Carrs Group Regulatory News (CARR)

18 Sep 2009 09:52



Friday 18 September 2009

CARR'S MILLING INDUSTRIES PLC 

Trading Update

Carr's (CRM.L), the fully-listed agriculture, food and engineering group, announces a trading update following its year end of 29 August 2009.

Carr's remains on-track to achieve pre-tax profits in line with its expectations for the 52 weeks ended 29 August 2009. These are of an appreciably lower figure than last year's much improved result, as indicated in the Interim Management Statement of 17 July 2009, but still of a significantly higher figure than the result for the 52 weeks ended 1 September 2007. 

Going forward, the Company expects that the substantial inventory losses incurred in fertiliser activities in the 52 weeks ended 29 August 2009 will not be repeated. However, challenging trading conditions in fertiliser, US agriculture and UK engineering will impact on the level of profit growth. As a result, the Company has revised downwards its expectations of future profits for the 52 weeks ending 28 August 2010 and the 53 weeks ending 3 September 2011.

The Company expects to maintain its final dividend at the same level as last year, 17.0p per share, at which level total dividends of 23.0p per share would remain well-covered by earnings.

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