Can you Find it – Business © 2017 THE FULL STORY…CARRS REPORTS SEVENTH INCREASE Published in Can you find it Business Edition on Thursday, December 1st 2015
EXECUTIVES at Carr’s Milling Industries are confident the group can continue to grow after reporting its seventh successive earnings increase.
Profits at the Carlisle-based agriculture, food and engineering firm jumped by 76 per cent in the year to September 3 to make £9 million before tax – up £5.1 million on the previous year.
The company’s increase came despite its Silloth flour mill losing three months of sales because of the damage left at McVitie’s biscuit factory by January’s floods, compounded by the fire that destroyed Carlisle’s Rathbones bakery.
Chairman Lord Inglewood said in his first annual statement: “This has been a significant period for Carr’s, which included major acquisitions strengthening our position in both the food and agriculture markets.
“It is a testament to the underlying strength of our business that it continued to perform well during this busy period.
“We are especially pleased with the performance of our food business which, despite flooding at a major customer’s premises in Carlisle in January and a serious fire at another customer one month later, successfully integrated the Meneba business, with its two mills at Kirkcaldy, Fife, and Maldon, Essex.”
The operating profit from the enlarged food division was £2.2 million.
Overall, group sales rose by 23 per cent to £192 million.
Much of the increase in profits was due to a £4.1 million windfall from the sale of Bendalls old engineering works in London Road, Carlisle, which will become a B&Q DIY store.
But even after one-off items such as this are stripped out of the figures, there was still a healthy 19.8 per cent increase in underlying pre-tax profits.
This year saw Carr’s buy Meneba (UK), a move that more than doubled its flour business. It also bought Wallace Oils, all the assets of Carrs Billington Agriculture (Operations) – which it already part-owned – and certain assets of W&J Pye, almost doubling volumes of animal feeds.
Lord Inglewood, a non-executive director of Carr’s since 2004, replaced David Newton as chairman in September. He had held the post since 1996 and resigned because of ill health.
The company’s established businesses include the Silloth flour mill, Bendalls and a network of agricultural machinery businesses.
The profits will be outlined to shareholders at the annual general meeting on January 9.
THE Carrs 2015 Breadmaker of the Year award has gone to a Birmingham woman who invented a loaf that cures morning sickness.
Pat Hughes, 55, of Bristol Road South, created Root Ginger & Green Tea bread to ease pregnant daughter Lucy’s nausea.
Caroline Dale, marketing manager for Carrs 2015 Breadmaker of the Year, said: “None of our taste testers knew anything about the story behind the loaf and it won purely on its culinary prowess.”