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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.
Director, TMT & Industrials
David White
CFO
Peter Page
CEO
Tim Jones
Chairman
Forecast net debt (£m)
25.4
Forecast gearing ratio (%)
19
| % | 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 |
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 |
