Update: Sellafield contract underpins engineering growth
Carr’s trading update confirms that management’s strategy of innovation, investment and internationalisation is able to counter challenges in the UK dairy market. A new £48m framework agreement from Sellafield underpins growth for the UK Engineering business despite continued weakness in the oil and gas sector. FY16 trading is in line with management expectations and we leave our estimates and indicative valuation of 197p 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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