Carr's Group trading in line with expectations
By Michele Maatouk
Date: Wednesday 17 Jul 2019
(Sharecast News) - Agriculture and engineering group Carr's said on Wednesday that trading for the current financial year is in line with the board's expectations.
In the agriculture business, unseasonably mild and dry weather through to the end of April reduced demand for feed and fuel but this was partially offset by high levels of farm activity due to good growing conditions, and by ongoing cost management activities.
Carr's said volumes in its new low moisture feed block plant in Shelbyville, Tennessee, continued to grow, while the integration of Animax - the manufacturer of trace element supplements for livestock it acquired last year year - continued to make progress.
In the engineering segment, the group said order books in UK manufacturing have strengthened, but order books in the remote handling unit have dropped, as previously reported. Still, Carr's said "the level of global opportunities, particularly in Europe and Japan, is increasing which provides confidence in the medium term".
Carr's added that its US engineering business has a "very strong" order book position and opportunity pipeline following a number of contract wins previously announced.
"As we have previously stated, significant uncertainty remains associated with Brexit and the UK's future relationship with the EU, and we continue to closely monitor the position. Our diversified agriculture business and international footprint provide some protection from the impact of an adverse outcome to Brexit negotiations."
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