Carr’s Group (LSE: CARR)

Last close As at 28/03/2024

GBP1.13

0.00 (0.00%)

Market capitalisation

GBP107m

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 | 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 4.6 27.6 (0.6)
Relative 4.1 27.5 (5.0)
52 week high/low 149.8p/93.8p

Financials

Speciality Agriculture division sales were up 19% in FY23 due to positive pricing, with average feed block prices up 21%, but volumes were weak (down 16%), due to continued drought in the US and extended outdoor grazing in the UK. As a results margins fell from 11.8% to 6.8%. Engineering sales were up 10% with a strong H2 leaving profits flat. The balance sheet improved to net cash of £4.2m, primarily due to the disposal of the Agricultural Supplies division. A further £4m of deferred consideration has been received since the year end.

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 11.4 N/A
2023A 143.2 7.1 7.5 6.1 18.4 N/A
2024E 148.9 12.4 8.8 7.4 15.2 N/A
2025E 154.8 14.2 10.6 8.9 12.6 N/A

Research

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

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