Final Results

10 November 2008

"A tremendously successful year"

Carr's (CRM.L), the agriculture, food and engineering group, announces unaudited results for the 52 weeks to 30 August 2008, a tremendously successful year for Carr's, with revenue up by almost 50% and pre-tax profit more than doubling. 

Financial Highlights

• Revenue up 47% to £372.3m (2007: £252.8m)
• Pre-tax profit up 133% to £12.9m (2007: £5.5m) 
• Pre-tax margin 3.5% (2007: 2.2%) 
• Fully diluted earnings per share up 83% at 91.2p (2007: 49.9p)
• Dividends per share up 21% to 23.0p (2007: 19.0p), representing a seventh successive annual increase and a compound annual increase of 16% since 2001 

Commercial Highlights

• Agriculture increased its operating profit* by 128% to £11.7m on revenue up 48% at £275.8m and also reported a share of post-tax profit in associate and JVs up 115% at £1.6m. All parts of the Division did well, in particular fertiliser, where selling prices were constantly adjusted for the massive raw material price increases throughout the year
• Food increased its operating profit* by 77% to £2.0m on revenue up 50% to £85.6m. The increase in revenue reflected an increase in wheat prices that started in late summer 2007 and continued until virtually the end of the financial year
• Engineering increased its operating profit* by 7% to £1.1m on revenue up 12% at £10.7m

* before retirement benefit charge

Richard Inglewood, Chairman, stated: 

"The excellent result for the 52 weeks to 30 August 2008 was driven by our largest Division, Agriculture. It reflects our continuing strategy of growing our core business in new areas by developing new brands and new markets, as well as the incidence of one-off favourable factors relating to the purchase of commodities at a time of substantially rising prices. We have well-invested facilities that efficiently produce the cost-effective products we manufacture and sell." 

"Overall, the Group remains well-placed for the current year, albeit without the benefit of exceptional trading conditions in its largest Division, Agriculture."

Presentation:

At 08.30 today, there will be a presentation to broker's analysts and private client brokers at the offices of Investec, 2 Gresham Street, London EC2V 7QP. 

 

Enquiries:

Carr's Milling Industries plc	01228-554 600
Chris Holmes (Chief Executive Officer)
Ron Wood (Finance Director)
Bankside Consultants Limited
Charles Ponsonby	020-7367 8851

Please note: Results are available to view and download in PDF format. You will need Adobe Acrobat
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