Carr’s Group’s Speciality Agriculture division serves farmers in the UK, Ireland, the United States, Germany, Canada and New Zealand with feed blocks and feed supplements. The Engineering division offers remote handling equipment and fabrications to the global nuclear and oil and gas industries.

H124 was in line with management’s expectations. The Engineering division performed well, with revenues of £28.5m (up 26.1%), with robotics being particularly strong (up 60.4%). Operating profit was £2.4m (up 119%), with a margin of 8.4%. Order intake was strong as the order book is currently above the £59.8m record at the end of FY23. The Agriculture division’s markets remain challenging. Revenues decreased by 7.5% due to both volume (UK +11%; US -18%) and some reversal of price inflation. Operating profit reduced by 17.4% to £4.9m, although margins remained positive at 9.8%. Actions are being taken in terms of cost, procurement and growth strategies, with benefits being seen in the UK. The US, however, is expected to remain difficult until 2025.