Carr's Share Discussion Threads

[1tx] 22/11/2022 12:41

The net debt of the continuing group @ 3rd Sept is I assume prior to receipt of net proceeds of CB disposal as it this was before disposal date this amount will vary depending on bills paid,level of business,stocks etc.As for the audit delay I think that management should have found from GT if they would have to audit CB division to verify the other auditors results & the time scale involved & given appropriate warning when the disposal was announced at latest.I agree there are serious doubts about management.

[bluewater] 22/11/2022 12:34

I sold my remaining holding this morning. Supposedly profitable but increased debt. Change of auditors, who now discover a conflict of interest. It doesn't smell right.

[fevertreeman] 22/11/2022 11:28

why did net debt jump 40pc...?

[fevertreeman] 22/11/2022 11:27

why did net debt jumped 40pc????

[cwa1] 22/11/2022 07:23

Trading Update and Delay To Audited Results



Trading update

Since the Group's last trading update on 5 August 2022, Carr's has continued to perform strongly, with performance for FY22 in line with the Board's expectations and ahead of the prior year.

Post period-end, the Group disposed of its Agricultural Supplies division. The continuing Group is therefore made up of the Speciality Agriculture and Engineering divisions. FY22 adjusted operating profit in Engineering was behind the Board's expectations, as previously indicated. However, it was significantly ahead of the prior year. In Speciality Agriculture, adjusted operating profit was ahead of the Board's expectations but down slightly versus the prior year due to margin erosion in the first half. Net debt (excluding leases) for the continuing Group as at 3 September 2022 was £14.0m (2021: £10.0m).

Trading for continuing Group operations in the current financial year has started well, in line with the Board's expectations and ahead of FY22.

They've also announced a delay to the audit process and short term suspension of the shares in early January

[fevertreeman] 15/11/2022 09:14

Well said. It remains to see whether Page is capable of getting some growth back into this business. The Board's performance to date has been utterly woeful and devoid of dynamism or intent. His presentation on the sale was dreadful - among the worst I've seen in years.....The question I keep asking is what is the point of Carr's? Page has yet to provide a satisfactory answer. Is he capable of runnig a bath let alone the rump business?

[1tx] 10/11/2022 11:37

The unknown unknown that we will hear about next month will be the policy on future dividends.We are investing the net funds in the engineering & animal health businesses partly to pay down debt.On the other hand these businesses are now the only source of dividends!The animal feed business,farm supply stores etc whilst it may have had a low margin on turnover was perhaps the "cash cow" that funded the divis.

[somethingsup] 04/11/2022 16:58

We certainly need some acquisition news to boost the EPS and push the price higher. Perhaps we will get more news when finals announced this month. Let’s not rush into a bad decision but surely management already have plans for the cash received? Hope so!

[fevertreeman] 26/10/2022 16:08

Once again our deadbeat bunch of leaders have managed to miscalculate the inital amount paid! As usual no bloody clarity - this lot couldnt run a bath ffs.

This is from the 31 August RNS: initial proceeds expected to be £26.4m

The initial purchase price of £43 million is expected to be reduced by estimated debt of approximately £19.2 million, increased by an estimated normalised working capital adjustment of approximately £6.5 million, and an amount to be paid on a deferred basis of at least £4 million (comprising a retention relating to debtors of approximately £1.35 million and a further deferred payment of £2.65 million). Initial cash proceeds are, therefore, expected to be £26.4 million.

And todays' announcement: The initial cash proceeds received were £24.7m following certain working capital adjustments since the announcement on 31 August 2022

So a mere £1.7m of working capital adjustments...ffs what on wearth are they doing up there ??????

[cwa1] 26/10/2022 12:35

26 October 2022





Carr's Group plc

(the "Company")


Completion of disposal of interests in Agricultural Supplies Division


Further to the announcements on 31 August 2022 and 19 September 2022, the Company confirms that the disposal of its interests in the Agricultural Supplies Division has now completed. The initial cash proceeds received were £24.7m following certain working capital adjustments since the announcement on 31 August 2022. The consideration receivable remains subject to any final adjustments once the completion accounts mechanism is finalised.

Capitalised terms in this announcement shall, unless otherwise defined, have the same meanings as set out in the Company's announcement on 31 August 2022.

[fevertreeman] 24/10/2022 11:16

Apologies you are correct that the transfer to Jupiter's management under their sdmall cap team hasnt ledto them bailing out.....that is a relief but where is the catalyst for value creation? Carrs has a dismal history of not creating shareholder value.

[p1nkfish] 22/10/2022 16:47

Very useful summary of changes BF, thank you.

[bottomfisher] 22/10/2022 11:37

Re; changes in share stakes. Rights and Issues has not sold its stake in Carr's. All that has happened is that the management of the trust has been transferred to Jupiter who have signalled that they now own the stake.

I have no inside knowledge about the strengths/weaknesses of Carr's top management who are now in charge of a much slimmed down, but higher margin business. But Peter Page, Carr's new chief executive, appears to have had a successful 11 years as CEO of Devro, a considerably bigger and more profitable company than Carr's, and since he took over as chairman three years ago has spent £187,00 on buying Carr's shares at an average price of £1.50.share.

[somethingsup] 22/10/2022 06:37

Please update the website & Linkedin?

[somethingsup] 21/10/2022 20:33

Might get an RNS Monday on whose reduced a major shareholding and who has bought. Cash in Bank end Oct (I hope!).
At least the shares have steadied up. Let’s hope results in Nov and trading statement are positive. Maybe a good thing to be sitting on a load of cash?

[fevertreeman] 21/10/2022 18:05

2.7m shares traded and the share price didn't budge! What we know is that none of those will come from our useless board of dreictors who have driven this into the ground. So my guess is that another institution has throwen in the towel (following Rights who sold out)but that they have found a buyer for their stake. TR1 no doubt will follow. Wouldnt surprise to find a hedge fund or PE firm suddenly taking a notifiable stake in this dozy outfit. £30 of net cash about to hity bank a/c valuing the remaining franchises in nuclear engineering & specialist agri at a paltry £60m. This company is a sitting duck frnakly; and management are hopeless.

[cwa1] 21/10/2022 16:53

And another day of hefty volume, wonder what's going on here?

[cwa1] 20/10/2022 16:44

Couple of bigger than usual trades today...

[cwa1] 21/9/2022 16:32

Took a punt on a few at nearly the pound mark in the vague hope that there's some value hereabouts...

[fevertreeman] 21/9/2022 11:02

The fall is relentless , now trading below £1. To give this some perspective, the disposal announcement came out on August 31. The share price close that day at 133p On August 31 the day of the disposal announcement the share price closed at £1.33p. So we have a strategic review of the group that lasted 9 months, and culminated in exiting the JV, in return for a wodge of cash, a significantly smaller group, but one with higher prospective margins. So suppoedly a transformational deal. Sadly Mr Market, and shareholders did not buy this view.

Perhaps our Chairman and Board would care to explain why after a supposedly transformational deal, our share price has tanked 25%+ in 21 days? The Board should hang their collective heads in shame at their disastrous performance. The senior NED should be on the phone to the institutions explaining what has happened and why they should stick weith it.Disastrous stewardship of a business that appeared to have strong positions, but they have destroyed confidence in teh company. The CEO who was fired clearly came up against entrenched board opposition among the has-beens in Cumbria. Utter disaster.

[fevertreeman] 15/9/2022 11:52

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

[bottomfisher] 13/9/2022 11:05

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.

[fevertreeman] 13/9/2022 09:40

It speaks volumes about this unimpressive Board, that it has taken this long to figure it out that the Group in its current incarnation was a route to nowhere. No wonder the previous CEO left! My sympathies go out to him as this useless lot seem hell bent on driving this company into the ground. And nothing we have seen since indicates that this company is in anything but a downward spiral. The Chairman's presentation of the disposal was one of the least inspiring I've witnessed in decades, including when I was a fund managere and subsequently as a board memeber of a large listed company. No enthusiasm, no vision, no explanation as to why an engineering business sits well with specialty agriculture. There was nothing for supportive shareholders to feel excited about. And nothing for loose holders inclined to bail to prevent them doing so i.e. no special div, no share buyback, no mention of acquisitions. There is absolutely no way under this lot that this company can grow organically at the pace needed to rerate, and build back the revenue base. So to get moving they have to do it inorganically, and would you trust them not to destroy more shareholder value. The share price reaction to a £40m sale speaks volumes. In most other companies this would be greeted with a big move, nbut here it is the reverse. The Board should be fired, and teh company taken over and broken up. It is simply unacceptable.