Carr's Group Plc announced an interim dividend of 2.35 pence per ordinary share that will be paid on 5 June 2024 to shareholders on the register on 3 May 2024. The ex-dividend date will be 2 May 2024. The increased dividend of 2.35p reflects the previously announced updated policy of a single interim dividend and final rather than two interim and final dividends.
Other financial highlights include:
Engineering Division
− Continued strong performance with revenues for the six month period increased by 26.1% to £28.5m (H1 2023: £22.6m).
− Adjusted operating profit for the six month period increased by 119.2% to £2.4m (H1 2023: £1.1m).
− Adjusted operating profit on a LTM basis of £6.6m from revenues of £56.5m.
− Forward order book of £57.8m remains strong and increased from £41.3m at H1 FY23.
Agriculture Division
− Revenues for the six month period reduced by 7.5% on prior year to £52.8m (H1 2023: £57.1m).
− Adjusted operating profit for the six month period reduced by 17.4% to £4.9m (H1 2023 restated: £6.0m).
− UK feed block tonnage increased by 11% year on year whilst the US feed block business volumes were down 18% year on year. The under-performing facility in Nevada has now closed with production requirements transferred to the two remaining sites.
− US dairy feed supplement business increased volume by 19%, however remains loss making due to unfavourable contracts ending in FY24. New management in situ to return to profitability.
− UK market cautiously improving as input prices stabilise, whilst US market conditions continue to be challenging due to cyclical herd size reductions and ongoing regional drought condition.
