Carr’s Group, a London-listed agriculture and engineering group, has announced that it anticipates its fiscal-year profit to be slightly lower than the previous year’s figures. Despite a strong performance from its engineering division in the second half of the year, market headwinds have posed ongoing challenges for the company’s specialty agriculture sector.
The company’s adjusted operating profit for fiscal 2022 was £11.9 million ($14.6 million), with a pretax profit of £7.6 million. However, due to continued adverse conditions in both feed stock and specialty agriculture, Carr’s Group expects a significant decline in adjusted operating profit for the fiscal year ended September 2, compared to fiscal 2022.
Although the challenges are expected to persist in fiscal 2024, the company’s board remains optimistic about a return to growth in the medium and long term. This confidence is further bolstered by Carr’s Group’s order book, which saw an increase from £41 million to £63 million pounds between fiscal 2022 and 2023.
Furthermore, Carr’s Group closed the fiscal year with a net cash position of £4.2 million, marking a substantial improvement from the net debt of £14.0 million reported in fiscal 2022.
