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Sparks commentary - Carr’s Group

Industrials

Sparks - Carr’s Group

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Carr’s Group (LSE: CARR) – Year-end trading update
Published by David Larkam

Trading in the year was broadly in line with board expectations. The balance sheet remains strong with net cash of £4.5m (2023: £4.2m). The programme to explore value creation and realisation in the Engineering division is ongoing. Central cost reductions and disposals are also progressing. Management also commented on the plan to de-risk the pension, which would arguably be required if the group is downsized with the sale of the Engineering businesses. Full year results will be published in mid-December. We see the trading outcome as positive given the recent cautious update from peer Wynnstay, while the review of the Engineering division also appears on track.

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