LONDON (ShareCast) - Agriculture and engineering firm Carr's Milling revealed a record profit for the year, following a strong operational performance and as adverse weather conditions in the UK and US boosted demand for animal feed products.

The Carlisle-based firm, which manufactures flour, provides remote handling equipment, farm machinery and feed blocks for livestock, said pre-tax profit surged 21.5% to £15.9m in the year ended August 31st 2013. Revenue gained 15.8% to £468.1m.

Basic earnings per share for the period climbed 31.1% to 128.7p and earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased 20.3% to £22.2m.

Among its divisions Agriculture revenue was up 15.9% to £340.4m, Food revenue rose 17.0% to £94.2m while Engineering revenue climbed 12.4% to £33.4m.

Chairman Chris Holmes said: "With a new Chief Executive and Group Finance Director this has been a year of transition for Carr's, a transition which has been effected smoothly and successfully. The group has achieved a record profit for the year, building on last year's success.

"This success can be attributed to strong operational performance, on-going pursuit of our strategic aims, benefits from the investments in assets, research and innovation, as well as assistance from adverse weather conditions, particularly in the UK and US."

Carr's said the current financial year has got off to a strong start.

The group recorded net debt of £22.1m at the period end compared to £2.5m debt in 2012 and is proposing a 13.8% increase in the final dividend to 16.5p per share.


CJ

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