Carrs Group Regulatory News (CARR)

6 Jan 2005 07:00

Carr's Milling Industries PLC06 January 2005 CARR'S MILLING INDUSTRIES PLC AGM STATEMENT At this morning's AGM in Carlisle of Carr's, the Cumbria-based agriculture, foodand engineering group, the following statement will be made: "In the year under review, pre-tax profit increased by 12.3% (adjusted) to arecord £5.13m. Earnings per share increased even more, by 15.0% (adjusted), to39.9p. This was the sixth successive annual increase in adjusted earnings pershare. The Preliminary Announcement of Results announced on 8 November 2004 stated thatthe current year was expected to show further progress in all three Divisions,especially in Food. The first four months of the new financial year have startedwell: •The Food Division as expected is progressing more than the other two Divisions as a result of two factors affecting its core flour milling business. The first is a return towards more normal gross margins following the exceptional increase in the wheat price in the first half of last year; additionally, volumes have increased. The second is the acquisition of Meneba UK Holdings Limited with its two mills in Kirkcaldy, Fife, and Maldon, Essex, where trading since completion on 18 November 2004 has been slightly ahead of expectations. This acquisition more than doubles the size of our flour milling business and gives it a strong market presence in the northern part of the UK. •The Agriculture Division, the largest of the Group's three Divisions, continues to trade satisfactorily, particularly with a strong performance in the equine feed market in both the UK and Continental Europe. •The Engineering Division, which in the year under review substantially improved its performance to break even, is benefiting from a stronger order book and better margins. Further out, the Division should benefit from the relocation in August 2005 of Bendalls, its high-integrity welding business, to a new 55,000 sq ft factory at Kingstown Industrial Estate, Carlisle, from its present site at London Road, Carlisle. As announced in October 2004, the £5.3m disposal of the London Road site is expected to generate a profit of approximately £4.5m, which will be accounted for as an exceptional gain in the current year to 3 September 2005. The progress expected for the full year should also be manifested in the interimresults for the 26 weeks ending 26 February 2005, which it is expected will beannounced in the second half of April 2005." Enquiries:Carr's Milling Industries PLC 01228-554 600Chris Holmes (Chief Executive Officer)Ron Wood (Finance Director) Bankside Consultants LimitedCharles Ponsonby 020-7444 4166 This information is provided by RNS The company news service from the London Stock Exchange