Carr’s Milling Industries has outperformed its previous performance in food, with flour volumes up on last year.
However, the agriculture, food and engineering group said that, due to increased volumes, wheat prices had been lower resulting in lower revenue.
The company said its mill at Kirkcaldy, Fife, was continuing to deliver the operational and commercial benefits that were demonstrated in the results for the year ended 30 August 2014.
In the company’s full year results for the 52 weeks up to 30 August 2014, food profit before tax was up 309.7% to £2.3m despite revenue being down 7.5% to £87.1m
For the results for the 19-week period ending 10 January 2015, Tim Davies, chief executive, said: “We are encouraged by Carr’s performance to date in the current financial year. While the sectors in which Carr’s operates are experiencing challenging times, due to a variety of external factors, the group’s geographical spread, investment in assets, and ongoing commitment to innovation continue to support its development. We remain confident in the long-term success of the group and the board’s expectations for the full year remain unchanged.”
The company expects to issue its interim results for the 26-week period ending 28 February 2015 on 13 April 2015.
Despite the changing wheat market, the company said it continued to benefit from long-term customer relationships, and it remained positive about the performance of the division for the remainder of the financial year.