Carr’s Group has provided an update for the 20-week period ended 17 July 2021, which notes that FY21 performance is expected to be moderately ahead of management expectations. Strong performances from both the Speciality Agriculture and Agricultural Supplies divisions have continued into H221. The H221 Engineering divisional recovery that management expected has been realised, supported by contracts from the nuclear and defence markets, and rising oil and gas prices. We raise our FY21 adjusted P
Companies: Carr's Group PLC
Carr’s Group has reported a 5% rise in adjusted operating profit during H121. Strong performances from both the Speciality Agriculture and Agricultural Supplies divisions more than compensated for weaker demand from the oil and gas market, which adversely affected the Engineering division. However, the Engineering order book is strengthening with contracts from the nuclear and defence markets, so management expects a second half divisional recovery and its expectations for FY21 performance are u
Diversification means Carr’s Group provides essential infrastructure to the global nuclear industry and occupies a critical position in food supply chains in the UK, the US and Europe. As a result, almost all of its businesses have remained operational during the coronavirus pandemic. While group profitability was adversely affected by the low oil price caused by the pandemic, we see potential for recovery driven by greater penetration of international markets for animal feed supplements during
Carr’s trading update for the first 19 weeks of FY21 notes that trading in Agriculture was ahead of management expectations because of strong sales of supplements. This was offset by a weaker than expected performance in the Engineering division caused by continued low crude oil prices. We note that net debt (excluding leases) was 24% lower year-on-year at the end of November, reflecting close inventory control and lower commodity prices. We leave our estimates broadly unchanged and reiterate ou
Both of Carr’s Group’s divisions have continued to operate throughout the coronavirus lockdowns as they serve key markets. While adjusted PBT was 17% lower year-on-year during FY20 because of an unseasonably mild winter in the UK and delays in engineering contracts, a pick-up in US cattle prices at the year-end helped deliver a full-year result ahead of our estimates, which were revised down in March.
Carr’s Group’s trading update for the 19 weeks ended 11 July 2020 notes that the company continues to trade in line with management expectations for FY20. The board is combining the two interim dividend payments this year into a single interim payment of 2.25p/share, equivalent to the two interim payments made in FY19. We leave our FY20 estimates unchanged but reduce our FY21 EPS estimate by 12% to reflect lower cattle prices in the US and weaker demand from the oil and gas industry, both relate
As flagged in January, Carr’s Group’s UK agricultural activities have been adversely affected by the mild winter. In addition, the Engineering division had a slow start to the year because of contract phasing. Both the group’s divisions appear relatively unaffected by the COVID-19 pandemic, so we leave our estimates unchanged for now following the downwards revision we made last month reflecting a delay in major engineering orders and unrelated to the coronavirus outbreak.
As flagged in an interim management statement in January, Carr’s Group’s UK agricultural activities have been adversely affected by the mild winter that has depressed demand for feed and feed supplements. Based on the order pipeline, management had expected this would be balanced by overperformance in the Engineering division, but delays in receiving orders will lead to underperformance here as well. We cut our FY20 and FY21 EPS estimates by 26% and 10% respectively and reduce our indicative val
Carr’s trading update for the first 18 weeks of FY20 notes that while trading in Agriculture was lower than expected, primarily because of the mild UK weather, the strong Engineering pipeline should enable the group to meet management expectations for the year. Management also notes that a greater weighting than normal to the second half is likely. We leave our estimates unchanged and reiterate our indicative valuation of 190p/share.
The Global Sustainable Farmland Income Trust will invest in a diversified portfolio of operational farmland assets located in major agricultural markets including the United States, Europe, New Zealand, Australia and certain countries within Latin and South America. Raising up to $300m. Due 28 February
Companies: BVC CCS CARR SDX TEK IDEA TPG MKA RRR
Carr’s Group has built market-leading positions in high-value, growing sectors in global agricultural and engineering markets by differentiating itself through innovative technologies. These include low-moisture feed blocks and highly specialised robotic arms for use in hazardous environments such as the nuclear industry. This strategy delivered a 7.0% rise in adjusted PBT during FY19, despite unfavourable weather conditions in both its main agriculture markets. The diversification also reduces
Carr’s Group delivered a 7.0% increase in adjusted profit before tax during FY19 despite adverse weather conditions in both the US and the UK, which affected demand for feed blocks, animal feed and fuel. The profit growth was attributable to a strong performance from the Engineering division. We leave our FY20 and FY21 estimates broadly unchanged, nudge our indicative valuation up 6p to 190p/share and present FY22 estimates for the first time.
Diversification both inside and outside the agriculture sector means that Carr’s Group continues to trade in line with management expectations for FY19 despite the unusually mild UK winter and spring. We leave our estimates and indicative valuation of 184p per share unchanged.
Carr’s Group has announced the acquisition of Cumbria-based NW Total Engineered Solutions for a total cash consideration of up to £9.6m. The acquisition fulfils management’s ambition of taking the Engineering division into the nuclear defence segment. We expect it will be earnings enhancing from FY20 onwards and raise our indicative valuation from 182p/share to 184p/share.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Carr's Group PLC.
We currently have 86 research reports from 6
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
Companies: AMYT BAG BVC BRSD CLG CML FBD GDWN INV MACF MNZS MIO NRR NSF NBI MATD PREM QFI RUA SCS STVG SUR SNX UPGS VAST VLS
No joiners today.
Morrisons has left the Main Market following a takeover by a US private equity group.
What’s cooking in the IPO kitchen?
Katoro Gold plc (AIM: KAT), the AIM listed gold and nickel exploration and development company, announced that the Company and Target Mine Consulting (Pty) Ltd have agreed to seek admission for 100% of the Blyvoor Joint Venture project (BV) by vending each of their separate interests into a new company to be listed on the Standard List of the
Companies: VAST DIS EUA GIF SPEC POW CHAR FOX
ZAM has issued a positive trading statement in respect of the full year ended 30 September 2021, requiring upgrades to our FY expectations. This has largely been driven by stabilisation in the macro situation, appreciation of the Kwacha in H2 and increased consumer spending as a result of an economic stimulus package. We upgrade FY2021 revenues by c10%, EBIT by 11% and adjusted PBT by c65%. Our target price remains under review.
Companies: Zambeef Products PLC
Companies: Hotel Chocolat Group Plc
Companies: Gusbourne Plc
McCormick has evolved to become a leading producer and distributor of spices, seasoning mixes, hot sauces, condiments and other flavored products. The company has shown a consistent growth momentum, which was also reflected in its third-quarter results. The company’s most recent Q3 revenues grew by a decent rate of 8% (around 5% on a constant currency basis) and was fueled by strong contributions from Cholula and FONA. Despite the food industry suffering from heavy inflationary pressures, McCorm
Companies: McCormick & Company (MKC:NYSE)McCormick & Company, Incorporated (MKC:NYS)
Strong Q1 performance with sales ahead of consensus. We note the lack of FY22 guidance, but Pernod continues to be one of our top picks in the current inflationary environment.
Companies: Pernod Ricard (RI:EPA)Pernod Ricard SA (RI:PAR)
Good overall performance which confirms the relatively “inflation” immune position of the company. The unchanged guidance is positive but is unlikely to be a major catalyst for the stock.
Companies: Kerry Group Plc Class A