7 December 2021
CARR'S GROUP PLC
(“Carr's” or the “Group”)
FULL YEAR RESULTS
For the year ended 28 August 2021
“A strong performance ahead of expectations”
Carr's (CARR.L), the Agriculture and Engineering Group, announces its full year results for the year ended 28 August 2021.
Financial highlights
|
Adjusted 1 |
FY21 |
FY20 |
+/- |
|
|
|
|
(restated) 2 |
|
|
|
Revenue (£m) |
417.3 |
395.6 |
+5.5% |
|
|
Adjusted1 operating profit (£m) |
17.6 |
16.3 |
+7.9% |
|
|
Adjusted1 profit before tax (£m) |
16.6 |
15.0 |
+11.1% |
|
|
Adjusted1 EPS (p) |
13.2 |
12.0 |
+10.0% |
|
|
|
|
|
||
|
Statutory |
FY21 |
FY20 |
+/- |
|
|
|
|
(restated)2 |
|
|
|
Revenue (£m) |
417.3 |
395.6 |
+5.5% |
|
|
Operating profit (£m) |
13.0 |
12.3 |
+6.1% |
|
|
Profit before tax (£m) |
12.1 |
10.9 |
+10.3% |
|
|
Basic EPS (p) |
8.3 |
9.1 |
-8.8% |
|
|
Dividend (p per share) |
5.00 |
4.75 |
+5.3% |
|
|
Net debt 3 (£m) |
10.0 |
18.9 |
-47.2% |
|
|
|
|
|
|
|
Commercial and strategic highlights
- Results ahead of Board's improved expectations, despite COVID-19 and oil price volatility
- Substantial increase in profitability of both Agriculture divisions:
– Strong performance in Speciality Agriculture assisted by livestock prices in the UK and USA
– Successful year in Agricultural Supplies with feed volumes, machinery revenues, and retail sales all improved
- Engineering adjusted operating profits marginally higher, despite lower oil prices and COVID-19 impact in Q1
- Year end Engineering order book 15.9% higher than prior year
- Very strong cash and net debt position
- Board remains confident in prospects of all divisions
Peter Page, Chairman, commented:
“The Group has delivered an excellent result ahead of the Board's original expectations, with increased profits across both Agriculture divisions and an enhanced order book for Engineering. In large part, this result stems from the unwavering commitment of all employees.
“The markets for both Agriculture and Engineering remain positive, and the Board therefore remains confident in the Group's prospects.”