 519 pence.
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.
Carr's Milling Industries plc: Positive Trading Update
Carr's, the fully-listed agriculture, food and engineering group, announced its Interim Results for the six months to 1 March 2008 on 7th April 2008. The Interim Results were substantially ahead of the comparable period of the 26 weeks to 3 March 2007 and appreciably ahead of budget, it says.
Since 7th April, the Company has continued to enjoy strong trading in the UK and USA, particularly in its agricultural division, including its oil distribution business, and now expects profits before tax for the year ending 30 August 2008 will be in excess of £8.6 million (2007: £5.5 million), the statement reads. The Company says it will provide a further update in its Interim Management Statement, which it expects to make in late June.
Carr's Milling Industries PLC - Interim Results
Carr's, the agriculture, food and engineering group, has announced it's results for the 26 weeks to 1 March 2008 which are substantially ahead of the comparable period of the 26 weeks to 3 March 2007 and appreciably ahead of budget.
Financial Highlights
• Revenue up 45.9% to £161.87m
• Pre-tax profit up 45.0% to £5. 17m
• Earnings per share up 45.8% to 44.6p
• Interim dividend per share up 9.1% to 6.0p
Commercial Highlights
• Agriculture increased its operating profit by 56.9% to £4.02m on revenue up 45.1% at £118.82m and also reported a post-tax profit in associate and JVs up 46.5% at £0.98m. All four of Agriculture's related activities - animal feed manufacture, fertiliser blending, agricultural retailing and oil distribution - performed well.
• Food increased its operating profit by 21.0% to £1.11m on revenue up 57.9% to £39.68m. The improved result reflected two flour price increases and a cost reduction programme. The underlying trends in profitability for Food are encouraging.
• Engineering's operating profit was down 16.0% at £0.49m on revenue down 14.7% at £3.30m. The Board is confident of a satisfactory full-year outcome for Engineering.
Richard Inglewood, Chairman, stated "Our positioning in speciality products, particularly in the Agricultural market, is driving increases in both margins and sales, whilst food price inflation is enabling us to recapture much of the lost margin in our Food business. These factors combine to give us a high degree of confidence in the full year".
Richard Inglewood continued, "Improved farm incomes are benefiting our business. We are selling more products at better margins in the UK and seeing encouraging trends in our overseas Agricultural markets. The Agriculture division will continue to drive the performance of the Group. A more stable backdrop in Food will further enhance profitability. The trends are positive for the second half of this year and beyond".
