Carr’s Group (LSE: CARR)

Currency in GBP

Last close As at 17/03/2023

GBP1.22

5.50 (4.74%)

Market capitalisation

GBP114m

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 shares were temporarily suspended from trading on 4 January because of a delay to the publication of the group’s audited FY22 results arising from the requirement to conduct a separate audit of the associate that was sold as part of the disposal of the group’s Agricultural Supplies division in August. Management will request a restoration of the listing when the FY22 results have been published, which it anticipates will be no later than 27 February. Management expects to report FY22 results in line with previous guidance.

Sector

Industrials

Equity Analyst

Anne Crow

Anne Margaret Crow

Director, TMT & Industrials

Key Management

  • David White

    CFO

  • Peter Page

    CEO

  • Tim Jones

    Chairman

Balance Sheet

Forecast net debt (£m)

25.4

Forecast gearing ratio (%)

19

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 0.0 1.3 (21.1)
Relative (1.6) (3.0) (25.5)
52 week high/low 160.0p/92.0p

Financials

Carr’s Group has issued a detailed trading update giving some preliminary financial metrics on FY22 performance. These show both continuing divisions (Speciality Agriculture and Engineering) beating our EBIT estimates, following a strong finish to the year. The shares remain suspended until management finishes the final stages of the audit process, which it believes are ‘essentially complete’. Our note is based on the initial information in the trading update. We will publish a follow-on update once the full results are announced.

Y/E Aug Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2019A 403.9 23.8 18.0 14.2 8.6 4.7
2020A 395.6 23.4 15.0 11.8 10.3 4.8
2021E 120.3 14.3 10.4 13.0 9.3 7.9
2022E 124.2 15.1 11.2 10.0 12.2 7.6

Industrials

Carr’s Group — Improved FY21 expectations

Industrials

Carr’s Group – executive interview

Industrials

Carr’s Group — Serving defensive markets

Industrials

Carr’s Group — Good start to FY19

Industrials

Carr’s Group — Delivering growth

Industrials

Carr’s Group — Recovery on track

Industrials

Carr’s Group — Foundations for growth

Industrials

Carr’s Group — Update 11 January 2017

Industrials

Carr’s Group — Update 19 December 2016

Industrials

Carr’s Group — Update 14 November 2016

Industrials

Carr’s Group — Update 26 October 2016

Industrials

Carr’s Group — Update 9 September 2016

Industrials

Carr’s Group — Update 19 July 2016

Industrials

Carr’s Group — Update 11 April 2016

Industrials

Carr’s Group — Update 4 January 2016

Industrials

Carr’s Group — Update 25 November 2015

Industrials

Carr’s Group — Update 9 November 2015