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Carr’s Milling beats expectations

Agriculture, food and engineering group Carr’s Milling has predicted improved results this year despite recording an 8% dip external revenues in its interim figures.

The Carlisle plc said it remains on-track for an improved result in its update for the half-year to February 2010 in which pre-tax profit remained flat at £5.3m.

Revenues from external customers were down 8% on the corresponding period in 2009 to £161.3m.

Meanwhile, agricultural trading made a pre-tax profit of 3.2m, down 9% on 2009, on revenue of £97.8m.

The company said sales of feed blocks and fuel both benefited from the severe winter weather and increased their profit.

Agricultural manufacturing made a pre-tax profit more than double 2009 levels at 1.1m on revenue down 14% at 22.7m.

CEO Chris Holmes said: “The Group has continued to progress despite the turbulent raw material markets which have affected the feed and fertiliser market, in particular, over the past two years.

“Unlike last year, second half trading in the Agriculture Manufacturing segment will not be significantly affected by the sale of fertiliser inventories at below historic cost as a result of a sharp fall in fertiliser prices following a period of rapid increases in prices.

“The Board therefore expects second half Group pre-tax profit to be appreciably higher than last year’s second half result.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .