Carrs optimistic over performance

Carrs Milling Industries is performing in line with expectations, the company said today.

The flour miller expects a large UK wheat harvest, although admit that the quality remains unknown.

In an interim management statement for the 19 weeks to 12 July 2014, the company said it was pleased with the benefits of its new mill at Kirkcaldy, which it opened 10 months ago.

Financially, the company’s net debt has increased from £25.3m at 1 March 2014, to £27.1m at 31 May 2014. This is due to the acquisition of Chirton Engineering and ongoing capital expenditure.

The business has also renewed its banking facilities.

Tim Davies, chief executive, said: "Our geographic diversity and continued investment has ensured that we are at the forefront of innovation, technology and design. This has resulted in a strong performance across every division during the period. As such, we expect the full year performance to be in line with our existing expectations."

The group will release its preliminary results on 30 August.

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