Carr's Share Discussion Threads

[p1nkfish] 08/6/2023 09:01

Below is relatively small but if I remember correctly some large nuclear contracts due by 2026 worth many times more. Below is May 2023 for £8M.



Might help explain insider buys too.

[p1nkfish] 19/5/2023 12:34

Another too.

[p1nkfish] 16/5/2023 08:53

Good vote of confidence by an insider.

[samson23] 09/5/2023 09:47

Many thanks Kinwah I have found it now. Good dividends and increasing share price. Whats not to like. All is seemingly well in the Carrs world.(I hope)

[kinwah] 06/5/2023 15:47

Samson yes we are getting two dividends. 12th May we get the final dividend of 2.85p followed by the interim dividend you mention in June. I said at the time, the final divi announcement was so badly done I struggled to find it as it was not where it would be normally or listed in the highlights. It was voted on at the GM and had 100% approval.

[samson23] 05/5/2023 18:06

Are we getting two dividends ? the June dividend is called the first interim dividend for this year no mention of last years final dividend.

[kinwah] 04/5/2023 18:43

Apparently the general meeting was very well attended especially by former directors. Attention was drawn to the extortionate cost of last year's audit - over £1 million and the lack of growth in dividends compared to directors' remuneration. I get the impression various things are happening behind the scenes. I wouldn't be surprised if there were plans to cut overhead costs now the group has slimmed down. Nice that we'll be getting the final dividend soon and an interim dividend next month. That'll pay for the summer holiday.

[cwa1] 02/5/2023 14:34

Large protest against the remuneration report:-

[ldavis] 18/4/2023 14:02

Possibly explains why there was the extra delay in producing this years results if they were having to work through missreporting from the previous auditors.
There was a restatemnt/ adjustment of previous years numbers reported but the announcement claimed it didn't affect the overall profit so hopefully it is just an issue for KPMG.

[samson23] 18/4/2023 13:46

Is this just an extension (backwards) of this years problem? No action was taken this year so is it a problem?

Surly any penalties should be incurred by KPMG as it is their duty to sign off the accounts.

[cwa1] 18/4/2023 06:33

Taken from Stockopedia:-

April 18 - Carr's Group PLC CARRC.L :



* FINANCIAL REPORTING COUNCIL HAS COMMENCED AN INVESTIGATION
IN
RELATION TO AUDIT CONDUCTED BY KPMG LLP OF CONSOLIDATED
FINANCIAL STATEMENTS OF CARR'S GROUP PLC FOR PERIOD ENDED 28
AUGUST 2021


* INVESTIGATION WILL BE CONDUCTED BY FRC'S ENFORCEMENT
DIVISION
UNDER AUDIT ENFORCEMENT PROCEDURE.

[somethingsup] 12/4/2023 16:17

Expecting an RNS tomorrow with further buying from Harwood Capital?

[kinwah] 11/4/2023 23:27

Samson, you raise an interesting point regarding the first interim dividend for financial year 22/23. The GM will be on the same day that the interim results are released with the final dividend for 21/22 being paid on 12th May. That makes the GM on 2nd May a higher profile event as the directors can be quizzed on the interim results released that morning. It would seem likely that the interim results won't be anything special so there must be a chance that the first interim dividend due in June could be omitted. CARR might decide to move to a more normal single interim dividend meaning the total dividend is reduced by 25% leaving it closer to being twice covered by earnings. 2nd May would be the perfect time for the new board to reset the dividend policy and set out plans to grow the business.

[somethingsup] 02/4/2023 08:57

Minette Batters gave Agricultural Products a good plug this a.m. on LK to enable farmers to get to net zero.

[value hound] 31/3/2023 10:02

Chris Mills topping up

[cwa1] 31/3/2023 10:02

Increase in holding announced:-

[samson23] 29/3/2023 22:23

More concerned about the income tax on the dividend. In the last years they have been paid in June, Sept/October and January in each tax year. If there either 4 payments (including what would have been paid in January last tax year) in this tax year (or even if June is cancelled and the the remaining dividends increased to compensate I would be over the limit for Tax free this year.(now reduced to £1000 tax free on dividends)

[1tx] 29/3/2023 10:18

The final divi we are awaiting is for the 21/22 financial year.We are now in the 22/23 financial year.The next accounts due are interims for the period to 31/03/23 which are due before end June.The dividend policy,amount & timing, for the continuing group is yet to be advised.The cost of each divi is charged to the accounts in the financial year it is paid.

Somebody appears to have bought £1.5m worth of shares albeit probably an arranged deal between two holders.

[samson23] 29/3/2023 09:59

Very late RNS seems to be the standard for this episode. Maybe to stop speculation in the markets. However been trading for 3 hours now and no sign of any serious problem.

If the dividend is paid in May? this year will this count as 22/23 dividend (was due January) or will there be 4 dividends in tax year 23/24 or will one just be conveniently "lost"?

[redalert] 29/3/2023 06:41

trading restored RNS'd

[kinwah] 28/3/2023 09:46

This is such an unusual situation that I suspect the FCA might have other concerns. CARR had been an anomaly as a listed company in that it derived over 70% of its revenue from non-wholly owned businesses. The issue with the audit of Carrs Billington Operations highlighted that a substantial part of the business was not under CARR's control. I am no expert on the listing rules but generally, listed companies need a substantial majority of the company's operations under their control. Carr's escaped the Stock Exchange/FCA taking much notice of the company's unusual corporate structure for over 20 years. Now the FCA will be looking at the application for a restoration of the listing and maybe considering that CARR needs to issue a new listing document. If so that would entail considerable expense and delay. It may even be the case that the company could switch to AIM which would not have been possible previously under the AIM rules due to the structure of Carrs Billington. I really hope CARR's advisers and the FCA can sort the situation out swiftly for the sake of shareholders.

[1tx] 27/3/2023 09:48

The only reason I can see for the delay in relisting is that we are awaiting Companies House listing the new accounts on their site so we are in compliance with UK Company Law.As we are presently listed as accounts overdue until new accounts are posted.It normally takes about 5 working days from receipt of new accounts by Companies House to their listing.I see nothing in the new accounts & in particular audit opinion that would cause the FCA to refuse listing.

I see Edisons SOTP valuation of Carr's as very generous in todays market.Happy to be wrong but I feel a 10 times net profit valuation of engineering & 12 times valuation for speciality agricultural products more likely less head office costs,plus net cash.

[somethingsup] 27/3/2023 08:59

I hope they are correct on their SOTP valuation or somewhere close.
I think we deserve some good fortune.

Hope the FCA gives the OK for trading even though I’m rather nervous?!

[cwa1] 27/3/2023 07:15

Edison(paid for) research on results:-