Carr's Group, a London-listed agriculture and engineering group, has reported that its speciality agriculture division is facing challenging trading conditions due to lower demand in both the U.S. and the U.K. As a result, the company has adjusted its expectations for August.
August is traditionally a strong month for speciality agriculture, but the decline in demand has impacted trading. Nevertheless, Carr's Group remains optimistic about the long-term prospects of this division. It expects a recovery to begin from 2024 onwards, as drought conditions in the U.S. improve and herds are rebuilt.
On the other hand, the engineering division of Carr's Group is performing well and is in line with the previous financial year. The company anticipates a strong second half for this division.
Carr's Group has estimated its adjusted profit before tax for the current financial year to be around £8 million ($10.2 million). Additionally, a second interim dividend of 1.175 pence per share will be paid to shareholders on September 29th.
Overall, while Carr's Group faces short-term challenges in its speciality agriculture division, it remains hopeful for the future and expects a positive turnaround in the coming years.