Carr’s Group, the agriculture and engineering firm, reported strong results on Monday.
Shares in the group increased by 5% on the back of a 45.2% increase in profits and 16.5% growth in revenues.
Pre-tax profits soared to £16.6 million, whilst revenues increased to £403.2 million.
The results are a significant improvement from last year, highlighting in the agriculture and engineering industries amid Brexit uncertainty.
Carr’s chairman Chris Holmes said: “We are very pleased to announce a significant improvement in the group’s financial performance for the year, exceeding the board’s expectations, across both the agriculture and engineering divisions. This performance was largely as a result of investments we made across the business in recent years, in addition to a recovery in our underlying markets.”
“UK agriculture continued to perform well reflecting the sustained recovery in farm incomes. Our USA feed blocks business continued to benefit from the recovery in USA cattle prices and we made further progress on growing our international feed blocks business. Our engineering division also delivered a significantly improved performance during the year.”
“Trading for the new financial year has started in line with the board’s expectations. We made further progress during the year on our strategic objectives and continue to believe the breadth of our product offering, investments in acquisitions and research, and our international footprint leaves us well positioned for further growth across both our divisions in the medium term,” he added.
Shares in Carr’s (LON: CARR) are currently trading +4.49% at 163.00 (1332GMT).
