LONDON (ShareCast) - - Modest rise in half-year pre-tax profit
- Increases interim dividend payment
- Trading in line with full-year expectations

Carr's Milling Industries delivered solid progress in the first half of its financial year and said it is trading in line with expectations for the full-year.

Pre-tax profit rose 2.0% to £10.1m in the six months ended March 1st 2014 while revenue slipped to £214.7m from £231.6m in 2013. Adjusted earnings per share (EPS) rose 0.6% to 78.1p.

Across its three main divisions, Agriculture performed well in the first six months of its year.

"In the US the severe weather, in particular in the Mid-Atlantic States, has resulted in record sale levels of feed blocks. The drought in the Southern States of the previous year has, to a large extent, been alleviated enabling farmers to start the long process of restocking, which is important for future sales in the US," Carr's explained.

In the UK however the mild winter has had an adverse impact on the sale of fuel and heating oil, feed and feed blocks, compared to last year's very high volumes.

In Food, its Kirkcaldy, Scotland based flour mill was commissioned on time and there was a significant improvement in the quality of the UK wheat harvest in 2013.

Elsewhere in Engineering, the first half saw high levels of investment in research, technology and facilities resulting in contracts being won for delivery through to the end of 2015.

Based on first half trading and trading at the start of the second half, Carr's said it is confidence in meeting expectations for the full year.

The group has recommended its first interim dividend of 8.5p, up from 7.75p the same time a year earlier.

Net debt increased to £25.3m from £22.1m as at August 31st 2013.

CJ

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE