Carr’s Group (LSE: CARR)

Last close As at 12/06/2024

GBP1.47

4.50 (3.17%)

Market capitalisation

GBP139m

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.

H124 was in line with management’s expectations. The Engineering division performed well with revenues of £28.5m (up 26.1%), with robotics being particularly strong (up 60.4%). Operating profit was £2.4m (up 119%), with a margin of 8.4%. Order intake was strong as the order book is currently above the £59.8m record at the end of FY23. The Agriculture division’s markets remain challenging. Revenues decreased by 7.5% due to both volume (UK +11%; US -18%) and some reversal of price inflation. Operating profit reduced by 17.4% to £4.9m, although margins remained positive at 9.8%. Actions are being taken in terms of cost, procurement and growth strategies, with benefits being seen in the UK. The US, however, is expected to remain difficult until 2025.

Latest Insights

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Industrials | Flash note

Carr’s Group — An enhanced value-creation strategy

Industrials | Update

Carr’s Group — Cautious optimism

Industrials | Flash note

Carr’s Group — A new team to take the group forward

Industrials | Flash note

Carr’s Group — Progressing to plan

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 9.3 17.0 0.2
Relative 12.8 10.4 (6.8)
52 week high/low 149.8p/93.8p

Financials

Management has announced a new streamlined strategy to sell the Engineering Division and become a focused Agricultural supplies group, due to the lack of synergy between the two divisions. This will also enable significant central cost reduction.

Y/E Aug Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 124.2 13.0 11.2 9.9 14.8 N/A
2023A 143.2 7.1 7.5 6.1 24.0 N/A
2024E 148.9 12.4 8.8 7.4 19.8 N/A
2025E 154.8 14.2 10.6 8.9 16.5 N/A

Update

Industrials

Carr’s Group — Engineering recovery sustained

Outlook

Industrials

Carr’s Group — Optimising value for shareholders

Update

Industrials

Carr’s Group — Engineering recovery sustained

Update

Industrials

Carr’s Group — Improved FY21 expectations

edison tv

Industrials

Carr’s Group – executive interview

Outlook

Industrials

Carr’s Group — Local, international and sustainable

Update

Industrials

Carr’s Group — Serving defensive markets

Update

Industrials

Carr’s Group — Confirmation of interim dividend

Update

Industrials

Carr’s Group — Demand and balance sheet resilience

Update

Industrials

Carr’s Group — Engineering growth continues

Update

Industrials

Carr’s Group — Strength through diversification

Update

Industrials

Carr’s Group — Entry into nuclear defence segment

Update

Industrials

Carr’s Group — Good start to FY19

Outlook

Industrials

Carr’s Group — Delivering growth

Update

Industrials

Carr’s Group — Recovery in both divisions confirmed

Update

Industrials

Carr’s Group — Recovery on track

Outlook

Industrials

Carr’s Group — Foundations for growth

Update

Industrials

Carr’s Group — Update 11 January 2017

Outlook

Industrials

Carr’s Group — Update 19 December 2016

Update

Industrials

Carr’s Group — Update 14 November 2016

Update

Industrials

Carr’s Group — Update 26 October 2016

Update

Industrials

Carr’s Group — Update 9 September 2016

Update

Industrials

Carr’s Group — Update 19 July 2016

Update

Industrials

Carr’s Group — Update 11 April 2016

Update

Industrials

Carr’s Group — Update 4 January 2016

Outlook

Industrials

Carr’s Group — Update 25 November 2015

Update

Industrials

Carr’s Group — Update 9 November 2015

edison tv

Industrials

Executive Interview – Carr’s Milling Industries

edison tv

Industrials

Executive Interview – Carr’s Milling Industries