Carr’s in line for ‘future growth’ despite Brexit worries

By Ashley Williams contact

- Last updated on GMT

The acquisition of Animax last year was one of the main contributors towards its success
The acquisition of Animax last year was one of the main contributors towards its success
Agricultural and food business firm Carr’s Group has made a strong start to the year, thanks to its acquisition of Animax earlier in 2018, as it posted its trading update for the 18-week period ended 5 January 2019.

The business said the integration of UK-based Animax Limited, a manufacturer of trace element supplements for livestock, broadened the group’s animal health and supplementation product ranges and would deliver “added-value​” to farmers.

The group said the acquisition of Animax has left the business in a strong position, although its net debt had increased by £15.4m in September 2018 to £23.9m in December 2018.

Following the recovery of cattle prices, sales volumes of feed blocks started the year strongly for Carr’s US division, while in the UK and Europe, feed block volumes were in line with the group’s expectations.

Despite the group’s strong start to 2019, Carr’s chief executive Tim Davies was still keeping his eye on the Brexit uncertainties that might impact the business in the future.

Whilst some clarity has been provided over the Government's future policy on farming support, Brexit uncertainty remains for our customers and certain supply chains within which we operate​,” said Davies.

Further clarity over the UK's future trading relationship with the EU would bring greater confidence and stability back to our customers and marketplace although the group remains confident that it is well placed in the medium term​.”

The group added it remained confident that its investment in acquisitions, research and product innovation would put the company in a strong position for future growth.

Carr’s Group will issue its interim results for the 26-week period ending 2 March 2019 on 15 April 2019.

Related topics: United Kingdom, Industry & Markets

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