Carr’s lifts full-year expectations after boosts to agriculture and engineering
Agriculture and engineering group Carr’s board has announced a lift to its full-year trading expectations today after a strong quarter.
Speciality agriculture continues to perform strongly across the UK, USA, and Europe in the 20 weeks to 17 July.
Carr’s put the growth down to buoyant livestock prices and the recovery of its animal health business.
The group is posting a second interim dividend of 1.175p per share, due to be paid to shareholders on 1 October.
“Trading conditions have remained positive in Agriculture and have improved in Engineering,” CEO Hugh Pelham said, adding that “Our business improvement initiatives remain on track. Carr’s is well positioned to continue driving further growth.”
The group’s agricultural supplies division was also slightly ahead of expectations, thanks to stronger machinery revenues and more activity across retail as restrictions eased.
Retail sales helped offset the hit of the raw material price surge seen earlier in the year.
Carr’s engineering branch has remained sturdy, which the group said was driven by contract wins across the nuclear and defence sectors.