Carr's Milling Industries Financial Results
Carr's Milling Industries plc have announces its results for the 52 weeks to 29 August 2009 today.
Financial Highlights:
Commercial Highlights:
*before retirement benefit charge but after non-recurring items and amortisation
In agriculture, divisional revenue was 8% lower at £255.0m (2008: £275.8m) and operating profit (before retirement benefit charge but after non-recurring items and amortisation) decreased by 48% to £6.0m (2008: £11.7m).
In food, operating profit (before retirement benefit charge but after non-recurring items and amortisation) of £2.3m (2008: £2.0m), up 19%, was achieved on revenue 8% lower at £79.0m (2008: £85.6m). The decline in revenue reflected the lower price of the principal raw material, milling wheat, which was passed on to the customer, they said. The operating margin, though improved, remained modest, at 3.0% (2008: 2.3%).
In the year, all three of the Group's flour mills - at Kirkcaldy (Fife), Silloth (Cumbria) and Maldon (Essex) - made volume gains through product innovation and increased their profit through cost reduction, they added.
Financial Highlights:
- Revenue down 6% to £350.0m (2008: £372.3m)
- Pre-tax profit down 45% to £7.0m (2008: £12.9m), but up 27% on 2007's £5.5m
- Fully diluted earnings per share down 45% to 50.3p (2008: 91.2p)
- Net assets per share 340p (2008: 298p), assisted by a £2.6m net placing
- Gearing 65% (2008: 70%), despite £4.3m cash consideration for the acquisition in March 2009 of the Walischmiller Engineering business
- Dividends per share unchanged at 23.0p, including an unchanged 17.0p final
Commercial Highlights:
- Revenue from Agriculture was 8% lower at £255.0m (2008: £275.8m) and operating profit* decreased by 48% to £6.0m (2008: £11.7m). Additionally, the Group's share of post-tax profit in associate and joint ventures was down 34% at £1.1m (2008: £1.6m)
- Food increased its operating profit* by 19% to £2.3m (2008: £2.0m) on revenue 8% lower at £79.0m (2008: £85.6m)
- Engineering increased its operating profit* by 31% to £1.4m (2008: £1.1m) on revenue up 48% at £15.9m (2008: £10.7m), benefiting from the Walischmiller acquisition
*before retirement benefit charge but after non-recurring items and amortisation
In agriculture, divisional revenue was 8% lower at £255.0m (2008: £275.8m) and operating profit (before retirement benefit charge but after non-recurring items and amortisation) decreased by 48% to £6.0m (2008: £11.7m).
In food, operating profit (before retirement benefit charge but after non-recurring items and amortisation) of £2.3m (2008: £2.0m), up 19%, was achieved on revenue 8% lower at £79.0m (2008: £85.6m). The decline in revenue reflected the lower price of the principal raw material, milling wheat, which was passed on to the customer, they said. The operating margin, though improved, remained modest, at 3.0% (2008: 2.3%).
In the year, all three of the Group's flour mills - at Kirkcaldy (Fife), Silloth (Cumbria) and Maldon (Essex) - made volume gains through product innovation and increased their profit through cost reduction, they added.