Carr’s Group (LSE: CARR)

Currency in GBP

Last close As at 28/11/2023

GBP0.99

−7.10 (−6.67%)

Market capitalisation

GBP94m

Carr’s Group’s Speciality Agriculture division serves farmers in the UK, Ireland, the United States, Germany, Canada and New Zealand with feed blocks and feed supplements. The Engineering division offers remote handling equipment and fabrications to the global nuclear and oil and gas industries.

The Engineering division order book finished the year at a record £63m suggesting 60–70% cover for FY24 (August 2022: £41m) with positive medium-term fundamentals from nuclear and defence. This provides a solid earnings stream until the agriculture markets recover, which management anticipates in the medium term when commodity pricing and drought issues in the US revert. In addition, the strong balance sheet provides flexibility for future investment.

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Sector

Industrials

Equity Analyst

David Larkam

David Larkam

Analyst, Industrials

Key Management

  • David White

    CEO

  • Gavin Manson

    CFO

  • Tim Jones

    Chairman

Balance Sheet

Forecast net debt (£m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (20.2) (20.5) (13.6)
Relative (22.7) (21.7) (12.7)
52 week high/low 149.8p/99.4p

Financials

Carr’s Group has announced a fully refreshed executive team, none having been in-situ at the start of 2023. This will enable the executives to have an uninhibited view of the operations, enabling the development and implementation of a strategy reflecting the different opportunities and challenges facing the Engineering and Speciality Agriculture divisions.

Y/E Aug Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 120.3 14.9 10.4 9.9 10.0 6.2
2022A 124.2 16.0 11.2 9.9 10.0 5.8
2023E 145.2 12.5 8.0 8.5 11.7 7.5
2024E 151.0 14.2 9.7 8.6 11.6 6.6

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