Agriculture, food and engineering group Carr’s Milling Industries has announced a rise in turnover and profit for the 53 weeks ended 3 September 2005.
Turnover increased by 23.4% to £192.1m (US$330.5m). Disregarding an exceptional net gain of £2.88m, operating profit increased by 26.9% to £7.33m, pre-tax profit was 19.8% ahead at £6.14m and earnings per share advanced by 19.5% to 47.7p.
The exceptional net gain of £2.88m comprised a gain of £4.11m on the disposal of the Bendall’s site in Carlisle and charges of £0.35m and £0.89m for the post-acquisition rationalisation of the acquired Meneba UK) and W & J Pye businesses.
The major expansion principally comprised the acquisition of Meneba (UK)in November 2004, more than doubling the size of Carr’s flour business, and in mid July 2005 the acquisition by Carr’s associate company, Carrs Billington Agriculture (Operations), of certain assets of W&J Pye (in administration), nearly doubling volumes of compound and blended animal feed.
“The Board believes that, in the year ending 2 September 2006, the expanded business will make further good progess,” said chairman Richard Inglewood.