Carr’s Milling Industries has raised its profit forecast for the year to 30 August 2008.
The milling and machinery giant said it had continued to enjoy strong trading since its last update on 27 May.
In a statement, Carr’s said its board has upwardly revised guidance, with full-year profits expected to be around £9.2m (2007: £5.5m) on revenue of at least £330m (2007: £253m). These would represent increases of 67% and 30% respectively.
Carr’s food business - which includes flour milling - had increased revenue from similar volumes to last year as it has raised the price of its flour to compensate for the large increase in the cost of milling wheat. It added “while profit has increased, margins remain unsatisfactorily slim”.
Carr’s other business interests include animal feed (the bulk of revenue), fertiliser, retail equipment, machinery and engineering.
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