AGRICULTURE to engineering group Carr's Milling today reported a jump in sales and profits due to both organic growth and acquisitions.
The Carlisle-based business said revenue rose by 8.2% to £404.1m and pre-tax profits by 30.5% to £13.1m in the year to the end of September 1.
An “exceptionally busy period” for the engineering wing saw revenue rise by 65.2%, while agriculture sales were up by 7.7%.
However, food revenues dipped by 2.6% due to continuing over-capacity in the flour milling industry and volatile wheat costs, while also pushed down profits in that division by 64.9%.
Chairman Richard Inglewood said: “The challenge for Carr's after the strong period of financial performance experienced is how to build on it and grow further. We view 2013 with optimism, boosted by the likely benefits of the considerable investments we have made and are making across all three divisions.”
CEO Chris Holmes said: “Our agriculture businesses are likely to be the main source of growth in 2013. The drivers of growth are the demand for Carr's proprietary products for livestock across all markets as well as the expansion of the retail, machinery franchise, and fuel depot networks in the UK.”