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Carr’s Group (LSE: CARR)

Last close As at 17/04/2024

GBP1.15

▲ −0.50 (−0.43%)

Market capitalisation

GBP109m

Carr’s Group’s Speciality Agriculture division serves farmers in the UK, Ireland, the United States, Germany, Canada and New Zealand with feed blocks and feed supplements. The Engineering division offers remote handling equipment and fabrications to the global nuclear and oil and gas industries.

The Engineering division order book was up 47% to £60m, assisted by positive medium-term fundamentals from nuclear and defence, while 85% coverage for FY24 suggests the focus is on execution. Speciality Agriculture had an improved Q124 with UK volumes up 20% although cost pressure remains. The group has a new executive management team in place with a strategy to deliver in Engineering and improve in Speciality Agriculture, along with a strong balance sheet to support investment where required.

Latest Insights

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Industrials | Flash note

Carr’s Group — An enhanced value-creation strategy

Industrials | Update

Carr’s Group — Cautious optimism

Industrials | Flash note

Carr’s Group — A new team to take the group forward

Industrials | Flash note

Carr’s Group — Progressing to plan
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Sector

Industrials

Equity Analyst

David Larkam

David Larkam

Analyst, Industrials

Key Management

  • David White

    CEO

  • Gavin Manson

    CFO

  • Tim Jones

    Chairman

Balance Sheet

Forecast net debt (£m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (2.6) (0.4) (4.8)
Relative (3.7) (5.1) (4.6)
52 week high/low 149.8p/93.8p

Financials

Carr’s Group has announced an updated strategy that offers the potential for value realisation and creation from a number of avenues. These include: value realisation of the Engineering Division; the ability to significantly reduce central costs; and longer-term value creation in the Agriculture Division as a focused business with recovery potential and a strategy to leverage its strong market positions for growth.

Y/E Aug Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 124.2 13.0 11.2 9.9 11.6 N/A
2023A 143.2 7.1 7.5 6.1 18.8 N/A
2024E 148.9 12.4 8.8 7.4 15.5 N/A
2025E 154.8 14.2 10.6 8.9 12.9 N/A

Research

Update

Industrials

Carr’s Group — Cautious optimism
Carrs-Group_resized

Flash note

Industrials

Carr’s Group — A new team to take the group forward

Industrials

Flash note

Carr’s Group — An enhanced value-creation strategy

Flash note

Industrials

Carr’s Group — Progressing to plan

Update

Industrials

Carr’s Group — Weaker agriculture markets affect expectations

Update

Industrials

Carr’s Group — Weather affects H123 performance

Update

Industrials

Carr’s Group — Details of FY22 performance

Update

Industrials

Carr’s Group — Initial look at FY22 performance

Flash note

Industrials

Carr’s Group — Publication of FY22 results delayed

Update

Industrials

Carr’s Group — Sale puts focus on higher-margin activities

Update

Industrials

Carr’s Group — Coping well with commodity price rises
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Thematics

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Industrials

Deutsches Eigenkapitalforum (EKF) 2023 industrials

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Industrials

The long and winding road

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