Member Article

Carr's Milling Industries grow profits

Carlisle-based agricultural and engineering group Carr’s Milling Industries have grown profits by 2% to reach £10.1 million in the first half of 2014.

The firm, which recently acquired North Tyneside’s Chirton Engineering, said severe weather conditions in the United States had helped spur sales of its feedstocks.

Demand from the nuclear power sector had helped Carr’s ‘manipulator’ component business to exceed sales expectations.

While revenue had dipped slightly compared with the same period last year, the company’s accounts show it had significantly reduced the cost of sales and increased profitability.

Tim Davies, chief executive Officer, said: “The period has clearly demonstrated the strength of the Group with its geographic diversity and operational balance delivering performance in line with our expectations. Throughout, our focus has been to invest for growth across each of our three divisions to deliver our strategic objectives.

“I am delighted that our flour mill at Kirkcaldy was commissioned on time and within budget. This strategic investment, in the world’s most technologically advanced flour mill, is delivering a step change in the financial performance of the Food division.

“In Agriculture, our increased brand recognition coupled with the severe winter conditions in the USA have driven the sales of blocks to record levels; however, this has been offset by mild weather conditions in the UK which resulted in a reduction in sales of some products.

“In Engineering, we have positioned the business so that we can benefit from the uplift in delayed nuclear contracts from Sellafield, which we believe will materialise in the short to medium term.”

This was posted in Bdaily's Members' News section by Tom Keighley .