Carr's Group FY revenue and profits top expectations

Farm supplies company Carr's Group said on Tuesday that both revenue and profits had topped expectations in the twelve months ended 28 August.

Carr's said revenues were 5.5% higher year-on-year at £417.3m, while adjusted operating profits were up 7.9% at £17.6m and adjusted earnings per share increased 10% to 13.2p.

The London-listed group stated the results were ahead of internal expectations, despite impacts to trading stemming from Covid-19 and oil price volatility.

Carr's, which hiked its full-year dividend from 4.75p per share to 5.0p, highlighted that it had seen a "substantial increase" in profitability in both of its agriculture divisions, while adjusted operating profits in its engineering unit were "marginally higher" year-on-year.

The company also added that it had a "very strong" cash and net debt position and said it "remains confident" in the prospects of all of its divisions.

Chairman Peter Page said: "The group has delivered an excellent result ahead of the board's original expectations, with increased profits across both agriculture divisions and an enhanced order book for engineering.

"The markets for both agriculture and engineering remain positive, and the board, therefore, remains confident in the group's prospects."

As of 0830 GMT, Carr's shares were up 5.87% at 154.57p.