The group reported adjusted revenues and operating profits – based on continuing operations – of £50.6 million (up 7%) and £5.9 million (up 62.6%) respectively.
This was against a backdrop of major transformation for the business, which has seen Carr’s gradually dispose of its engineering division as it becomes a pure animal feed business.
Looking ahead, the sale of the engineering division will make the performance of the group more seasonal due to a greater dependence on agriculture markets across the northern hemisphere.
Seasonal model
While Carr’s anticipates the positive trading momentum from the first half will continue, the second half of the year typically experiences lower seasonal trade across its markets which will moderate overall performance.
Commenting on the results, chief executive David White said they demonstrated the benefits of the group’s transformation to a specialist agriculture manufacturer.
“During the period the Group has achieved significant milestones through the sale of the bulk of the Engineering Division, the development of a clear and refocused Agriculture strategy, with substantial progress made in corporate simplification through pension de-risking, sale of excess properties and ongoing central cost reduction,” he explained.
“I would like to thank current and former colleagues in the Engineering Division and Group functions for their hard work and dedication in delivering a successful realisation of value for the Engineering Division.”
New CEO
White also confirmed that with the return of capital shareholders expected to complete in early July, the time was right to transition leadership of Carrs to global agriculture CEO Hosh Hoopes.
“As such I shall step down as group CEO on 30 June 2025, at which point Josh will be appointed as CEO for the business,” White added. “The Board has full confidence that under Josh’s leadership and through execution of our refocused strategy the business can achieve significant profitable growth and drive shareholder returns. I wish him and the team every success as they pursue exciting opportunities that lie ahead.”
Tim Jones, chairman of Carr’s Group, thanked White for his role in leading the group through its transformation into a specialist manufacturer of value-added livestock supplements.
“David’s help in assembling and enabling the team of agriculture specialists to take the Company forward and in strengthening and de-risking our balance sheet – as our Interim results illustrate – perfectly positions us for the next phase of our strategy,” said Jones.
“Under Josh Hoopes’ ongoing leadership, we have every confidence in the delivery of that strategy and of the value that it can create.’’
