Carr’s Milling – 1182p

16 April 2013 – interim results

Carr’s Milling set out a very strong set of results with revenue up 18.1% to £231.6m (H1 2012: £196.0m) and profit before tax up 36.2% to £10.1m (Hi 2012: £7.4m). The interim dividend was raised 6.9% to 7.75p (2012: 7.25p). This performance has been driven by several factors, with adverse weather conditions benefiting animal feed. Food revenue continued to make progress despite the dreadful wheat harvest with cost effective access to imported wheat offsetting the volatility in flour milling. Revenue from the engineering division continued to make strong progress reflecting the increase in demand for remote handling equipment. The strength of the first half and the third quarter to date leads to full year expectations being raised. We like the fundamental drivers of the company and retain our recommendation of BUY.

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