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

17-01-2007 | |

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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