Carr's Group PLC Trading Update and Confirmation of Dividend (0101T)
15 July 2020 - 4:00PM
UK Regulatory
TIDMCARR
RNS Number : 0101T
Carr's Group PLC
15 July 2020
15 July 2020
CARR'S GROUP PLC ("Carr's" or the "Group")
Trading Update
and
Confirmation of Interim Dividend
Carr's (CARR.L), the Agriculture and Engineering Group,
announces a trading update for the 19-week period ended 11 July
2020.
Overall, trading remains in-line with the Board's expectations
for the current financial year.
The Group continues to trade through the COVID-19 pandemic with
no material financial impact seen to date. The health, safety and
wellbeing of colleagues and customers remains of paramount
importance and appropriate controls, following government and
sector specific guidance, are being strictly adhered to.
The Agriculture division is currently trading ahead of the
Board's expectations. In the UK, farmers are maintaining normal
livestock operations and a marginally higher demand for feeds,
supplements and fuels has enhanced revenues. In the USA, lower
cattle prices attributable to COVID-19 have adversely impacted
sales of supplements.
The Engineering division has been affected by some temporary
interruption to nuclear and defence projects following the
introduction of revised working practices at customer sites
attributable to COVID-19. The division has also been impacted by
the oil price decline which has led to a reduction in oil and gas
investment.
The Board continues to monitor the Group closely to ensure
revenues are protected and discretionary costs are closely
controlled. The performance of the Group overall has proven
resilient with cash levels ahead of the Board's expectations.
The Board considers it appropriate for the deferred interim
dividend in respect of the 26 weeks ended 29 February 2020 to be
paid in conjunction with what would ordinarily be the second
interim dividend in October 2020. Therefore, a single interim
dividend of 2.25 pence per share (2019: 2.25 pence per share(1) )
will be paid on 2 October 2020 to shareholders on the register at
close of business on 28 August 2020. The ex-dividend date will be
27 August 2020.
The Group remains well placed owing to its strong and diverse
businesses, robust financial position and the ongoing demand across
the majority of its markets for the provision of essential products
and services.
The Company expects to announce its results for the year ending
29 August 2020 on 23 November 2020.
______________
(1) In aggregate comprising a first interim dividend of 1.125
pence per share paid on 31 May 2019 and a second interim dividend
of 1.125 pence per share paid on 4 October 2019.
Enquiries:
Carr's Group plc Tel: +44 (0) 1228 554 600
Tim Davies (Chief Executive)
Neil Austin (Group Finance Director)
Powerscourt Tel: +44 (0) 20 7250 1446
Nick Dibden / Lisa Kavanagh / Sam Austrums
About Carr's Group plc:
Carr's is an international leader in manufacturing value added
products and solutions, with market leading brands and robust
market positions in Agriculture and Engineering, supplying
customers in over 50 countries around the world.
Its Agriculture division manufactures and supplies feed blocks
and supplementation products for livestock, distributes farm
machinery and runs a UK network of rural stores, providing a
one-stop shop for the farming community. Its Engineering division
designs and manufactures bespoke equipment and provides technical
engineering services into the nuclear, petrochemical, oil and gas,
pharmaceutical, process and renewable energy industries, including
robotic and remote handling equipment.
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END
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