Profit up nearly 30% at Carr’s

Carr’s Milling Industries said profit before tax in the first half of the year increased from last year, helped by a 12% growth in revenue.

For the 26 weeks ended 3 March, profit before taxation increased to £7.4m from £5.7m. However, profit attributable to equity shareholders declined to £4.58m from £5.15m, as the prior year benefited from discontinued operations. Revenue climbed to £196m from £175.5m as agriculture revenue increased 12% to £147.2m.

The company, which runs Carr’s Flour, Hutchison Flour and Greens Flour, along with a host of other agricultural businesses, said it expects results for the year to be ahead of expectations.

Chris Holmes, chief executive, said, “Following the profit growth achieved in the first half, the Board believes the results for the year will be ahead of the expectations that the company had at the beginning of the year, and is well positioned for sustained profitable growth.”

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