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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Carr's Group Plc | CARR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -6.00 | -5.00% | 114.00 | 16:35:09 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 119.50 | 115.50 | 120.00 | 114.00 | 120.00 |
| Industry Sector |
|---|
| FOOD PRODUCERS |
| Top Posts |
|---|
Posted at 28/11/2023 18:43 by fevertreeman Harwood has its work cut out to restore this to health in its current form. Successive management teams have hobbled the group, with the only strategy appearing to be shrinkage and sale. The acme of this was under the disastrous leadership of Peter Page who as Exec Chair & CEO drove this into the ground and whose only management action was to fire the previous CEO and flog the Ag Supplies business. Don't forget he was only appointed CEO in February, lasting an impressive 6 months before investors kicked him out. Sadly not before he had presided over an unholy mess. So Chris Mills & the new management team he has assembled (lots of PE experience) will have one task before them - find willing buyers for the two businesses...and try and coax some life out of them in the mean time. |
Posted at 21/3/2023 10:31 by samson23 I wonder how the institutional investors are taking this. Liquidity is everything as Neil Woodford found out !!!!! |
Posted at 11/2/2023 18:12 by bottomfisher The latest delay (the third) in the release of Carr’s long overdue results for the year to September 2022 is highly embarrassing and reflects poorly on the stewardship of Peter Page, the ex-Devro ceo, who took over as chairman at the start of 2020.The delay in the release of the accounts means that the company’s shares have had to be suspended since January 4th.The initial plan was to have the results published “as soon as possible” in January. That deadline was then shifted to February 14th and has now been pushed back to “no later” than February 27th which is the same day as the company’s long delayed annual general meeting to approve the accounts for the year to September 2022. So much for shareholders having time to read the report and accounts before the agm vote. The delay in the release of the 2021/22 accounts has been portrayed as a due to technical difficulties resulting from a need for a separate audit of an associate company that was sold as part of the disposal of Carr’s low margin agricultural supplies division. The company insists that trading for the last financial year and the first half of 2022/23 has “been in line with management expectations”, whatever that means. However, the delay in publishing the accounts, together with the long delay in implementing the strategic review which led to the eventual sale of the agricultural supplies division, has left shareholders frustrated. The arrival of Christopher Mills’ Harwood Capital on Carr’s share register less than four months ago, suggests that Carr’s lacklustre performance has finally started to attract the attention of potential predators/activist investors. Since Page took over as chairman three years ago he has been through two chief executives and took on the role of executive chairman in October 2021. He steps down to become chief executive after this month’s agm, when Tim Jones, the former chairman of one time stock market high flyer Treatt, takes over as Carr’s chairman. The latest trading update, released with news of a further delay in the publication of last year’s results, made a depressing read. After a good start in the early part of the current financial year trading had become “more challenging” with lower volumes of feed blocks sold related to weather conditions in both the USA and UK markets, and “competitive pricing for tenders in the engineering division”. This hardly suggests that the slimmed down Carr’s is going to be quickly transformed into a high margin growth stock. Hopefully, finding a new chief executive to replace Page will be a top priority in the new chairman’s in-tray. |
Posted at 15/9/2022 10:52 by fevertreeman Unfortunately, it appears that the slide presentation was it. I have no idea how the presentation went down with institutional investors, but judging from the share price not well. Simon Knott, on of our best fund managers, who ran Rights & Issues investment trust since 1984, stepped down as its investment manager on Sept 1. For Carr's is his 10th largest holding, as of Anugust, with 4.75m shares so he clearly saw value. Howeve, given the performance of the management post announcement of sale + the fact that Jupiter are now in the drvingi seat at teh fund, I wonder what their view is? Something has to change at Carrs and quick because the management appears dire |
Posted at 13/9/2022 10:05 by bottomfisher Dear Fevertreeman. Read your comments with interest. Re: the chairman's presentation of the disposal. Has there been any formal presentation to investors, apart from the slides and associated commentary on the group website? I would love to see the chairman subject himself to questioning from a wider investor audience via something like InvestorMeet or the Mello meetings.Unfortunately, I am away next week so will not be able to attend the company meeting set to approve the deal which would have been a good occasion to raise some of the issues you have highlighted. |
Posted at 10/8/2022 17:36 by bottomfisher Does anyone have any thoughts on whether Heygate & Sons, Carr's biggest shareholder with a 13.5% stake, has much influence on the future direction of this company?Arthur and Paul Heygate, the two directors of Heygate & Sons, are both in their late 70's and described as farmers and flour millers in Companies House filings.Heygate is a fairly sizeable agribusiness with revenues of around £300m, net profits of £6.7m, and around 1100 staff, roughly the same as Carr's. If the latter is to be broken up, which seems on paper the most obvious course, what role, if any, might Heygate & Sons play? Is there a younger generation of Heygates waiting in the wings to take over Carr's agricultural side?. Perhaps debate about Heygate's own future might partly explain the long delay in sorting out what happens to Carr's. Any thoughts from more knowledgeable investors than myself most welcome. |
Posted at 17/1/2022 17:36 by value hound Tipped in Master Investor FWIW:------------ Carr’s Group – a robust balance sheet and undervalued upside This group has been a real laggard to date but I now reassess its prospects. I was casting an eye over some of my Profile non-performers and this company appears to me to be worth a lot more than the current market valuation. The business I am hoping that the Annual General Meeting, to be held tomorrow for the Carlisle-based Carr’s Group (LON:CARR), might impart some good news to help improve its rating. This is not a whizz-bang fintech stock, nor a flash pharma one either, instead it is a £147m capitalised group that is actually making profits, despite facing pandemic issues. Corporate history The company was established by Jonathan Dodgson Carr in 1831 as a baker and dealer in meal and flour. To supply the baking business, he set up his first flour mill in 1834. Diversification into the animal feed business came shortly after WWII. The group went public in 1972 and it subsequently acquired its first engineering business in 1996. Some twenty years later the company disposed of its entire shareholding in Carr’s Flour Mills. August 2017 saw the acquisition of NuVision Engineering, a US-based world-renowned technology and engineering company. Further corporate expansion was seen in September 2018, with the acquisition of Animax, a manufacturer of market-leading livestock trace element supplementation products. A year later the group acquired NW Total Engineered Solutions, a service and manufacturing company serving the nuclear defence, nuclear decommissioning, nuclear power generation and other highly regulated markets, such as the utilities, pharmaceuticals and energy sectors. Today Carr’s describes itself as 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 over 50 countries around the world. It operates a decentralised business model that empowers its operating subsidiaries to be competitive, agile, and effective in their individual markets whilst setting overall standards and goals. It derives 84.3% of its £417.3m sales revenues from the UK, some 11.5% from the US, 3.8% from Europe, and New Zealand 0.4%. Speciality Agriculture Its Speciality Agriculture division manufactures and supplies molasses feed blocks, minerals and boluses (large vet pills) containing trace elements and minerals for livestock. It has operations in the UK, Germany and the US. This division handled £68.5m (16.4%) of the group’s £417.3m revenues in the year to end August 2021, making a £9.5m operating profit. Agricultural Supplies Its Agricultural Supplies division manufactures compound animal feed, distributes farm machinery and fuels, and runs a UK network of rural stores, providing a one-stop shop for the farming community. This side operates over 37 rural outlets across the north of England and Scotland, including seven machinery branches. It manufactures and distributes some 500,000 tonnes of animal feed produced at three plants in the UK. The company also services rural and farming communities in the UK with heating oil and fuel from its eight depots. This division represented £297.5m (71.3%) of revenues, generating a slim but improving profit of £6.7m. The last year was a successful one with feed volumes, machinery revenues and retail sales all improved. Engineering Its Engineering division designs and manufactures pressure vessels, manufactures precision components from specialist steel alloys, manufactures robotic manipulators, and provides engineering design, assembly, and installation services for the nuclear, defence and oil & gas industries. Engineering contributed £51.3m (12.3%) of sales and £3.9m of operating profit. Despite lower oil prices and Covid-19 impacting this side in Q1 its adjusted profits were only marginally higher. However, it ended the period with a 15.9% increase in its recovered order books and now stands at over £44.6m. Outlook The company has a strong cashflow and a robust balance sheet, worth some £130m. Group debt is expected to reduce still further this current year, after the 47.2% drop from £18.9m to just £10m by the year end. Estimates suggest £8m in 2022 then down to just £2m by the end of the 2023 trading year. Livestock and milk prices remain strong, which should underpin strong demand for Speciality Agriculture in both the UK and the US. Continued investment in Agricultural Supplies, is expected to be made this year across people, processes and technology. Market Views Trading in FY22 has started positively and in line with expectations, with the inflationary headwinds being managed. The group’s Board remains confident in the prospects for all three divisions. Market expectations are for a slight increase to £422m in sales, to £17.25m in profits, worth 13.7p in earnings and covering a 5.2p dividend. For the year to end August 2023 sales are expected at £434m, profits of £17.9m, earnings at 14p and a dividend of 5.4p per share. My View I see the next couple of years being a period of advancement for Carr’s. It is a well-run business that is able to grow steadily, aided by the occasional acquisition – much as it has done since 1831. Having first prepared a Profile on the company way back in July 2019 I have only seen the shares subsequently peak out at 160p, only some 7p better than my initial price. However, I really do like the investment attractions of this solid company after the hassles of the last couple of years. With its shares now at only 152p I will set a new Target Price of 185p for 2022. |
Posted at 25/4/2021 18:23 by s34icknote Investor chronicle Says hold on a pe of 16 Even though we're on a pe of 8 !So should double !!! |
Posted at 21/4/2021 07:34 by dozey3 Yes, hope his plan is to see Engineering back to a profitable and upward trajectory and then sell it off. Plenty of prospective owners at the right price - Avingtrans for one. As it stands prospective investors are put off by the illogical mini-conglomerate nature of Carrs; sorting it would add value. |
Posted at 26/3/2021 17:20 by johnsoho They have a mention in today’s Investors Chronicle as a cheap small cap |
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