The group announced adjusted revenues and operating profits of £50.6 million (up 7%) and £5.9 million (up 62.6%), respectively, based on continuing operations.
This financial growth occurs amidst significant transformation within the business. Carr’s has gradually divested its engineering division, positioning itself as a pure animal feed enterprise.
Looking ahead, this sale will introduce a seasonal performance model, increasing reliance on agricultural markets in the northern hemisphere.
Seasonal Model
While Carr’s expects the positive momentum from the first half of the year to persist, the second half traditionally sees reduced seasonal trade, which may moderate overall performance.
In his remarks, Chief Executive David White noted that these results underscore the advantages of the group’s evolution into a specialist agricultural manufacturer.
“During the period, the Group has achieved significant milestones through the sale of the bulk of the Engineering Division, the development of a clear and refocused Agriculture strategy, with substantial progress made in corporate simplification through pension de-risking, sale of excess properties and ongoing central cost reduction,” he stated.
“I would like to thank current and former colleagues in the Engineering Division and Group functions for their hard work and dedication in delivering a successful realization of value for the Engineering Division.”
New CEO
White further confirmed that, with the return of capital to shareholders expected in early July, the time is ideal to transition leadership to global agriculture CEO Josh Hoopes.
“As such, I shall step down as group CEO on 30 June 2025, at which point Josh will be appointed as CEO for the business,” White added. “The Board has full confidence that under Josh’s leadership and through execution of our refocused strategy, the business can achieve significant profitable growth and drive shareholder returns. I wish him and the team every success as they pursue exciting opportunities that lie ahead.”
Tim Jones, chairman of Carr’s Group, expressed gratitude to White for steering the group through its transformation into a specialized manufacturer of value-added livestock supplements.
“David’s help in assembling and enabling the team of agriculture specialists to take the Company forward and in strengthening and de-risking our balance sheet – as our Interim results illustrate – perfectly positions us for the next phase of our strategy,” Jones noted.
“Under Josh Hoopes’ ongoing leadership, we have every confidence in the delivery of that strategy and the value it can create.”
