Update: Internationalisation supports continued growth
After posting a record first half profit before tax, Carr’s interim management statement notes that the group continues to trade in line with expectations. Management’s strategy of innovation, investment and internationalisation continues to deliver growth, despite pressure on dairy farm incomes in the UK. We leave our estimates broadly unchanged and reiterate our sum-of-the parts valuation of 203p/share.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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