Carr’s Milling Industries – 920p

12 November 2012 – final results

An excellent set of figures from Carr’s Milling Industries is a positive start to the week.  Revenue was up 8.2% to £404.1m (2011: £373.3m) and profit before taxation was up 30.5% to £13.1m (2011: £10.0m).  Adjusted earnings per share were up 14.8% to 101.5p (2011: 88.4p).  A final dividend of 14.5p takes the total for the period to 29.0p (2011: 26.0p).  Despite investment of £8.9m during the period net debt was just £2.5m at the period end.  We are enthused by these results and rank the shares as a BUY.

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