Carr’s Group operates in relatively defensive markets. Demand for agricultural outputs worldwide is being driven by a rising global population, a switch to Westernised diets in the developing world and the adoption of bio-fuels. Demand for products and services from the Engineering division is primarily related to investment in the global nuclear industry and benefits from employers’ increased concern about removing personnel from hazardous environments. While enjoying the beneficial impact of these macro-trends, management’s focus on internationalisation and innovation reduces the exposure to crop and livestock disease, local variations in weather patterns and to government farming policies, from which agricultural stocks typically suffer, and Brexit.

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