By Matthew Legg

Published at 11:25, Wednesday, 07 January 2009

CUMBRIAN agricultural firm Carr’s Milling Industries has reported a strong start to its financial year.

The Carlisle-based company unwrapped a monster 133 per cent rise in pre-tax profit last year, but bosses said they are not looking to repeat the feat this time around.

Profit is ahead of budget for the first quarter this year, though, the firm said.

In a report to the Stock Exchange, Carr’s said it remains on target for the year, despite trading conditions becoming more difficult.

In a statement Carr’s said: “As the year progresses, last year’s comparatives will become harder as the group enjoyed some windfall profits which increased as the year progressed.

“In total, these amounted to £4.1m of last year’s reported £12.8m.

“Excluding this element of windfall, we are forecasting that the group makes further progress this year.”

Since November, fertiliser sales have been much reduced as farmers expect further price reductions, it added.

First quarter revenue from retail and machinery sales is ahead of both budget and last year and further growth was achieved in the fuel oil business, with increases in both volume and revenue, the company said.

Its food division, which includes its flour mill at Silloth, has seen first quarter profit rise ahead of last year and in line with budget.

Carr’s described the record-breaking previous 12 months “a tremendously successful year”.

The company reported a pre-yax profit of to £12.9m in the year to August 2008.

Chairman Lord Inglewood said the results were testament to the company’s aggressive growth strategy.

He added: “The 52 weeks to August 30, 2008 stand out as a tremendously successful year for Carr’s, with revenue up by almost 50 per cent and pre-tax profit more than doubling.”

Published by http://www.newsandstar.co.uk