Carr's Group: Diversity Helps Keep Group On Track
Edison | Jan 11, 2017 07:57AM ET
Once again, the in-built diversity provided by having two divisions operating in different sectors and internationalisation within those two divisions shows its worth. During the first 18 weeks of FY17 a better than expected performance from the Agricultural division was balanced against a significant contract delay in the Engineering division, with the group as a whole trading in line with management’s expectations for the full year. We leave our estimates and valuation unchanged.
Stronger than expected Agriculture performance
Confidence appears to be returning to the UK agriculture sector, boosting sales of feed blocks, machinery and agricultural inputs generally, while Carr’s Group PLC (LON:CARRC) continues to gain share in the compound feed market. Prior year investment in the Country Store retail chain and improving farmer confidence delivered growth exceeding management expectations. In the US, sales of feed blocks were similar to the previous year as ranchers adjusted to lower beef prices.
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