Carr’s Group (CARR) has reported a 22% increase in adjusted interim pre-tax profit from £9m to £10.9m on revenue up 13.2% from £176.8m to £200.1m.
Adjusted group operating profit increased 21% from £7.6m to £9.2m.
Tim Davies, chief executive, was “very pleased” with the group’s performance during six months to 3 March, which slightly exceeded the board’s expectations.
“This strong performance demonstrates the excellent recovery made in our engineering division and builds upon the strategic progress made during the last year.”
Davies said the potential impacts of Brexit on UK agriculture in relation to direct payments to farmers in the near term were clearer although uncertainty remained on the issue of trade agreements both within the EU and the rest of the world.
“The clarity relating to direct support, together with improving farm incomes, means we are starting to see renewed confidence in the outlook for the industry. Our Engineering business is recovering well and we have strengthened management to drive further growth.”
Trading in the second half had started well and the board now anticipated trading for the full year would be slightly ahead of its previous expectations.
“We are confident that our breadth of product offering, investments in acquisitions and research, and our international footprint leaves us well positioned for further growth across both our divisions in the medium term,” Davies said.