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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Carr's Group Plc | LSE:CARR | London | Ordinary Share | GB00BRK01058 | ORD 2.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 132.00 | 130.00 | 133.50 | 0.00 | 08:00:27 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Animal Specialties, Nec | 196.43M | -226k | -0.0024 | -550.00 | 124.28M |
From May 2019 to May 2024
TIDMCARR
RNS Number : 2512C
Carr's Group PLC
12 April 2017
12 April 2017
CARR'S GROUP plc ("Carr's" or the "Group")
INTERIM RESULTS
For the six months ended 4 March 2017
"A robust half year performance, medium term outlook remains positive"
Carr's (CARR.L), the Agriculture and Engineering Group, announces its results for the six months ended 4 March 2017.
Financial highlights
-- Revenue up 15.3% to GBP176.8m (H1 2016: GBP153.4m*) -- Operating profit (before exceptional items) up 0.9% to GBP7.5m (H1 2016: GBP7.5m*) -- Operating profit (after exceptional items) down 7.6% to GBP6.9m (H1 2016: GBP7.5m*) -- Profit before tax (before exceptional items) up 4.8% to GBP8.9m (H1 2016: GBP8.5m*) -- Profit before tax (after exceptional items) down 2.6% to GBP8.3m (H1 2016: GBP8.5m*) -- Basic EPS down 3.0% to 6.4p (H1 2016: 6.6p*) -- Adjusted EPS(1) up 6.0% to 7.1p (H1 2016: 6.7p*) -- Interim dividend held at 0.95p (H1 2016: 0.95p) -- Net debt of GBP11.5m (GBP8.1m net cash at 3 September 2016)
*continuing operations
_______________ (1) Adjusted EPS is after adding back amortisation of intangibles and non-recurring items e.g. acquisition related costs
Commercial highlights
-- Strong performance in UK Agriculture, outperforming the market and continuing to grow market share. Greater confidence in UK agriculture expected to continue into H2
-- Rebound in UK machinery sales, up 43.4% on H1 2016, and retail business performed well, benefiting from store improvement programme
-- Significant pressure from falling cattle prices impacting USA feed block sales
-- Full year performance in Engineering to be impacted by previously announced contract delay in UK Manufacturing
-- Remote handling business performing ahead of expectations and bolstered by a strong order book, demonstrating the potential in this market
-- Integration of STABER acquisition progressing well, with plans to extend premises in Markdorf, Germany
Tim Davies, Chief Executive Officer, commented:
"While still at an early stage, we are seeing initial signs of improving confidence among our core UK farming customers resulting in a strong first half performance in our UK Agriculture business, which we expect to continue in the second half. However, our USA feed block business continues to be impacted by the fall in cattle prices.
"Our Engineering business has been affected by a delay to a significant UK Manufacturing contract, which will impact our full year performance, but we have a strong pipeline in UK manufacturing and our remote handling business is performing ahead of expectations.
"We remain committed to delivering organic revenue growth, supported by value enhancing acquisitions and, further to the trading update released on 30 March, the Board's expectations for the full year remain unchanged."
Enquiries:
Carr's Group plc Tel: +44 (0) 1228 554 600 Tim Davies (Chief Executive) Neil Austin (Group Finance Director) Powerscourt Tel: +44 (0) 20 7250 1446 Nick Dibden / Lisa Kavanagh
About Carr's Group plc:
Carr's is an international leader in manufacturing value added products and solutions, with market leading brands and robust market positions in Agriculture and Engineering, supplying customers in 35 countries around the world.
Its Agriculture division manufactures and supplies feed blocks for livestock, farm machinery and runs a UK network of rural stores, providing a one-stop shop for the farming community. Its Engineering division designs and manufactures bespoke equipment for use in the nuclear, petrochemical, oil and gas, pharmaceutical, process and renewable energy industries, including robotic and remote handling equipment.
Interim Management Report
INTRODUCTION
Carr's has delivered results that are ahead of the prior year (before exceptional items), despite the continuation of tough trading conditions in some of its key markets. The Board's expectations for the full year remain unchanged from that detailed in the Company's recent trading update published on 30 March 2017.
BUSINESS REVIEW
During the 26 weeks ended 4 March 2017 the Group delivered a resilient performance. Group revenues were GBP176.8m, up 15.3% from the prior year (H1 2016 continuing operations: GBP153.4m), primarily due to commodity price movements. Profit before tax (before exceptional items) increased by 4.8% to GBP8.9m (H1 2016 continuing operations: GBP8.5m); profit before tax after exceptional items was GBP8.3m (H1 2016 continuing operations: GBP8.5m). Exceptional items of GBP0.6m (H1 2016: GBPnil) relate to business combination expenses and restructuring costs.
Group operating profit (before exceptional items) of GBP7.5m (H1 2016 continuing operations: GBP7.5m) was 0.9% ahead of the prior year, but was 7.6% behind the prior year after exceptional items at GBP6.9m.
The Group's share of profit after tax from associate and joint venture companies was up 20.0% on the prior year to GBP1.7m (H1 2016: GBP1.4m).
Basic earnings per share decreased by 3.0% from 6.6p to 6.4p, as a result of the impact of exceptional items. On an adjusted basis, earnings per share increased by 6.0% to 7.1p (H1 2016 continuing operations: 6.7p).
AGRICULTURE
The Agriculture division has reported operating profit of GBP7.3m (H1 2016: GBP7.0m), up 4.9% and ahead of the Board's expectations for the half year. This is a resilient performance driven by a strong UK result but partially offset by lower profits in the USA.
UK
UK Agriculture has continued its strong start to the year, despite the market for compound feed and blend volumes contracting by 1%-2% and margins remaining under pressure. Set against this backdrop we have continued to outperform the market increasing our volumes by 11.6% as we continue to gain market share.
Feed block sales have performed particularly well in the UK, with sales volumes 6.0% ahead of the prior year.
Despite another relatively mild autumn and winter, the fuel distribution business has performed well, with sales volumes 0.9% ahead of the prior year and machinery sales, often regarded as a barometer of farmer confidence, 43.4% ahead of the prior year.
Our retail business has also performed well, with like-for-like sales 3.8% ahead of the prior year. This reflects our continuing store improvement programme and our ever improving offer to our core farming customers. A new store in Penicuik, East Midlothian, opened in December 2016 which takes our total retail footprint to 41 locations.
It is pleasing to report that the challenging UK farming environment experienced in the last couple of years is showing signs of abating, helped significantly by improvements in the farmgate milk price, and while it remains at early stages we are optimistic about the year ahead for the UK farming community.
International
The strong performance in the UK market is in contrast to the performance in the USA, where the market pressure from lower cattle prices has impacted both volumes and margins of SmartLic(R) and Feed in a Drum(R), with sales volumes down 10.1% year on year. Despite these challenges, and in readiness for the anticipated market recovery, our plans to construct a low moisture block plant in Shelbyville, Tennessee, are progressing well. Once operational, the plant will provide access to new markets across eastern US states.
The higher level of confidence that has benefited the UK Agriculture business in H1 looks set to continue during H2, however this will only partially mitigate the full year impact of the USA cattle market pressures on the division's performance.
ENGINEERING
As previously reported, the Engineering division had a slower than expected start to the year, mainly due to a significant contract delay in the UK Manufacturing business. Operating profit (before exceptional items) was GBP0.3m (H1 2016: GBP0.5m), down GBP0.2m year on year. Overall, revenues generated from the nuclear business represented 71% of the total, against 55.4% in the prior year.
UK Manufacturing
The performance of the UK manufacturing business has been affected by a significant contract delay and, as previously announced on 30 March 2017, the Group has only been partially successful in its measures to mitigate the impact of this delay through cost cutting, winning new business and accelerating the existing order book.
Management will remain focussed on continuing to maximise throughput within the production facilities. The pipeline in the medium term is looking strong, with the benefit of the Sellafield Vessels and Tanks Framework contract awarded in 2016 expected to begin during 2018.
Remote Handling
The remote handling businesses have started well and are ahead of expectations. Some large orders have been won for the supply of power manipulators into China, with manufacturing activity largely taking place during the second half. This is particularly encouraging given the potential for this market. The integration of the recently acquired STABER GmbH is progressing well, and consequently we have taken the decision to extend the premises in Markdorf, Germany, to fully integrate the two businesses and to provide additional flexibility and capacity into our production facilities in Germany.
BALANCE SHEET AND CASHFLOW
Net cash generated from operating activities was strong in the first half at GBP5.2m (H1 2016: GBP1.3m). Net debt has risen to GBP11.5m from a net cash position of GBP8.1m at the 2016 financial year end. In addition to seasonal working capital movements, this is primarily due to the payment of a special dividend of 17.54p per share in October 2016, totalling GBP16.0m, and the acquisition of STABER GmbH in October 2017, for an initial consideration of EUR5.85m.
The Group's defined benefit pension scheme remains in surplus and this increased from GBP0.3m at 3 September 2016 to GBP5.7m at 4 March 2017.
SHAREHOLDERS' EQUITY
Shareholders' equity at 4 March 2017 was GBP90.0m (3 September 2016: GBP96.7m), with the reduction primarily due to the payment of the special dividend of GBP16.0m in October 2016 offset by profit retained by the Group for the period.
DIVID
A first interim dividend of 0.95 pence per ordinary share (2016: 0.95 pence per ordinary share) will be paid on 12 May 2017 to shareholders on the register on 21 April 2017. The ex-dividend date will be 20 April 2017.
PRINCIPAL RISKS AND UNCERTAINTIES
The Group has a process in place to identify and assess the impact of risks on its business, which is reviewed and updated quarterly. The principal risks and uncertainties for the remainder of the financial year are not expected to change materially from those included on pages 14 to 16 of the Annual Report and Accounts 2016.
The principal risks and uncertainties are as follows:
-- Safety -- Business Continuity -- People -- Commodity Costs -- Product Innovation Risk -- Strategic Partners -- Treasury -- Acquisitions -- Customer Demand -- Reliance on Key Customers -- Reliance on Key Ingredients -- Defined Benefit Pension Scheme -- Brexit
OUTLOOK
As previously announced, the second half performance will be affected by a combination of the contract delay in UK Manufacturing and depressed USA cattle prices impacting our USA feed block operations.
Despite these short-term setbacks, we are seeing recovery in the UK agricultural markets and are encouraged by the medium term outlook for our businesses operating in the nuclear sector. Overall, the Group continues to benefit from geographic and operational diversity.
The Group is focused on growth, both through the organic development of its businesses and selective acquisitions, and is committed to driving innovation through research and development to ensure it remains at the forefront of all the markets in which it operates.
Further to the trading update released on 30 March 2017, the Board's revised expectations for the full year remain unchanged.
UNAUDITED CONSOLIDATED INCOME STATEMENT
For the 26 weeks ended 4 March 2017
Hot Features
Premium
26 weeks ended 53 weeks ended
4 March 26 weeks ended 3 September
2017 27 February 2016 2016
Notes GBP'000 GBP'000 GBP'000
-------------------------------------------------------- ------ --------------- ------------------ ---------------
Continuing operations
Revenue 6 176,758 153,356 314,907
Cost of sales (153,874) (131,495) (273,712)
Gross profit 22,884 21,861 41,195
Net operating expenses (15,975) (14,382) (28,425)
Operating profit (before exceptional items) 7,543 7,479 12,770
Exceptional items 7 (634) - -
-------------------------------------------------------- ------ --------------- ------------------ ---------------
Group operating profit 6 6,909 7,479 12,770
Finance income 95 119 236
Finance costs (430) (516) (1,009)
Share of post-tax profit in associate and joint
ventures 1,708 1,423 2,081
Profit before taxation (before exceptional items) 8,916 8,505 14,078
Exceptional items 7 (634) - -
-------------------------------------------------------- ------ --------------- ------------------ ---------------
Profit before taxation 6 8,282 8,505 14,078
Taxation (1,708) (1,792) (2,907)
Profit for the period from continuing operations 6,574 6,713 11,171
-------------------------------------------------------- ------ --------------- ------------------ ---------------
Discontinued operations
Profit for the period from discontinued operations - 2,028 2,817
-------------------------------------------------------- ------ --------------- ------------------ ---------------
Profit for the period 6,574 8,741 13,988
-------------------------------------------------------- ------ --------------- ------------------ ---------------
Profit attributable to:
Equity shareholders 5,802 7,990 12,455
Non-controlling interests 772 751 1,533
6,574 8,741 13,988
-------------------------------------------------------- ------ --------------- ------------------ ---------------
Earnings per share (pence)
Continuing operations
Basic 8 6.4 6.6 10.7
Diluted 8 6.3 6.4 10.5
Adjusted 8 7.1 6.7 10.9
Diluted adjusted 8 7.0 6.5 10.7
Discontinued operations
Basic 8 - 2.3 3.1
Diluted 8 - 2.2 3.0
Adjusted 8 - 2.3 3.1
Diluted adjusted 8 - 2.2 3.0
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the 26 weeks ended 4 March 2017
26 weeks ended 53 weeks ended
4 March 26 weeks ended 3 September
2017 27 February 2016 2016
Notes GBP'000 GBP'000 GBP'000
-------------------------------------------------------- ------ --------------- ------------------ ---------------
Profit for the period 6,574 8,741 13,988
-------------------------------------------------------- ------ --------------- ------------------ ---------------
Other comprehensive income/(expense)
Items that may be reclassified subsequently to profit
or loss:
Foreign exchange translation gains arising on
translation of overseas subsidiaries 107 1,557 2,860
Net investment hedges 1,669 577 687
Taxation charge on net investment hedges (327) (115) (137)
Items that will not be reclassified subsequently to
profit or loss:
Actuarial gains/(losses) on retirement benefit asset:
- Group 13 5,418 879 (2,725)
- Share of associate - - (1,216)
Taxation (charge)/credit on actuarial movement on
retirement benefit asset:
- Group (921) (158) 490
- Share of associate - - 205
Other comprehensive income for the period, net of tax 5,946 2,740 164
-------------------------------------------------------- ------ --------------- ------------------ ---------------
Total comprehensive income for the period 12,520 11,481 14,152
-------------------------------------------------------- ------ --------------- ------------------ ---------------
Total comprehensive income attributable to:
Equity shareholders 11,748 10,730 12,619
Non-controlling interests 772 751 1,533
12,520 11,481 14,152
-------------------------------------------------------- ------ --------------- ------------------ ---------------
UNAUDITED CONSOLIDATED BALANCE SHEET
As at 4 March 2017
(Restated)(1)
As at As at As at
4 March 27 February 3 September
2017 2016 2016
Notes GBP'000 GBP'000 GBP'000
------------------------------------ ------ --------- -------------- -------------
Non-current assets
Goodwill 10 16,870 10,931 11,440
Other intangible assets 10 469 413 286
Property, plant and equipment 10 37,135 60,391 35,811
Investment property 10 179 626 182
Investment in associate 9,570 9,196 8,667
Interest in joint ventures 6,768 6,082 6,257
Other investments 75 72 72
Financial assets
- Non-current receivables 50 150 50
Retirement benefit asset 13 5,732 3,927 311
Deferred tax assets - 29 -
76,848 91,817 63,076
------------------------------------ ------ --------- -------------- -------------
Current assets
Inventories 38,142 39,113 33,423
Trade and other receivables 66,326 70,736 56,940
Current tax assets 345 401 303
Financial assets
- Derivative financial instruments - 2 -
- Cash and cash equivalents 11 21,176 13,272 48,411
125,989 123,524 139,077
------------------------------------ ------ --------- -------------- -------------
Total assets 202,837 215,341 202,153
------------------------------------ ------ --------- -------------- -------------
Current liabilities
Financial liabilities
- Borrowings 11 (19,579) (14,839) (21,642)
- Derivative financial instruments (83) (132) (20)
Trade and other payables (56,633) (57,302) (46,823)
Current tax liabilities (1,789) (980) (470)
------------------------------------ ------ --------- -------------- -------------
(78,084) (73,253) (68,955)
------------------------------------ ------ --------- -------------- -------------
Non-current liabilities
Financial liabilities
- Borrowings 11 (13,082) (25,447) (18,625)
Deferred tax liabilities (3,102) (4,173) (1,817)
Other non-current liabilities (4,414) (4,226) (2,668)
(20,598) (33,846) (23,110)
------------------------------------ ------ --------- -------------- -------------
Total liabilities (98,682) (107,099) (92,065)
------------------------------------ ------ --------- -------------- -------------
Net assets 104,155 108,242 110,088
------------------------------------ ------ --------- -------------- -------------
Shareholders' equity
Share capital 14 2,285 2,246 2,280
Share premium 14 9,129 8,657 9,111
Treasury share reserve - - (8)
Equity compensation reserve 159 1,351 706
Foreign exchange reserve 4,344 1,504 2,895
Other reserve 207 856 207
Retained earnings 73,887 80,946 81,540
------------------------------------ ------ --------- -------------- -------------
Total shareholders' equity 90,011 95,560 96,731
Non-controlling interests 14,144 12,682 13,357
Total equity 104,155 108,242 110,088
------------------------------------ ------ --------- -------------- -------------
(1) restated by GBP4,553,000 for the grossing up of cash and cash equivalents and bank overdrafts for accounts with right of offset within the same banking facility (see note 3)
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the 26 weeks ended 4 March 2017
Treasury Share Equity Compensation Foreign Total Non-Controlling
Share Share Premium Reserve Reserve Exchange Other Reserve Retained Shareholders' Interests Total
Capital Reserve Earnings Equity Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------ ------------------------- ------------------ ---------------- ------------------------- ------------------ ------------------ ---------- -------------- ---------------- ---------
At 4 September
2016 2,280 9,111 (8) 706 2,895 207 81,540 96,731 13,357 110,088
------------------ ------------------------- ------------------ ---------------- ------------------------- ------------------ ------------------ ---------- -------------- ---------------- ---------
Profit for the
period - - - - - - 5,802 5,802 772 6,574
Other
comprehensive
income - - - - 1,449 - 4,497 5,946 - 5,946
------------------ ------------------------- ------------------ ---------------- ------------------------- ------------------ ------------------ ---------- -------------- ---------------- ---------
Total
comprehensive
income - - - - 1,449 - 10,299 11,748 772 12,520
Dividends paid - - - - - - (18,599) (18,599) - (18,599)
Equity-settled
share based
payment
transactions,
net of tax - - - (547) - - 659 112 15 127
Allotment of
shares 5 18 - - - - - 23 - 23
Purchase of own
shares held in
trust - - (4) - - - - (4) - (4)
Transfer - - 12 - - - (12) - - -
------------------ ------------------------- ------------------ ---------------- ------------------------- ------------------ ------------------ ---------- -------------- ---------------- ---------
At 4 March 2017 2,285 9,129 - 159 4,344 207 73,887 90,011 14,144 104,155
------------------ ------------------------- ------------------ ---------------- ------------------------- ------------------ ------------------ ---------- -------------- ---------------- ---------
At 30 August 2015 2,244 8,615 - 1,138 (515) 862 74,706 87,050 11,913 98,963
------------------ ------------------------- ------------------ ---------------- ------------------------- ------------------ ------------------ ---------- -------------- ---------------- ---------
Profit for the period - - - - - - 7,990 7,990 751 8,741 Other comprehensive income - - - - 2,019 - 721 2,740 - 2,740 ------------------ ------------------------- ------------------ ---------------- ------------------------- ------------------ ------------------ ---------- -------------- ---------------- --------- Total comprehensive income - - - - 2,019 - 8,711 10,730 751 11,481 Dividends paid - - - - - - (2,492) (2,492) - (2,492) Equity-settled share based payment transactions, net of tax - - - 213 - - 15 228 18 246 Allotment of shares 2 42 - - - - - 44 - 44 Transfer - - - - - (6) 6 - - - At 27 February 2016 2,246 8,657 - 1,351 1,504 856 80,946 95,560 12,682 108,242 ------------------ ------------------------- ------------------ ---------------- ------------------------- ------------------ ------------------ ---------- -------------- ---------------- --------- At 30 August 2015 2,244 8,615 - 1,138 (515) 862 74,706 87,050 11,913 98,963 ------------------ ------------------------- ------------------ ---------------- ------------------------- ------------------ ------------------ ---------- -------------- ---------------- --------- Profit for the period - - - - - - 12,455 12,455 1,533 13,988 Other comprehensive income/(expense) - - - - 3,410 - (3,246) 164 - 164 ------------------ ------------------------- ------------------ ---------------- ------------------------- ------------------ ------------------ ---------- -------------- ---------------- --------- Total comprehensive income - - - - 3,410 - 9,209 12,619 1,533 14,152 Dividends paid - - - - - - (3,347) (3,347) - (3,347) Equity-settled share based payment transactions, net of tax - - - (432) - - 321 (111) 15 (96) Allotment of shares 36 496 - - - - - 532 - 532 Purchase of own shares held in trust - - (12) - - - - (12) - (12) Dissolution of dormant subsidiaries - - - - - - - - (104) (104) Transfer - - 4 - - (655) 651 - - - ------------------ ------------------------- ------------------ ---------------- ------------------------- ------------------ ------------------ ---------- -------------- ---------------- --------- At 3 September 2016 2,280 9,111 (8) 706 2,895 207 81,540 96,731 13,357 110,088 ------------------ ------------------------- ------------------ ---------------- ------------------------- ------------------ ------------------ ---------- -------------- ---------------- ---------
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
For the 26 weeks ended 4 March 2017
26 weeks 53 weeks
ended ended
26 weeks ended 27 February 3 September
4 March 2017 2016 2016
Notes GBP'000 GBP'000 GBP'000
------------------------------------------- ------ ---------------------- -------------------------- -------------
Cash flows from operating activities
Cash generated from continuing operations 16 6,057 166 6,257
Interest received 93 77 155
Interest paid (480) (332) (673)
Tax paid (447) (117) (1,098)
------------------------------------------- ------ ---------------------- -------------------------- -------------
Net cash generated from/(used in)
operating activities in continuing
operations 5,223 (206) 4,641
Net cash generated from operating
activities in discontinued operations - 1,480 5,477
------------------------------------------- ------ ---------------------- -------------------------- -------------
Net cash generated from operating
activities 5,223 1,274 10,118
------------------------------------------- ------ ---------------------- -------------------------- -------------
Cash flows from investing activities
Acquisition of subsidiaries (net of
overdraft/cash acquired) 15 (4,698) (265) (1,258)
Disposal of subsidiary, net of costs
(including cash disposed) - - 23,922
Dividend received from joint venture 627 - 113
Loans repaid by joint ventures - 2,055 2,332
Loan repaid by associate - - 500
Other loans 74 (70) (20)
Purchase of intangible assets (67) (37) (62)
Proceeds from sale of property, plant and
equipment 176 178 349
Purchase of property, plant and equipment (1,347) (3,081) (5,788)
Purchase of own shares held in trust (4) - (12)
Redemption of preference shares in joint
venture - - 150
------------------------------------------- ------ ---------------------- -------------------------- -------------
Net cash (used in)/generated from
investing activities in continuing
operations (5,239) (1,220) 20,226
Net cash used in investing activities in
discontinued operations - (267) (449)
------------------------------------------- ------ ---------------------- -------------------------- -------------
Net cash (used in)/generated from
investing activities (5,239) (1,487) 19,777
------------------------------------------- ------ ---------------------- -------------------------- -------------
Cash flows from financing activities
Proceeds from issue of ordinary share
capital 23 44 532
Net proceeds from issue of new bank loans - 143 153
Finance lease principal repayments (394) (465) (925)
Repayment of loan from related party - - (500)
Repayment of borrowings (5,895) (544) (1,614)
Increase/(decrease) in other borrowings 743 (4,438) (192)
Dividends paid to shareholders (18,599) (2,492) (3,347)
------------------------------------------- ------ ---------------------- -------------------------- -------------
Net cash used in financing activities in
continuing operations (24,122) (7,752) (5,893)
Net cash used in financing activities in
discontinued operations - (695) (1,408)
------------------------------------------- ------ ---------------------- -------------------------- -------------
Net cash used in financing activities (24,122) (8,447) (7,301)
------------------------------------------- ------ ---------------------- -------------------------- -------------
Effects of exchange rate changes (37) 720 918
------------------------------------------- ------ ---------------------- -------------------------- -------------
Net (decrease)/increase in cash and cash
equivalents (24,175) (7,940) 23,512
Cash and cash equivalents at beginning of
the period 39,787 16,275 16,275
------------------------------------------- ------ ---------------------- -------------------------- -------------
Cash and cash equivalents at end of the
period 15,612 8,335 39,787
------------------------------------------- ------ ---------------------- -------------------------- -------------
Cash and cash equivalents consist of:
Cash and cash equivalents per the balance
sheet 21,176 13,272(1) 48,411
Bank overdrafts included in borrowings (5,564) (4,937)(1) (8,624)
------------------------------------------- ------ ---------------------- -------------------------- -------------
15,612 8,335 39,787
------------------------------------------- ------ ---------------------- -------------------------- -------------
(1) restated by GBP4,553,000 for the grossing up of cash and cash equivalents and bank overdrafts for accounts with right of offset within the same banking facility (see note 3)
Statement of Directors' responsibilities
The Directors confirm that these condensed interim financial statements have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:
-- an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
-- material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.
The Directors are listed in the Annual Report and Accounts 2016. A list of current Directors is maintained on the website: www.carrsgroup.com
On behalf of the Board
Tim Davies Neil Austin Chief Executive Group Finance Director 12 April 2017 12 April 2017
Unaudited notes to condensed interim financial information
1. General information
The Group operates across two divisions of Agriculture and Engineering. The Company is a public limited company, which is listed on the London Stock Exchange and is incorporated and domiciled in the UK. The address of the registered office is Old Croft, Stanwix, Carlisle, Cumbria CA3 9BA.
These condensed interim financial statements were approved for issue on 12 April 2017.
These condensed interim financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the 53 weeks ended 3 September 2016 were approved by the Board of Directors on 16 November 2016 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498 of the Companies Act 2006.
2. Basis of preparation
These condensed interim financial statements for the 26 weeks ended 4 March 2017 have been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and with IAS 34, 'Interim financial reporting' as adopted by the European Union. The condensed interim financial statements should be read in conjunction with the annual financial statements for the 53 weeks ended 3 September 2016, which have been prepared in accordance with IFRSs as adopted by the European Union.
The Directors have made suitable enquiries, and based on financial performance to date and available banking facilities they have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its condensed interim financial statements.
3. Accounting policies
The accounting policies adopted are consistent with those of the previous financial year.
Taxes on income in the interim periods are accrued based on management's estimate of the weighted average annual income tax rate expected for the full financial year.
Cash and cash equivalents and overdrafts, within current borrowings, as at 27 February 2016 have been restated by GBP4.6m to recognise overdrafts that would previously have been offset against cash balances. This restatement ensures comparability of the three period ends presented in the interim financial statements and reflects the accounting policy adopted in the preparation of the financial statements for the 53 weeks ended 3 September 2016 and the 26 weeks ended 4 March 2017.
The Group continues to review the impact of IFRS 15 'Revenue from contracts with customers' and IFRS 16 'Leases' on the results and net assets of the Group. It is not possible at this stage to quantify any financial impact arising from either of these two standards.
4. Estimates
The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
In preparing these condensed interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the 53 weeks ended 3 September 2016, with the exception of changes in estimates that are required in determining the provision for income taxes.
5. Financial risk management
The Group's activities expose it to a variety of financial risks: market risk (including currency risk and price risk), credit risk and liquidity risk.
The condensed interim financial statements do not include all financial risk management information and disclosures required in the annual financial statements; they should be read in conjunction with the Group's annual financial statements as at 3 September 2016. There have been no changes in risk management practices since the year end.
6. Operating segment information
The Group's chief operating decision-maker ("CODM") has been identified as the Executive Directors. Management has determined the operating segments based on the information reviewed by the CODM for the purposes of allocating resources and assessing performance.
The CODM considers the business from a product/services perspective. Operating segments have been identified as Agriculture and Engineering. The previously recognised Food operating segment was disposed on 3 September 2016. Performance is assessed using operating profit, which is measured in a manner consistent with the financial statements. Sales between segments are carried out at arm's length.
The following tables present revenue, profit and asset information regarding the Group's operating segments for the 26 weeks ended 4 March 2017 and the comparative periods.
Agriculture Engineering Group
GBP'000 GBP'000 GBP'000
26 weeks ended 4 March
2017
Total segment revenue 160,517 16,301 176,818
Inter segment revenue (4) (56) (60)
------------ ------------ --------
Revenue from external
customers 160,513 16,245 176,758
------------ ------------ --------
EBITDA(1) 8,581 980 9,561
Depreciation of property,
plant and equipment (1,317) (660) (1,977)
Depreciation of investment
property (3) - (3)
Profit/(loss) on the
disposal of property,
plant and
equipment 34 (23) 11
Amortisation of intangible
assets (4) (45) (49)
----------------------------- ------------ ------------ --------
Operating profit (before
exceptional items) 7,291 252 7,543
Exceptional items (634)
----------------------------- ------------ ------------ --------
Operating profit 6,909
Finance income 95
Finance costs (430)
--------
6,574
Share of post-tax profit
of associate 903
Share of post-tax profit
of joint ventures 805
----------------------------- ------------ ------------ --------
Profit before taxation
(before exceptional
items) 8,916
Exceptional items (634)
----------------------------- ------------ ------------ --------
Profit before taxation
from continuing operations 8,282
--------
Segment gross assets 147,908 54,929 202,837
------------ ------------ --------
(1) Earnings before interest, tax, depreciation and amortisation (and before profit/(loss) on the disposal of property, plant and equipment)
Agriculture Engineering Group
GBP'000 GBP'000 GBP'000
26 weeks ended 27 February
2016
Total segment revenue 139,329 14,080 153,409
Inter segment revenue (17) (36) (53)
------------ ------------ --------
Revenue from external
customers 139,312 14,044 153,356
------------ ------------ --------
EBITDA(1) 8,141 1,062 9,203
Depreciation of property,
plant and equipment (1,218) (500) (1,718)
Depreciation of investment
property (3) - (3)
Profit on the disposal
of property, plant and
equipment 80 - 80
Amortisation of intangible
assets (50) (33) (83)
------------ ------------ --------
Operating profit 6,950 529 7,479
------------ ------------
Finance income 119
Finance costs (516)
--------
7,082
Share of post-tax profit
of associate 757
Share of post-tax profit
of joint ventures 666
--------
Profit before taxation
from continuing operations 8,505
--------
Segment gross assets 125,907 44,075 169,982
------------ ------------
Food division gross
assets 45,359
--------
215,341
--------
Agriculture Engineering Group
GBP'000 GBP'000 GBP'000
53 weeks ended 3 September
2016
Total segment revenue 284,836 30,192 315,028
Inter segment revenue (63) (58) (121)
------------ ------------ --------
Revenue from external
customers 284,773 30,134 314,907
------------ ------------ --------
EBITDA(1) 12,924 3,555 16,479
Depreciation of property,
plant and equipment (2,539) (1,043) (3,582)
Depreciation of investment
property (6) - (6)
Profit on the disposal
of property, plant and
equipment 12 72 84
Amortisation of intangible
assets (133) (72) (205)
------------ ------------ --------
Operating profit 10,258 2,512 12,770
------------ ------------
Finance income 236
Finance costs (1,009)
--------
11,997
Share of post-tax profit
of associate 1,239
Share of post-tax profit
of joint ventures 842
--------
Profit before taxation
from continuing operations 14,078
--------
Segment gross assets 149,777 52,376 202,153
------------ ------------ --------
7. Non-recurring exceptional items
26 weeks 26 weeks ended 53 weeks
ended 27 February 2016 ended
4 March 3 September
2017 2016
GBP'000 GBP'000 GBP'000
--------------------------------- --------- ------------------ -------------
Non-recurring exceptional items:
Business combination expenses 589 - -
Restructuring costs 45 - -
--------------------------------- --------- ------------------ -------------
634 - -
--------------------------------- --------- ------------------ -------------
Business combination expenses relate to acquisition costs incurred in the period as well as contingent consideration in relation to the prior year acquisition of Phoenix Feeds Limited which is explained further below.
Phoenix Feeds Limited was acquired on 1 June 2016 for cash consideration of GBP1,744,000 including GBP490,000 of contingent consideration. The contingent consideration is linked to the continued employment of key personnel and therefore in accordance with IFRS 3 this was not recognised as consideration in the acquisition accounting in the 53 weeks ended 3 September 2016 and is instead being recognised in the income statement over a two year period. Given the nature of the payment it has been recognised as a non-recurring item.
Restructuring costs comprise redundancy costs.
8. Earnings per share
Non-recurring items and amortisation that are charged or credited to profit do not relate to the profitability of the Group on an ongoing basis. Therefore an adjusted earnings per share is presented as follows:
26 weeks 26 weeks ended 53 weeks
ended 27 February 2016 ended
4 March 3 September
2017 2016
GBP'000 GBP'000 GBP'000
--------------------------------------- ------------------------- ------------------ -------------
Continuing operations
Earnings 5,802 5,962 9,638
Amortisation and non-recurring items:
Amortisation of intangible assets 49 83 205
Business combination expenses 589 - 7
Restructuring costs 45 - -
Tax effect of the above (23) (20) (47)
Earnings - adjusted 6,462 6,025 9,803
--------------------------------------- ------------------------- ------------------ -------------
Discontinued operations
Earnings - 2,028 2,817
Amortisation and non-recurring items:
Amortisation of intangible assets - 7 14
Profit on disposal of subsidiary - - (39)
Tax effect of the above - (1) -
Earnings - adjusted - 2,034 2,792
--------------------------------------- ------------------------- ------------------ -------------
Number Number Number
----------------------------------------------------- ----------- ----------- -----------
Weighted average number of ordinary shares in issue 91,317,071 89,819,777 90,087,357
Potentially dilutive share options 636,760 3,468,339 1,946,798
91,953,831 93,288,116 92,034,155
----------------------------------------------------- ----------- ----------- -----------
Earnings per share (pence)
Continuing operations
Basic 6.4p 6.6p 10.7p
Diluted 6.3p 6.4p 10.5p
Adjusted 7.1p 6.7p 10.9p
Diluted adjusted 7.0p 6.5p 10.7p
Discontinued operations
Basic - 2.3p 3.1p
Diluted - 2.2p 3.0p
Adjusted - 2.3p 3.1p
Diluted adjusted - 2.2p 3.0p
9. Dividends
An interim dividend of GBP866,393 that relates to the period to 3 September 2016 was paid on 7 October 2016, and a final dividend of GBP1,736,169 was paid on 13 January 2017. A special dividend of GBP15,996,351 was paid on 7 October 2016 following the disposal of Carr's Flour Mills Limited.
In addition, an interim dividend of 0.95p per share (2016: 0.95p per share) has been approved by the Directors. It is payable to shareholders on the register at 21 April 2017. This interim dividend, amounting to GBP868,258 (2016: GBP854,968), has not been recognised as a liability in this interim financial information. It will be recognised in shareholders' equity in the 52 weeks to 2 September 2017.
10. Intangible assets, property, plant and equipment and investment property
Other Property,
intangible plant Investment
Goodwill assets and equipment property
GBP'000 GBP'000 GBP'000 GBP'000
------------------------------- ----------- ------------ --------------- -------------
26 weeks ended 4 March
2017
Opening net book amount
at 4 September 2016 11,440 286 35,811 182
Exchange differences (144) 5 752 -
Subsidiary acquired 5,574 160 341 -
Additions - 67 2,373 -
Disposals - - (165) -
Depreciation and amortisation - (49) (1,977) (3)
------------------------------- ----------- ------------ --------------- -------------
Closing net book amount
at 4 March 2017 16,870 469 37,135 179
------------------------------- ----------- ------------ --------------- -------------
26 weeks ended 27
February 2016
Opening net book amount
at 30 August 2015 10,849 448 58,385 636
Exchange differences 2 18 862 -
Business acquired 80 - 23 -
Additions - 37 3,867 -
Disposals - - (98) -
Depreciation and amortisation - (90) (2,648) (10)
------------------------------- ----------- ------------ --------------- -------------
Closing net book amount
as at 27 February
2016 10,931 413 60,391 626
------------------------------- ----------- ------------ --------------- -------------
Capital commitments contracted, but not provided for, by the Group at the period end amounts to
GBP687,000 (2016: GBP758,000).
11. Borrowings and loans
As at (Restated)(1) As at
4 March As at 3 September
2017 27 February 2016 2016
GBP'000 GBP'000 GBP'000
--------------------------------------------------------- ---------- -------------------- --------------
Current 19,579 14,839 21,642
Non-current 13,082 25,447 18,625
--------------------------------------------------------- ---------- -------------------- --------------
Total borrowings and loans 32,661 40,286 40,267
Cash and cash equivalents (21,176) (13,272) (48,411)
--------------------------------------------------------- ---------- -------------------- --------------
Net debt/(cash) 11,485 27,014 (8,144)
--------------------------------------------------------- ---------- -------------------- --------------
Undrawn facilities 34,494 26,805 23,014
--------------------------------------------------------- ---------- -------------------- --------------
(1) Restated by GBP4,553,000 for the grossing up of cash and cash equivalents and bank overdrafts
with right of offset within the same banking facility.
Movements in borrowings are analysed as follows:
26 weeks ended 4 March 2017 GBP'000
Opening amount as at 4 September 2016 40,267
Exchange differences (132)
Subsidiary acquired 89
New finance leases 1,025
Finance lease principal repayments (394)
Repayments of borrowings (5,895)
Increase in other borrowings 743
Release of deferred borrowing costs 18
Net decrease to bank overdraft (3,060)
--------------------------------------------------------- ---------- -------------------- --------------
Closing amount as at 4 March 2017 32,661
--------------------------------------------------------- ---------- -------------------- --------------
26 weeks ended 27 February 2016 GBP'000
Opening amount as at 30 August 2015 (restated by GBP3,564,000) 44,465
Exchange differences 67
New bank loans and finance leases 718
Finance lease principal repayments (1,160)
Repayments of borrowings (544)
Decrease in other borrowings (4,438)
Release of deferred borrowing costs 18
Net increase to bank overdraft 1,160
-------------------------------------------------------------------- -----------
Closing amount as at 27 February 2016 (restated by GBP4,553,000) 40,286
-------------------------------------------------------------------- -----------
12. Financial instruments
IFRS13 requires financial instruments that are measured at fair value to be classified according to the valuation technique used:
Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2 - inputs, other than Level 1 inputs, that are observable for the asset or liability, either
directly (i.e., as prices) or indirectly (i.e., derived from prices)
Level 3 - unobservable inputs
All derivative financial instruments are measured at fair value using Level 2 inputs. The Group's bankers provide the valuations for the derivative financial instruments at each reporting period end based on mark to market valuation techniques.
The Group holds shares in several private limited companies. These have been classified as unquoted investments for which fair value cannot be reliably measured and are held at cost less accumulated impairment. Had fair value been applied this financial asset would have been Level 3.
Transfers between levels are deemed to have occurred at the end of the reporting period. There were no transfers between levels in the above hierarchy in the period.
With the exception of those detailed above, the Group's financial instruments are measured at amortised cost.
13. Retirement benefit asset
The amounts recognised within the Income Statement were as follows:
53 weeks
26 weeks ended 26 weeks ended
4 March ended 3 September
2017 27 February 2016 2016
GBP'000 GBP'000 GBP'000
------------------------------------------------------------------ --------------- ------------------ -------------
Service cost - including current service costs, past service
costs
and settlements - (427) (426)
Service cost - administrative cost - 80 139
Net interest on the net defined benefit asset (3) (46) (94)
(3) (393) (381)
------------------------------------------------------------------ --------------- ------------------ -------------
As a result of the closure to future accrual on 31 December 2015 a negative past service cost, net of associated costs, of approximately GBP350,000 has been recognised in the income statement in the 26 weeks ended 27 February 2016 and in the 53 weeks ended 3 September 2016.
Net interest on the defined benefit retirement asset is recognised within interest income.
The amounts recognised in the Balance Sheet were as follows:
As at As at As at
4 March 27 February 3 September
2017 2016 2016
GBP'000 GBP'000 GBP'000
--------------------------------------------- --------- ---------------------------- ------------------------------
Present value of funded defined benefit
obligations (68,180) (59,040) (73,355)
Fair value of scheme assets 73,912 62,967 73,666
--------------------------------------------- --------- ---------------------------- ------------------------------
Surplus in funded scheme 5,732 3,927 311
--------------------------------------------- --------- ---------------------------- ------------------------------
Actuarial gains of GBP5,418,000 (2016: GBP879,000) have been reported in the Statement of Comprehensive Income. The surplus has increased over the period since 3 September 2016 mainly as a result of improving market conditions.
The Group's associate's defined benefit pension scheme is closed to future service accrual and the valuation for this scheme has not been updated for the half year as any actuarial movements are not considered to be material.
14. Share Capital
Allotted and fully Share Share
paid ordinary shares Number capital premium Total
of 2.5p each of shares GBP'000 GBP'000 GBP'000
------------------------ ------------ --------- ----------------- -------------------
Opening balance as
at 4 September 2016 91,192,804 2,280 9,111 11,391
Proceeds from shares
issued:
- Treasury/LTIP 178,027 4 - 4
- share save scheme 24,710 1 18 19
------------------------ ------------ --------- ----------------- -------------------
At 4 March 2017 91,395,541 2,285 9,129 11,414
------------------------ ------------ --------- ----------------- -------------------
Opening balance at
30 August 2015 89,760,090 2,244 8,615 10,859
Proceeds from shares
issued:
- share option scheme 60,000 1 27 28
- share save scheme 26,584 1 15 16
------------------------ ------------ --------- ----------------- -------------------
At 27 February 2016 89,846,674 2,246 8,657 10,903
------------------------ ------------ --------- ----------------- -------------------
Employee share schemes: options exercised during the period to 4 March 2017 resulted in 24,710 shares being issued (2016: 26,584 shares), with exercise proceeds of GBP19,177 (2016: GBP15,765) under the share save scheme and nil shares being issued (2016: 60,000 shares), with exercise proceeds of GBPnil (2016: GBP28,560) under the approved share option scheme. The related weighted average price of the shares exercised was GBP0.776 (2016: GBP0.593) per share and GBPnil (2016: GBP0.476) respectively.
In addition 178,027 shares were issued in the period and held initially as Treasury shares. These shares were subsequently used to satisfy the share awards under the LTIP scheme which were exercisable in November 2016.
15. Acquisition
On 24 October 2016 Wälischmiller Engineering GmbH ("Wälischmiller") acquired the entire issued share capital of STABER GmbH ("STABER") for cash consideration of EUR7.85m including deferred consideration of EUR2.0m, which is payable by 30 June 2018 at the latest.
STABER and Wälischmiller have been working together closely for over 50 years and STABER has most recently been a key supplier of parts for the remote handling business. STABER has designed and developed specialised intellectual property ("IP") which will be strategically beneficial to Wälischmiller in both the near and long term. This IP will accelerate the ongoing strategic development work on the Telbot(R) and the Demo 2000 Telbot(R) by Wälischmiller.
Goodwill represented the excess of the consideration paid over the Group's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities acquired.
STABER has generated intra segmental revenue of GBP205,000 which has been eliminated on consolidation and incurred a loss before taxation of GBP9,000 since the date of acquisition.
Acquisition related costs amounted to GBP190,000 which have been recognised within exceptional items in the consolidated income statement.
The assets and liabilities provisionally recognised in the acquisition accounting are set out below:
Provisional fair value
GBP'000
------------------------------- -----------------------
Intangible assets 160
Property, plant and equipment 341
Inventories 543
Receivables 307
Cash and cash equivalents 506
Borrowings (89)
Payables (230)
Deferred grant income (46)
Taxation
Current tax (39)
Deferred tax (43)
Net assets acquired 1,410
Goodwill 5,574
------------------------------- -----------------------
6,984
------------------------------- -----------------------
Satisfied by:
Cash consideration 5,204
Deferred consideration 1,780
------------------------------- -----------------------
Total consideration 6,984
------------------------------- -----------------------
Intangible assets represent the fair value of know-how within the business.
Had the acquisition of STABER occurred at the beginning of the accounting period the Group's revenue and profit before taxation for the period would not be materially different to the amounts actually recognised in the consolidated income statement.
16. Cash generated from continuing operations
53 weeks
26 weeks ended ended
4 March 26 weeks ended 3 September
2017 27 February 2016 2016
GBP'000 GBP'000 GBP'000
------------------------------------------------------------------ --------------- ------------------ -------------
Profit for the period from continuing operations 6,574 6,713 11,171
Adjustments for:
Tax 1,708 1,792 2,907
Tax credit in respect of R&D (63) (80) (176)
Depreciation of property, plant and equipment 1,977 1,718 3,582
Depreciation of investment property 3 3 6
Intangible asset amortisation 49 83 205
Profit on disposal of property, plant and equipment (11) (80) (84)
Loss on disposal of investment - 10 10
Amortisation of grants (27) (24) (53)
Net fair value loss/(gain) on share based payments 127 222 (99)
Net foreign exchange differences 111 (108) (383)
Net fair value losses on derivative financial instruments in
operating profit 61 48 70
Finance costs:
Interest income (95) (119) (236)
Interest expense and borrowing costs 448 534 1,045
Share of profit from associate and joint ventures (1,708) (1,423) (2,081)
Pension contributions - deficit reduction - (780) (780)
- ongoing - (108) (108)
IAS19 income statement credit (excluding interest) - (347) (287)
Changes in working capital (excluding the effects of
acquisitions and disposals):
Increase in inventories (3,791) (3,010) (1,620)
Increase in receivables (8,677) (9,621) (3,606)
Increase/(decrease) in payables 9,371 4,743 (3,226)
Cash generated from continuing operations 6,057 166 6,257
------------------------------------------------------------------ --------------- ------------------ -------------
17. Related party transactions
The Group's significant related parties are its associate and joint ventures, as disclosed in the Annual Report and Accounts 2016.
Transactions and balances with the associate and joint ventures were all undertaken on an arm's length basis in the normal course of business and are as follows:
Rent Net management Amounts Amounts
Sales Purchases receivable charges owed owed
to from from (to)/from from to
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------- -------- --------------- ------------ --------------- -------- ---------
26 weeks to
4 March 2017
Associate 485 (51,644) 10 (18) 164 (21,804)
Joint ventures 211 (529) - 90 1,889 (151)
26 weeks to
27 February
2016
Associate 327 (44,977) 9 (57) 616 (21,050)
Joint ventures 186 (661) - 84 1,952 (48)
---------------- -------- --------------- ------------ --------------- -------- ---------
18. Post balance sheet event
On 17 March 2017, after the period end, the Group acquired the entire issued share capital of Horse and Pet Warehouse Limited for cash consideration of GBP124,577.
The principal activity of Horse and Pet Warehouse Limited is a retailer of animal products for the pet, equine and smallholding market.
The primary reason for the business combination was the expansion of the existing agriculture business.
Given that this has been a recent acquisition the identifiable assets and liabilities at completion and goodwill have yet to be finalised. The Directors therefore consider it impracticable to be able to disclose this information in these financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR OKDDBABKDCQD
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