Carr's continues international expansion

Carr's continues international expansion

Carr’s (CARR) has pushed up inventories by a quarter since its September year-end, a possible reflection of Brexit uncertainties, which meant that operating cash flows fell as a proportion of profits from the 2018 half-year, even though receivables fell as a proportion of revenues. On top of Brexit, another factor that the agri-business cannot control is the weather. The beginning of 2019 was much warmer than the same period in 2018, which meant improved grazing conditions for livestock and a resultant 14.1 per cent decline in UK feed block sales. Along with a 9.9 per cent decrease in Europe, that led to flat operating profits of £9.8m at the agriculture division. All told, the group registered a 2.4 per cent increase in gross profit, albeit on a 10 basis point reduction in the underlying margin. 

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