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- Hybridan Team
Small Cap Feast
Admissions: None Delistings: Blackstone Loan Financing Limited (BGLF.L) has left the Main Market. Condor Gold (CNR.L) has left AIM. Angus Energy 0.3p £13.3m (ANGS.L) The independent oil and gas company has provided a production and operations update from the Saltfleetby Field which equalled 5.73 million therms in aggregate for the months of October, November and December 2024, compared to 5.85 million therms sold in the third quarter of 2024. Fourth quarter production equates to an average of 1....
- Toby Thorrington
Carr's Group - At an inflexion point
Carr’s Group plan to dispose of the Engineering businesses remains on track and will leave the company as a focused agricultural supplies business. Restructuring (both the cost base and exiting loss-making activities) along with actions from the new management and potential from a market upturn should provide positive forward momentum and support the future growth strategy.
Carrs Group: 1 director
A director at Carrs Group maiden bought 37,254 shares at 136p and the significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...
- Toby Thorrington
Carr's Group - An enhanced value creation strategy
Carr’s Group has announced an updated strategy that offers the potential for value realisation and creation from a number of avenues. These include: value realisation of the Engineering Division; the ability to significantly reduce central costs; and longer-term value creation in the Agriculture Division as a focused business with recovery potential and a strategy to leverage its strong market positions for growth.
- Toby Thorrington
Carr's Group - Cautious optimism
Cyclical weakness in Carr’s Group’s Speciality Agriculture business has affected the company’s fortunes of late. However, the new management team, a strong net cash balance sheet and a record order book in the Engineering division offer optimism. Operational progress, particularly a reversal of fortunes in Speciality Agriculture, should rebuild confidence and a reduction in the current discount to our view of the underlying value.
- Toby Thorrington
Carr's Group - A new team to take the group forward
Carr’s Group has announced a fully refreshed executive team, none having been in-situ at the start of 2023. This will enable the executives to have an uninhibited view of the operations, enabling the development and implementation of a strategy reflecting the different opportunities and challenges facing the Engineering and Speciality Agriculture divisions.
- Toby Thorrington
Carr's Group - Progressing to plan
FY23 trading has continued according to the early August update, demonstrating the benefit of two unrelated activities at Carr’s Group: the Engineering division’s strength countering the weakness seen in the Speciality Agriculture business. Both have underlying longer-term growth attractions to drive earnings, along with the recovery potential in the agriculture end-markets.
- Toby Thorrington
Carr's Group - Weaker agriculture markets affect expectations
External factors, US drought and excessive input prices, in the Speciality Agriculture business continue to weigh on volumes. As these reverse, strong market positions should help to drive activity back towards historical levels. With the Engineering division performing well the medium-term outlook is far more encouraging than the short-term market issues may suggest.
- Toby Thorrington
Carr's Group - Weather affects H123 performance
As flagged in its February update, the Speciality Agriculture division of Carr’s Group experienced a weaker trading environment from November onwards, while trading in the Engineering division was initially slower than anticipated. This resulted in a 23% drop in adjusted operating profit year-on-year in H123 to £5.8m. Management expects trading conditions for the Speciality Agriculture division to improve later this calendar year, while a strong Engineering order book supports good divisional pe...
- Toby Thorrington
Carr's Group - Details of FY22 performance
Carr’s Group has released its audited results for FY22, having previously issued a detailed trading update in February giving preliminary financial metrics on FY22 performance. The shares were suspended from trading in January because of delays in publishing these results. The company has applied for them to be restored to trading.
- Toby Thorrington
Carr's Group - Initial look at FY22 performance
Carr’s Group has issued a detailed trading update giving some preliminary financial metrics on FY22 performance. These show both continuing divisions (Speciality Agriculture and Engineering) beating our EBIT estimates, following a strong finish to the year. The shares remain suspended until management finishes the final stages of the audit process, which it believes are ‘essentially complete’. Our note is based on the initial information in the trading update. We will publish a follow-on update ...
- Toby Thorrington
Carr's Group - Publication of FY22 results delayed
The recent trading update from Carr’s Group notes that FY22 performance (year ended 3 September 2022) was in line with management expectations and ahead of FY21, while trading so far in FY23 has been in line with management expectations and ahead of FY22. There will be a delay to the publication of the group’s audited FY22 results because a separate audit of the associate that was sold as part of the disposal of the group’s Agricultural Supplies division is now required for independence reasons.
- Toby Thorrington
Carr's Group - Sale puts focus on higher-margin activities
Carr’s Group has announced the disposal of its Agricultural Supplies division for up to £44.5m cash following the strategic review announced in January 2022. While we expect the disposal to lead to an earnings reduction in the short term, the proceeds will be reinvested in the Speciality Agriculture and Engineering divisions. Management believes this strategy will generate faster growth in the longer term than retaining the Agricultural Supplies activity.
- Toby Thorrington
Carr's Group - Engineering recovery sustained
Carr’s Group’s H122 results show it is coping well with commodity price volatility. The high oil prices are boosting demand for precision engineering services, supporting a recovery in the Engineering division. Management is confident that the FY22 performance will be in line with market expectations, so we leave our estimates broadly unchanged.
Carr's Group (CARR): Optimising value for shareholders
Edison Investment Research Limited Carr's Group (CARR): Optimising value for shareholders 09-Feb-2022 / 07:00 GMT/BST London, UK, 9 February 2022 Carr's Group (CARR): Optimising value for shareholders Over several decades Carr's Group has diversified both within and outside the UK agricultural market. This has reduced the group's exposure to the vagaries of the British climate, farming policy and volatile commodity prices and taken it into activities that generate substantially higher margins and present opportunities for stronger growth than the traditional agriculture sect...
- Toby Thorrington
Carr's Group - Optimising value for shareholders
Over several decades Carr’s Group has diversified both within and outside the UK agricultural market. This has reduced the group’s exposure to the vagaries of the British climate, farming policy and volatile commodity prices and taken it into activities that generate substantially higher margins and present opportunities for stronger growth than the traditional agriculture sector in individual countries. However, while the board sees potential for growth in each of the three divisions, there are...
- Toby Thorrington
Carr's Group - Optimising value for shareholders
Over several decades Carr’s Group has diversified both within and outside the UK agricultural market. This has reduced the group’s exposure to the vagaries of the British climate, farming policy and volatile commodity prices and taken it into activities that generate substantially higher margins and present opportunities for stronger growth than the traditional agriculture sector in individual countries. However, while the board sees potential for growth in each of the three divisions, there are...
- Toby Thorrington
Carr's Group - Engineering recovery sustained
Carr’s trading update for the first 20 weeks of FY22 notes that the group has made a positive start to the year with overall performance during the period broadly in line with Board expectations. Importantly, the announcement notes that while the Board sees potential for growth in each of the three divisions, there are limited opportunities to exploit inter-divisional synergies, so it has decided to conduct a strategic review. We leave our estimates unchanged and reiterate our indicative valuati...
- Toby Thorrington
Carr's Group - Engineering recovery sustained
Carr’s trading update for the first 20 weeks of FY22 notes that the group has made a positive start to the year with overall performance during the period broadly in line with Board expectations. Importantly, the announcement notes that while the Board sees potential for growth in each of the three divisions, there are limited opportunities to exploit inter-divisional synergies, so it has decided to conduct a strategic review. We leave our estimates unchanged and reiterate our indicative valuati...
- Toby Thorrington
Carr's Group - FY21 results ahead of improved expectations
Carr’s Group’s FY21 results were ahead of management’s improved expectations, with increased profits across both the Speciality Agriculture and Agricultural Supplies divisions offsetting weaker performance from the Engineering division caused by low oil prices during Q121. Noting continued strength in livestock prices in the United States and the UK, stable farmgate milk prices in the UK and a strong Engineering order book, we raise our FY22 and FY23 PBT estimates by 4.7% and 2.2% respectively.
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