Carr’s Group - Edison Group

Overview
Price performance
Financials
Research
Thematics

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 was up 47% to £60m, assisted by positive medium-term fundamentals from nuclear and defence, while 85% coverage for FY24 suggests the focus is on execution. Speciality Agriculture had an improved Q124 with UK volumes up 20% although cost pressure remains. The group has a new executive management team in place with a strategy to deliver in Engineering and improve in Speciality Agriculture, along with a strong balance sheet to support investment where required.

Latest Insights

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Industrials |
Flash note

18.04.24

Carr’s Group — An enhanced value-creation strategy

Industrials |
Update

02.01.24

Carr’s Group — Cautious optimism

Industrials |
Flash note

13.11.23

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

Industrials |
Flash note

11.10.23

Carr’s Group — Progressing to plan

Sector

Industrials

Equity Analyst

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	(2.6)	(0.4)	(4.8)
Relative	(3.7)	(5.1)	(4.6)
52 week high/low	149.8p/93.8p

Financials

Carr’s Group has announced an updated strategy that offers the potential for value realisation and creation from a number of avenues. These include: value realisation of the Engineering Division; the ability to significantly reduce central costs; and longer-term value creation in the Agriculture Division as a focused business with recovery potential and a strategy to leverage its strong market positions for growth.

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	11.6	N/A
2023A	143.2	7.1	7.5	6.1	18.8	N/A
2024E	148.9	12.4	8.8	7.4	15.5	N/A
2025E	154.8	14.2	10.6	8.9	12.9	N/A

Update

Industrials

20.04.22

Carr’s Group — Engineering recovery sustained

Outlook

Industrials

08.02.22

Carr’s Group — Optimising value for shareholders

Update

Industrials

18.01.22

Carr’s Group — Engineering recovery sustained

Update

Industrials

07.12.21

Carr’s Group — FY21 results ahead of improved expectations

Update

Industrials

19.07.21

Carr’s Group — Improved FY21 expectations

edison tv

Industrials

07.05.21

Carr’s Group – executive interview

Update

Industrials

21.04.21

Carr’s Group — Improved performance in challenging environment

Outlook

Industrials

26.01.21

Carr’s Group — Local, international and sustainable

Update

Industrials

12.01.21

Carr’s Group — Supplements sales offset low oil and gas investment

Update

Industrials

23.11.20

Carr’s Group — Serving defensive markets

Update

Industrials

15.07.20

Carr’s Group — Confirmation of interim dividend

Update

Industrials

15.04.20

Carr’s Group — Demand and balance sheet resilience

Update

Industrials

13.03.20

Carr’s Group — Order delay and weather affect FY20 performance

Update

Industrials

14.01.20

Carr’s Group — Engineering pipeline to offset weather challenges

Outlook

25.11.19

Carr’s Group — Growth through innovation and technology

Update

Industrials

11.11.19

Carr’s Group — Engineering growth continues

Update

Industrials

17.07.19

Carr’s Group — Strength through diversification

Update

Industrials

04.07.19

Carr’s Group — Entry into nuclear defence segment

Update

Industrials

15.04.19

Carr’s Group — Diversification supports profits growth

Update

Industrials

08.01.19

Carr’s Group — Good start to FY19

Outlook

Industrials

11.12.18

Carr’s Group — Delivering growth

Update

Industrials

12.11.18

Carr’s Group — Recovery in both divisions confirmed

Update

Industrials

01.10.18

Carr’s Group — Acquisition broadens animal nutrition offer

Update

Industrials

18.07.18

Carr’s Group — Both divisions slightly ahead of expectations

Update

Industrials

09.01.18

Carr’s Group — Recovery on track

Outlook

Industrials

15.12.17

Carr’s Group — Foundations for growth

Update

Industrials

13.11.17

Carr’s Group — Profits dip as expected with FY18 recovery underway

Update

Industrials

08.08.17

Carr’s Group — Expansion of engineering activity in the US

Update

Industrials

20.07.17

Carr’s Group — Contract award supports FY18 profit recovery

Update

12.04.17

Carr’s Group — Diversification continues to give resilience

Update

04.04.17

Carr’s Group — Short-term dip in profits expected

Update

Industrials

11.01.17

Carr’s Group — Update 11 January 2017

Outlook

Industrials

19.12.16

Carr’s Group — Update 19 December 2016

Update

Industrials

14.11.16

Carr’s Group — Update 14 November 2016

Update

Industrials

26.10.16

Carr’s Group — Update 26 October 2016

Update

Industrials

09.09.16

Carr’s Group — Update 9 September 2016

Update

Industrials

19.07.16

Carr’s Group — Update 19 July 2016

Update

Industrials

11.04.16

Carr’s Group — Update 11 April 2016

Update

Industrials

05.01.16

Carr’s Group — Update 4 January 2016

Outlook

Industrials

26.11.15

Carr’s Group — Update 25 November 2015

Update

Industrials

09.11.15

Carr’s Group — Update 9 November 2015

edison tv

Industrials

11.11.14

Executive Interview – Carr’s Milling Industries

edison tv

Industrials

15.10.14

Executive Interview – Carr’s Milling Industries