Carr's Group - Improved FY21 expectations
Carr’s Group has provided an update for the 20-week period ended 17 July 2021, which notes that FY21 performance is expected to be moderately ahead of management expectations. Strong performances from both the Speciality Agriculture and Agricultural Supplies divisions have continued into H221. The H221 Engineering divisional recovery that management expected has been realised, supported by contracts from the nuclear and defence markets, and rising oil and gas prices. We raise our FY21 adjusted PBT estimate by 4.5%, leaving FY22 and FY23 estimates unchanged.Carr's Group operates across the agriculture and engineering sectors which supplies products and services to countries around the world. Co.'s agriculture division includes an international feed block supplement business, and in the U.K., this division also sells animal feed, fertilizer, animal health products, fuel, farm machinery and rural supplies. Co.'s engineering division designs, manufactures and supplies precision parts, equipment, robotics and remote handling products. These products and services are supplied primarily into the nuclear, defense and oil and gas markets.
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