Carr's trading in line as restructuring works continue

Agriculture and engineering group Carr's has announced that its performance over the most recent fiscal year has met expectations as the company continues to explore options for its engineering division.

Carr's said work to maximise shareholder value for the engineering arm is "proceeding satisfactorily" and a further announcement will be made in due course.

The company said back at the time of its interim results in April that to continue operating with two divisions would be "inefficient" given the lack of synergistic benefits and resultant central overheads, and the agriculture division would be "optimised" through a transformation plan.

"Integration of the businesses comprising the Agriculture Division under a single management team is complete and an update on a focussed Agriculture strategy will also be made in due course," the company said in a statement on Wednesday.

The stock has risen by around 20% since its half-year results in April.