Outlook: Strategic diversity delivering results
Carr’s Milling Industries operates in fairly defensive markets and has further reduced risk through diversification in each market served, supported by a sequence of acquisitions. Almost half of the group’s FY14 profit before tax was attributable to international operations. Management is driving growth through sustained investment in product innovation and infrastructure. Our sum-of-the-parts analysis indicates that the stock is undervalued at current levels.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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