Higher-priced wheat, energy and labour costs are taking their toll on Cumbria-based Carr’s Milling Industry.
The agriculture, food and engineering business, reported on Monday, 23 April, that interim profits are a shade ahead of expectations although still down year-on-year for the 26 weeks to 3 March, 2007.
Despite a challenging market place, it said it had increased adjusted pre-tax profit in each of the last eight years. However, Carr’s board no longer expects a ninth annual increase to be feasible.
MD Duncan Monroe told British Baker that Carr’s is now looking at a year-on-year increase of about £30 per tonne of flour.
On 23 April, the closing share price was 545p, compared with a 52-week high/low of 712.5p/452.5p. Carr’s has a market capitalisation of around £45m.