Contract award supports FY18 profit recovery
Carr’s Group notes that the continued recovery in UK agriculture, supported by improving farmer confidence, is offsetting weak demand in the US for feed blocks caused by a surplus of cattle following a period of restocking. Importantly, management is seeing the first signs of recovery in the US market. This, together with a strong order book for the remote handling activity and improved prospects for the UK Manufacturing activity, underpin our expectations of profit recovery next year. We leave our estimates and valuation 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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