After posting a record first half profit before tax, Carr’s interim management statement notes that the group continues to trade in line with expectations. Management’s strategy of innovation, investment and internationalisation continues to deliver growth, despite pressure on dairy farm incomes in the UK. We leave our estimates broadly unchanged and reiterate our sum-of-the parts valuation of 203p/share.

15 Jul 2015
Internationalisation supports continued growth

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Internationalisation supports continued growth
After posting a record first half profit before tax, Carr’s interim management statement notes that the group continues to trade in line with expectations. Management’s strategy of innovation, investment and internationalisation continues to deliver growth, despite pressure on dairy farm incomes in the UK. We leave our estimates broadly unchanged and reiterate our sum-of-the parts valuation of 203p/share.