Carr's Share Discussion Threads

[cwa1] 10/2/2023 15:48

Audit Timing

Further to the Group's announcement on 26 January 2023, completion of the Group's statutory audit has been extended. Field work is essentially complete, with the Company and its auditor Grant Thornton UK LLP ("GT") currently concluding a small number of supplementary information requests to close out routine testing. Final auditor internal review and quality checks have commenced already.

GT and the Company will complete and release the audited results for the financial year ended 3 September 2022 (the "Results") not later than Monday 27 February 2023.

The Group expects to report the Results in line with previous guidance.

Trading Update

Trading in the early part of the current financial year was strong, but became more challenging in November and December 2022, with lower volumes of feed blocks sold in both the USA and UK markets related to weather conditions, and competitive pricing for tenders in the engineering division. Notwithstanding these challenges, the Board remains of the view that trading for the full year continues to match management expectations and a further update will be provided at the half year.

[somethingsup] 26/1/2023 15:20

That’s rather frustrating but at least it gets the new Board in place before resuming its listing.
Is something else afoot…seems a long time to satisfy an Audit that’s already been finished?
Will be nearly 6 mths of trading in new group by 14th Feb.

[cwa1] 26/1/2023 13:10

Update on Audit completion, Results and AGM timing, and Board Succession



Carr's Group plc (LSE: CARR), the Speciality Agriculture and Engineering
group, announces an update on the completion of its statutory audit, dates of
its full year results for the financial year ended 3 September 2022
("Results") and Annual General Meeting ("AGM"), and Board succession.



Further to the Group's announcement on 4 January 2023, the Group's statutory
audit timetable has been extended due to the additional work required as
announced on 22 November 2022. The Group, therefore, anticipates releasing
its Results on 14 February 2023.



The Group's AGM will be held in Carlisle at 12.00 p.m. GMT on Monday 27
February 2023. Notice of the AGM will be issued to shareholders by no later
than 3 February 2023.



Following publication of the Results, the Group will call a separate General
Meeting to approve the Annual Report and Accounts for the financial year ended
3 September 2022 ("Annual Report and Accounts 2022"). Notice of the meeting,
together with a copy of the Annual Report and Accounts 2022 will be issued to
shareholders as soon as practicable after 14 February 2023.



To facilitate timely completion of the Annual Report and Accounts 2022, the
following previously announced changes to Board appointments will become
effective at the time the Results are released:

·

Tim Jones will join the Board and immediately take up the role of
Non-Executive Chair

·

Peter Page will relinquish the role of Executive Chair and become
Chief Executive Officer

·

Neil Austin will leave the Board and stand down as Chief Financial
Officer

·

David White will join the Board as Chief Financial Officer



At the request of the Group, trading in Carr's shares was suspended on 4
January 2023 in accordance with the FCA's Listing Rules. The Group will apply
to have the trading of its shares reinstated upon the day its Results are
published.

[p1nkfish] 24/1/2023 20:18

Harwood taking a position gives some confidence no matter when the response.
Fingers crossed.

[somethingsup] 24/1/2023 17:23

RNS tomorrow??

[somethingsup] 22/1/2023 21:08

Dividendmax says Declaration of dividend is on 25th Jan.
I’m assuming that’s when we get the Audit response?

[somethingsup] 15/1/2023 18:08

Very much hope the Audit is revealed this week and a decent Trading statement is received for the 2 remaining businesses. They’ve nearly had 5 months of trading in this new financial year so we should know wether the strategic revue has worked. Markets been buoyant since shares suspended. New FD on board. Come on Carrs!

[fevertreeman] 05/1/2023 21:57

Page must have read our comments about teh finance director because after the audit shambles Austin was a deadman walking imo so had to go quickly. Remains to be seen if Page can create value for shareholders but at least he and the board have acted decisively. Remains to be seen whether the re-audit throws up an ynasties, but today's announcement was mildly reassuring.

[cwa1] 04/1/2023 09:39

Update on Group Audit and Temporary Suspension of Trading in Ordinary Shares


Carr's (CARR.L), the Speciality Agriculture and Engineering Group, provides an update regarding the delay to the publication of its audited results for the year ended 3 September 2022 ("FY22").

As announced on 22 November 2022, following a thorough exploration of all options for completing a second audit of Carrs Billington Agriculture (Operations) Limited in order for the Company's auditors, Grant Thornton UK LLP ("GT"), to be satisfied that the Financial Reporting Council's independence requirements would be met, the Company and GT concluded that it would not be possible for the Company to publish its audited financial statements for FY22 ("FY22 Results") by 3 January 2023.

As, under the Financial Conduct Authority's ("FCA") Disclosure Guidance and Transparency Rules, the Company is required to publish its audited FY22 Results by 3 January 2023, the Company confirms that it has now requested, and received confirmation from the FCA, that the listing of the Company's ordinary shares of 2.5 pence each (the "Ordinary Shares") will be temporarily suspended with effect from 7.30 a.m. on 4 January 2023.

The Company will continue to work closely with GT to ensure that the FY22 Results are published as soon as possible in January 2023. The Company will request a restoration of the listing of its Ordinary Shares on publication of its FY22 Results.

The Board confirms that the unaudited performance for FY22 was in line with its expectations and ahead of the prior year.

[c3479z] 04/1/2023 08:41

before the 'end of January'
would be a more attractive investment to me were it to become AIM listed like wynnstay and NWF and would save listing fees.

[cwa1] 04/1/2023 07:45

Company suspended at it's own request as expected, wonder how long it will take to get audit done?

[bigbigdave] 20/12/2022 07:25

Harwood Capital taking 6%, new holder.

[somethingsup] 15/12/2022 07:34

Our man Peter Page is assembling quite a strong management team. New FD, David White has some excellent credentials for Carrs.
Just need a positive Trading Statement, as promised, and 2023 could be the year of shareholder value. 🙏

[fevertreeman] 01/12/2022 10:41

Not before time frankly. His appointment is welcomed. The handling of the accounting mess was symbolic of what a poor quality board and managementteam thsi company has been saddled with for the last few years. I would have thought that the chairman's first order of business will be to (1) reassure himself that rump Carrs' is commercially viable and if not move to break the company up (2)reassess the competence of the management team esp CFO (3)build bridges with long suffering shareholders (4) rebuild morale internally which must be grim given the problems of recent years

[p1nkfish] 01/12/2022 10:13

There's a chance of a proper turnaround, yes.

[somethingsup] 01/12/2022 09:46

Tim Jones seems a quality person. Treat Plc roughly same t/o as Carrs with huge multiple. I’d suggest he sees the new Carrs as a similar set up and opportunity.
Looks like things a ticking up.

[kinwah] 24/11/2022 04:41

In the Edison note the free float figure of 57% (pre-disposal) looks suspect. Firstly the disposal doesn't affect shareholdings and secondly possibly only Heygates, Fidelity and the directors could be considered non-free float shareholders.

[remslie] 23/11/2022 13:10

No indication of cash bizarrely in Edison note

[somethingsup] 23/11/2022 11:47

Well it’s far better than the note Carrs produced which was rather confusing!

[cwa1] 23/11/2022 08:33

FWIW a flash note from Edision:-

[kinwah] 23/11/2022 02:09

The increase in net debt of £4m is trivial for a company with £400m of turnover and will be down to increased working capital as stocks go up in value due to inflation. The audit problem is interesting as CBAO is an unconsolidated associate over which Carr's has little influence. GT presumably want to look at the intercompany trading which is very substantial. Good question regarding the final dividend in January which always helps with the January tax bill. The way round it would be to declare a third interim payment payable in January and a token final payable in February or March, approved at the delayed AGM. That raises another interesting question. Will the AGM be held in Cumbria? The GM for the disposal was held in London and following the disposal the Cumbrian-based operations are now a much smaller part of the whole group. The AGM has the potential to be unusually stormy as it will be the first Covid unaffected AGM since 2020 and a lot has happened since then.

[p1nkfish] 22/11/2022 20:00

They had a headcount problem elsewhere leading to delays. Wonder if that is also an input here.

[charlotte2020] 22/11/2022 19:07

Always worries me when I see GT auditing

[somethingsup] 22/11/2022 17:32

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

That’s encouraging at least.

I wonder how they will manage the dividend distribution in Jan 2023. The audit will no doubt delay this.

Presume the net debt is a reflection before the sale funds were received which was towards end Oct.

Slightly confusing statements but encouraged by the trading in the remaining 2 divisions.

It’s not a ride we were expecting nor wanting in the current climate.