Nutrition

News 167 views last update:6 Aug 2012

Carr's profits are up for eight year in a row

Profits at UK Cumbria -based Carr's Milling Industries have soared for the eight consecutive year, despite difficulties in UK farming.

The agriculture, food and engineering group reported a 9.2% increase in profits to £7.3m (€11m) in the year to September 2006. Revenu jumped 25.3%% to £246.6m (€373.7m) on the back of the firm's acquisition of Pye animal feed business (July 2005) and Meneba flour company (November 2004).

Increase in wheat prices
The three joint venture feed companies established by Carr's in 2006 – Afgritech in England, Bibby Agriculture in Wales and Crystalyx Products in Germany – had started well, said chairman Richard Inglewood. But low milk prices would continue to impact on fertiliser and compound feed sales. He added that the company's food arm was facing a difficult year. "As predicted, the massive increase in wheat prices, combined with high energy costs, will make it a tough year for food," he said.

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