Revenue and profits rise in animal feeds
AGRICULTURE, food and engineering group Carr's Milling Industries has announced an increase in half-year sales and profits.
The firm, which has an animal feed pellet-producing mill in Stone, has seen revenue for the six months to March 3 rise by 12 per cent, from £175.5 million to £196 million.
Pre-tax profits jumped by 31 per cent, from £5.7 million to £7.4 million.
The group, which also has a Carr's Billington Agriculture branch in Leek, said revenue in its agriculture division was up 12 per cent to £147.2 million. Pre-tax profits rose by 19 per cent to £5.2 million, despite lower UK feed volumes, because of the mild winter weather.
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Chief executive Chris Holmes said: "The board is pleased with the first-half performance, which was ahead of our forecast.
"The trading environment, particularly in agriculture, is mixed due to the milder weather conditions experienced and this trend has continued into the second half. However, demand for our products, particularly animal feed blocks, remains strong. "Following the profit growth achieved in the first half the board believes the results for the year will be ahead of the expectations the company had at the beginning of the year, and is well positioned for sustained profitable growth."
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