By Christian Moess Laursen
Carr’s Group said it expects its fiscal-year profit to be slightly below the prior-year’s amid market headwinds and despite a strong second half for its engineering division.
The London-listed agriculture and engineering group said Tuesday that adjusted operation profit will be significantly lower in the fiscal year ended Sept. 2 than in fiscal 2022 due to continued challenging conditions in specialty agriculture.
The company’s fiscal 2022 adjusted operating profit was 11.9 million pounds ($14.6 million), while pretax profit was GBP7.6 million.
Adverse conditions in both feed stock and specialty agriculture are expected to continue in fiscal 2024, but the board anticipates a return to growth in the medium and long term, it said.
Likewise, the company’s order book, which stood at GBP63 million pounds at the end of fiscal 2023, compared with GBP41 million a year prior, gives confidence in growth prospects in fiscal 2024 and further, it said.
Carr’s closed the fiscal year with net cash of GBP4.2 million, compared with fiscal 2022’s net debt of GBP14.0 million.
Write to Christian Moess Laursen at [email protected]
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