Carr's full-year expectations unchanged as interim pre-tax profit dips

Agriculture and engineering group Carr's said its expectations for the full year remain unchanged, as its first-half pre-tax profit slipped a little.

"While still at an early stage, we are seeing initial signs of improving confidence among our core UK farming customers resulting in a strong first half performance in our UK Agriculture business, which we expect to continue in the second half," said chief executive Tim Davies.

"However, our USA feed block business continues to be impacted by the fall in cattle prices," said Davies.

Carr's Engineering business had been affected by a delay to a significant UK Manufacturing contract, which would impact its full year performance.

"We have a strong pipeline in UK manufacturing and our remote handling business is performing ahead of expectations," the chief executive added.

"We remain committed to delivering organic revenue growth, supported by value enhancing acquisitions and, further to the trading update released on 30 March, the Board's expectations for the full year remain unchanged."

Carr's revenue for the half year was £176.8m, from £153.4m, with pre-tax profit down to £8.3%, from £8.5m. Interim dividend was held at 0.95p a share.

At 12:58 GMT, shares in Carr's were up 1.48% to 137p each.