CARR'S GROUP PLC
(“Carr's” or the “Group”)
FULL YEAR RESULTS
For the year ended 29 August 2020
A robust performance in a year of significant challenge
Carr's (CARR.L), the Agriculture and Engineering Group, announces its full year results for the year ended 29 August 2020.
Financial highlights
|
Adjusted 1 |
FY 20 |
FY 19 |
+/- |
|
Revenue (£m) |
395.6 |
403.9 |
-2.0% |
|
Adjusted1 operating profit (£m) |
16.2 |
18.9 |
-14.2% |
|
Adjusted1 profit before tax (£m) |
14.9 |
18.0 |
-17.4% |
|
Adjusted1 EPS (p) |
11.9 |
14.6 |
-18.5% |
|
|
|
|
|
|
Statutory |
FY 20 |
FY 19 |
+/- |
|
Revenue (£m) |
395.6 |
403.9 |
-2.0% |
|
Operating profit (£m) |
13.8 |
17.2 |
-19.5% |
|
Profit before tax (£m) |
12.5 |
16.3 |
-23.4% |
|
Basic EPS (p) |
10.3 |
13.1 |
-21.4% |
|
Dividend (p per share) |
4.75 |
4.75 |
– |
|
Net debt 2 (£m) |
18.9 |
20.9 |
-9.6% |
Commercial and strategic highlights
|
|
Robust performance in challenging circumstances, slightly exceeding revised Board expectations, demonstrating the benefit of the Group's diversity |
|
|
Difficult H1 in UK Agriculture largely mitigated by strong H2, with increased deliveries and a collection model adopted to maintain supplies to farmers throughout COVID-19 lockdown |
|
|
International growth in Supplements and launch of new products |
|
|
Engineering impacted by project delays, restricted access to customer sites owing to COVID-19, and weakened oil price |
|
|
Establishment of Global Robotics showrooms in Japan and USA |
|
|
Strong cash and net debt position |
Peter Page, Chairman, commented:
“In difficult market conditions the Group delivered a robust financial performance, with full year profitability slightly ahead of the Board's revised expectations. Across both divisions, the Group responded well to managing the challenges arising from the COVID-19 pandemic.
“The global economy has been dominated by COVID-19, creating uncertainty and making forecasts difficult. Nevertheless, the Group is well positioned as the agriculture sector remains crucial in supplying raw materials and ingredients to the food chain, and our engineering businesses are predominantly involved in government funded contracts in the nuclear sector.
“Trading in the new financial year has started in line with the Board's expectations. Whilst uncertainties remain in the broader economic environment, the Board is confident about the prospects of our business in the medium term.”
1 Adjusted results are consistent with how business performance is measured internally and are presented to aid comparability of performance. Adjusting items are disclosed in note 3
2 Excluding leases. Further details of net debt can be found in note 8