- Continued strong performance with revenues for the six month period increased by 26.1% to £28.5m (H1 2023: £22.6m).
- Adjusted operating profit for the six month period increased by 119.2% to £2.4m (H1 2023: £1.1m).
- Adjusted operating profit on a LTM basis of £6.6m from revenues of £56.5m.
- Forward order book of £57.8m remains strong and increased from £41.3m at H1 FY23.
- Agriculture Division
- Revenues for the six month period reduced by 7.5% on prior year to £52.8m (H1 2023: £57.1m).
- Adjusted operating profit for the six month period reduced by 17.4% to £4.9m (H1 2023 restated: £6.0m).
- UK feed block tonnage increased by 11% year on year whilst the US feed block business volumes were down 18% year on year. The under-performing facility in Nevada has now closed with production requirements transferred to the two remaining sites.
- US dairy feed supplement business increased volume by 19%, however remains loss making due to unfavourable contracts ending in FY24. New management in situ to return to profitability.
- UK market cautiously improving as input prices stabilise, whilst US market conditions continue to be challenging due to cyclical herd size reductions and ongoing regional drought condition.
- Central costs
- Central costs, on an adjusted basis, of £1.6m (H1 2023 restated: £1.3m).
- Ongoing cost reduction measures underway in FY24, continuing into H1 FY25, step-changes aligned to strategic direction.
- Adjusting items
- £2.3m of adjusting items (pre-tax) comprising:
- £1.9m of restructuring and other non-recurring cash costs
- £0.4m in relation to amortisation of intangibles
- Net cash / debt
- Half year-end net cash of £8.0m (H1 2023: Net cash £8.6m) – following payment of final dividend for FY23.
- Dividends
- Interim dividend of 2.35p per share (H1 2023: 1.175p).
- Reflecting previously announced policy of a single interim dividend and final, rather than two interims and final.
Strategic Highlights
- Board and management appointments in anticipation of the transformation of the Group: David White (Chief Executive Officer), Gavin Manson (Chief Financial Officer), Martin Rowland (Executive Director of Transformation), Gillian Watson (Non-Executive Director and Senior Independent Director) and Fiona Rodford (Non-Executive Director).
- Transformation of Agriculture Division underway with new leadership across global businesses, with Josh Hoopes joining as CEO Agriculture in March supported by new leadership teams in the UK and US.
- Ongoing cost reduction measures underway in FY24, continuing into H1 FY25, with step changes aligned to strategic direction.
- Group bank facilities of £25m extended to December 2026.
- Final £4.0m deferred consideration from the sale of the Agricultural Supplies Division received in October 2023.
Trading conditions in agriculture remain challenging, particularly in the US. The Board expects this to continue through the current financial year, while retaining confidence in prospects improving in the medium to long term. Our short-term focus is on ensuring that performance is optimised during persistently challenging conditions whilst making the changes necessary to deliver longer term value creation. The Engineering Division delivered a strong first half performance, building on FY23. The Board remains confident that order book levels will enable year-on-year growth during FY24, while also providing confidence beyond the current financial year. Board expectations for FY24 remain unchanged.
Quote: David White (Chief Executive Officer)“Having reviewed the position of the Group and its market valuation the Board has concluded that the value of each of our divisions individually, when added together, significantly outweighs our market capitalisation. The growing profitability and future prospects of our Engineering Division make this the optimal time to explore options to realise value for that division. The significant opportunities to improve our market position in our Agriculture Division point to short term focus on optimising trading through challenging conditions and preparing that business for future growth built on the foundation of our leading brands. We now have the team in place to deliver the transformation necessary at divisional and central level.”
Quote: Tim Jones (Chair)‘‘Our strategy of Focus, Improve, Deliver has highlighted the value opportunity that is available from each of our divisions in time. We have concluded that our Engineering Division represents a significant opportunity to deliver incremental value to shareholders now, and that it is the right thing to do to explore that opportunity. And we are excited by the opportunities in the Agriculture Division. Global demand for meat and dairy continues to grow strongly at the same time as the imperative to reduce the climate impact of livestock. The task for Carr’s Agriculture is to reduce the carbon footprint of livestock and enhance animal welfare whilst delivering better margins and productivity for farmers. Carr’s product innovations promote shorter calving intervals, enhance weight gain and help to lower methane emissions. I am delighted that Carr’s now has the people, the products and the market opportunities to rapidly grow our global impact in this space.’’
Interim Management Report
Strategic Update
The Board has reviewed the structure and composition of the Group and concluded that both the Engineering and Agriculture Divisions are quality assets demonstrating significant value creation opportunities. Given the scale of the businesses, the complexity resultant from operating two divisions which display no significant synergies has created in an inefficient structure and central organisation.
Current trading as well as the short, medium and long term growth opportunities within the Engineering Division are likely to result in there being a near-term opportunity to deliver attractive value to shareholders.
Following implementation of the ongoing tactical and strategic initiatives developed by management, in combination with the anticipated macro-economic recovery in the sector, the opportunity to develop significant incremental value in the Agriculture Division is longer term.
The Board has, therefore, concluded that it is appropriate to explore the opportunities to realise value for the Engineering Division. A process to explore value is currently in its nascent stages, and further information will be provided in due course.
Interim results
During the six months ended 29 February 2024 revenues increased 2.0% to £81.4m (H1 2023: £79.8m) reflecting growth in Engineering of £5.9m (26.1%), somewhat offset by a reduction in Agriculture revenue of £4.3m (7.5%). Adjusted operating profit for the Group of £5.8m was unchanged from the prior year (H1 2023 restated: £5.8m). Adjusted profit before tax was unchanged from the prior year at £5.6m (H1 2023 restated: £5.6m). Adjusted earnings per share for continuing operations decreased by 4.0% to 4.8p (H1 2023 restated: 5.0p) for the six month period.
Operational review
The Engineering Division comprises specialist fabrication and precision engineering businesses in the UK, robotics businesses in the UK, Europe and USA, and engineering solutions businesses in the UK and USA.
H1 2024 H1 2023 % Change Revenue £28.5m £22.6m 26.1% Adjusted operating profit £2.4m £1.1m 119.2% Adjusted operating margin 8.6% 4.9% +3.7pp Strength in performance continued from the second half of FY23 with first half revenue of £28.5m, up 26.1% on the prior year. Adjusted operating profit of £2.4m was more than double the prior year, bringing LTM adjusted operating profit to £6.6m, an adjusted operating margin of 11.7% from revenues of £56.5m.
The order book remains strong with £57.8m recorded at the period end, significantly ahead of the £41.3m prior half comparative. Orders since February 2024 have returned the order book above the £59.8m in hand at the end of FY23. This continued strength sets the Engineering Division up well for another strong second half performance, and for further steady growth.
Fabrication and precision engineering revenues were up 23% in the period, supported by continued high activity levels in the nuclear sector and strong order intake from the oil and gas sector. The businesses in these sectors are increasingly benefitting from the integration of decision making and customer relationship management.
Revenues in the robotics business increased 60.4% from last year, benefitting from the significant order wins last year including a prestigious £10m contract, the largest single contract signed by Wälischmiller.
Management is confident in the outlook for the Engineering Division in the second half and beyond the current financial year. The division has confirmed high value contracts continuing into FY25 and beyond, and a well-balanced spread of current orders across all the business units in the division. The pipeline of opportunities and prospects beyond confirmed orders is very encouraging. The Engineering Division is increasingly focused on the specific opportunities that match its market leading skills, technical strengths and high-quality manufacturing assets and is benefitting from long term CRM activity aligned across the division.
The Agriculture Division manufactures livestock supplements including branded feed blocks, essential minerals, and precision dose trace element boluses, sold to farmers in the UK, Europe, North America, and New Zealand through a long-established distribution network.
H1 2024 H1 2023 (restated) % Change Revenue £52.8m £57.1m (7.5%) Adjusted operating profit £4.9m £6.0m (17.4%) Adjusted operating margin 9.4% 10.5% -1.1pp With challenging conditions continuing in the agriculture sector, revenues decreased by 7.5% in the period. This was largely driven by the high inflationary and reduced volume environment of FY23 that saw average feed block prices increase by 21% but feed block volumes decrease by 16%. In H1 FY24 the UK has returned to volume growth (+11% year on year) whilst the US feed blocks business has seen further year on year decline (18%) as herd sizes continue to decrease cyclically, accentuated by continued drought in the southern states.
Encouragingly, at Animax (the UK animal health business acquired in 2018), transformational automation of the production process was implemented late in the first half of FY24. The benefits of this automation on each of capacity, cost and specification accuracy will be apparent in the second half. Prior to these improvements being evident first half performance was broadly flat year on year.
Our New York State based dairy cattle feed supplement business recorded volume growth of 19% in the first half but remains loss making. Actions to raise margins and achieve profitability are in progress.
With new management now in situ we maintain a positive longer-term outlook for the Agriculture Division from both an internal operational effectiveness perspective and in terms of macro-economic conditions. In the UK and Ireland, farm input prices, particularly for feed and fertiliser, are coming down, easing the pressure on customer spending budgets. Farm input and output price indices have matched in early 2024 for the first time since Q2 2021, with input prices having been over 15% higher than outputs in Q3 2022. These increasingly positive macro-economic trends have translated to volume increases but have yet to result in improved margins. In the USA, the area affected by drought is markedly reduced from 12 months previously, whilst the cyclical outlook specifically for beef will improve as herds rebuild over the next five years.
Management actions already underway at the UK animal health business coupled with the progress at the other Agriculture businesses will result in improved financial performance and increased resilience over time. The Agriculture businesses are founded on respected brands with a track record of quality, innovation and service, that will ultimately support sales and margins as markets recover from recent unprecedented conditions.
Adjusted results
Revenue increased by 2.0% to £81.4m (H1 2023: £79.8m), with a year on year increase of 26.1% in Engineering offset by a reduction of 7.5% in Agriculture.
Adjusted operating profit was unchanged at £5.8m (H1 2023 restated: £5.8m). Engineering grew by 119.2% offset by a 17.4% reduction in Agriculture.
Central costs, on an adjusted basis, were £0.3m higher at £1.6m (H1 2023 restated: £1.3m) driven by the impact of inflationary pay increases in the prior year and costs associated with the completion of strategic projects.
Net finance costs of £0.1m (H1 2023: £0.2m) were slightly lower than the prior period. Higher interest rates were offset by lower borrowings across the period after existing facilities were reduced using consideration received from the sale of the Carr’s Billington business.
The Group’s adjusted profit before tax was unchanged at £5.6m (H1 2023 restated: £5.6m). Adjusted earnings per share decreased by 4.0% to 4.8p (H1 2023: restated 5.0p).
Adjusting items
The Group provides the adjusted profit measures referred to above to present additional useful information on business performance consistent with how business performance is measured internally. These measures show underlying profits before certain adjusting items. Adjusting items related to continuing operations during the period were a net charge before tax of £2.2m (H1 2023: £0.6m), with full details included in note 8.
Statutory results
Reported operating profit on a statutory basis was £3.5m (H1 2023 restated: £5.2m) and reported profit before tax was £3.4m (H1 2023 restated: £5.0m). Basic earnings per share on a statutory basis was 3.0p (H1 2023: restated 4.5p).
Balance sheet and cash flow
Net cash generated from operating activities in continuing operations in the first half was £5.5m (H1 2023: £3.6m). Cash generated from continuing operations in the period of £4.3m was ahead of the same period last year (cash generated of £4.0m).
Excluding leases, the Group moved from net cash of £4.2m at the financial year end to net cash of £8.0m at 29 February 2024. This change has been driven by receipt of the £4.0m deferred consideration related to the sale of the Carr’s Billington Agriculture business.
The Group’s defined benefit pension scheme remains in surplus, with a balance of £5.9m compared to £5.3m at 2 September 2023. The Trustees are in discussion with insurers regarding a potential buy-in of the scheme.
Shareholders’ equity at 29 February 2024 was £107.7m (2 September 2023: £107.9m).
An interim dividend of 2.35 pence per ordinary share will be paid on 5 June 2024 to shareholders on the register on 3 May 2024. The ex-dividend date will be 2 May 2024. The increased dividend of 2.35p reflects the previously announced updated policy of a single interim dividend and final rather than two interims and final dividend.
Trading conditions in agriculture remain challenging, particularly in the US. The Board expects this to continue through the current financial year, while retaining confidence in prospects improving in the medium to long term. Our short-term focus is on ensuring that performance is optimised during persistently challenging conditions whilst making the changes necessary to deliver longer term value creation. The Engineering Division delivered a strong first half performance, building on FY23. The Board remains confident that order book levels will enable year on year growth during FY24, while also providing confidence beyond the current financial year. Board expectations for FY24 remain unchanged.
Principal risks and uncertainties
The Group has a process in place to identify and assess the impact of risks on its business, which is reviewed and updated regularly. The principal risks and uncertainties for the remainder of the financial year are not considered to have changed materially from those included on pages 20 to 23 of the Annual Report and Accounts 2023 (available on the Company’s website at http://investors.carrsgroup.com).
CONDENSED CONSOLIDATED INCOME STATEMENT
For the 6 months ended 29 February 20246 months ended
29 February
2024
(unaudited)6 months ended
4 March
2023
(unaudited) (restated) 2Year ended
2 September
2023
(audited)Notes £’000 £’000 £’000 Continuing operations Revenue 6,7 81,372 79,754 143,214 Cost of sales (63,574) (62,032) (110,924) Gross profit 17,798 17,722 32,290 Net operating expenses (15,627) (14,105) (31,780) Share of post-tax results of joint ventures 6 1,369 1,596 1,441 Adjusted¹ operating profit 6 5,758 5,839 7,950 Adjusting items 8 (2,218) (626) (5,999) Operating profit 6 3,540 5,213 1,951 Finance income 630 382 876 Finance costs (745) (609) (1,320) Adjusted¹ profit before taxation 6 5,643 5,612 7,506 Adjusting items 8 (2,218) (626) (5,999) Profit before taxation 6 3,425 4,986 1,507 Taxation (606) (769) (1,111) Adjusted¹ profit for the period from continuing operations 4,508 4,695 5,836 Adjusting items 8 (1,689) (478) (5,440) Profit for the period from continuing operations 2,819 4,217 396 Discontinued operations Profit/(loss) for the period from discontinued operations 9 - 214 (1,157) Profit/(loss) for the period 2,819 4,431 (761) Profit/(loss) attributable to: Equity shareholders 2,819 4,217 (226) Non-controlling interests 3 - 214 (535) 2,819 4,43 (761) Earnings per ordinary share (pence) Basic Profit from continuing operations 10 3.0 4.5 0.4 Loss from discontinued operations 10 - - (0.7) 10 3.0 4.5 (0.3) Diluted Profit from continuing operations 10 3.0 4.4 0.4 Loss from discontinued operations 10 - - (0.7) 10 3.0 4.4 (0.3) 1 Adjusted results are consistent with how business performance is measured internally and is presented to aid comparability of performance. Adjusting items are discussed in note 8. An alternative performance measures glossary can be found in note 20.
2 See notes 9 and 19 for an explanation of the prior period restatements to the period ended 4 March 2023 recognised in relation to the measurement of fair value less costs to sell of the disposal group.
3 Non-controlling interests relate to businesses included in the disposal group.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the 6 months ended 29 February 20246 months ended
29 February 2024)
(unaudited)6 months ended
4 March 2023
(unaudited) (restated)Year ended
2 September 2023
(audited)Notes £’000) £’000) £’000 Profit/(loss) for the period 2,819 4,431 (761) Other comprehensive income/(expense) Items that may be reclassified subsequently to profit or loss: Foreign exchange translation gains/(losses) arising on
translation of overseas subsidiaries
60
(666)
(3,141)Items that will not be reclassified subsequently to profit or loss: Actuarial gains/(losses) on retirement benefit asset: - Group 15 598 (1,445) (2,058) - Share of associate (discontinued operations) - - (717) Taxation (charge)/credit on actuarial gains/(losses) on retirement benefit asset: - Group (150) 361 515 - Share of associate (discontinued operations) - - 179 Other comprehensive income/(expense) for the period, net of tax 508 (1,750) (5,222) Total comprehensive income/(expense) for the period 3,327 2,681 (5,983) Total comprehensive income/(expense) attributable to: Equity shareholders 3,327 2,467 (5,448) Non-controlling interests[1] - 214 (535) 3,327 2,681 (5,983) Total comprehensive income/(expense) attributable to: Continuing operations 3,327 2,467 (4,288) Discontinued operations - 214 (1,695) 3,327 2,681 (5,983) 1 Non-controlling interests relate to businesses included in the disposal group.
2 See notes 9 and 19 for an explanation of the prior period restatements to the period ended 4 March 2023 recognised in relation to the measurement of fair value less costs to sell of the disposal group.
CONDENSED CONSOLIDATED BALANCE SHEET
As at 29 February 2024As at
29 February 2024
(unaudited)As at
4 March 2023
(unaudited) (restated) 1As at
2 September 2023
(audited)Notes £’000) £’000 £’000 Non-current assets Goodwill 12 19,192 23,351 19,161 Other intangible assets 12 3,028 4,277 3,318 Property, plant and equipment 12 29,902 30,694 29,950 Right-of-use assets 12 7,112 7,891 7,323 Investment property 12 2,600 2,680 2,640 Interest in joint ventures 7,475 7,525 6,101 Other investments 27 31 27 Contract assets - 316 - Financial assets - Non-current receivables 21 23 21 Retirement benefit asset 15 5,884 5,874 5,316 Deferred tax asset 26 205 26 75,267 82,867 73,883 Current assets Inventories 22,622 24,856 26,613 Contract assets 10,390 7,124 7,915 Trade and other receivables 24,186 27,479 24,592 Current tax assets 2,374 3,133 3,895 Financial assets - Cash and cash equivalents 13 21,581 23,493 23,123 81,153 86,085 86,138 Total assets 156,420 168,952 160,021 Current liabilities Financial liabilities - Borrowings 13 (8,718) (9,392) (13,714) - Leases (1,471) (1,325) (1,264) - Derivative financial instruments - (41) (4) Contract liabilities (4,769) (3,165) (5,194) Trade and other payables (18,883) (19,240) (16,556) Current tax liabilities (55) (166) (131) (33,896) (33,329) (36,863) Non-current liabilities Financial liabilities - Borrowings 13 (4,894) (5,470) (5,206) - Leases (5,085) (5,769) (5,559) Deferred tax liabilities (4,844) (4,648) (4,447) Other non-current liabilities (15) (233) (71) (14,838) (16,120) (15,283) Total liabilities (48,734) (49,449) (52,146) Net assets 107,686 119,503 107,875 Shareholders’ equity Share capital 16 2,359 2,351 2,354 Share premium 16 10,862 10,522 10,664 Other reserves 3,506 6,121 3,581 Retained earnings 90,959 100,509 91,276 Total shareholders’ equity 107,686 119,503 107,875 1 See notes 9 and 19 for an explanation of the prior period restatements to the period ended 4 March 2023 recognised in relation to the measurement of fair value less costs to sell of the disposal group.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the 6 months ended 29 February 2024
Share
Capital
Share
PremiumTreasury
Share
ReserveEquity
Compensation
ReserveForeign
Exchange
Reserve
Other
Reserve
Retained
EarningsTotal
Shareholders’
EquityNon-
Controlling
Interests
Total
Equity£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 At 3 September 2023 (audited) 2,354 10,664 - 264 3,127 190 91,276 107,875 - 107,875 Profit for the period - - - - - - 2,819 2,819 - 2,819 Other comprehensive income - - - - 60 - 448 508 - 508 Total comprehensive income - - - - 60 - 3,267 3,327 - 3,327 Dividends paid - - - - - - (3,788) (3,788) - (3,788) Equity-settled share-based payment transactions - - - 143 - - - 143 - 143 Allotment of shares 5 198 - - - - - 203 - 203 Purchase of own shares held in trust - - (74) - - - - (74) - (74) Transfer - - 49 (251) - (2) 204 - - - At 29 February 2024 (unaudited) 2,359 10,862 (25) 156 3,187 188 90,959 107,686 - 107,686 As previously reported at 3 September 2022 (unaudited)¹ 2,350 10,500 - 528 6,268 192 99,318 119,156 14,585 133,741 Prior period adjustment² - - - - - - (1,023) (1,023) (389) (1,412) At 4 September 2022 (audited) (restated)² 2,350 10,500 - 528 6,268 192 98,295 118,133 14,196 132,329 Profit for the period (restated)² - - - - - - 4,217 4,217 214 4,431 Other comprehensive expense - - - - (666) - (1,084) (1,750) - (1,750) Total comprehensive (expense)/income (restated)² - - - - (666) - 3,133 2,467 214 2,681 Dividends paid - - - - - - (1,104) (1,104) - (1,104) Equity-settled share-based payment transactions - - - (16) - - - (16) - (16) Allotment of shares 1 22 - - - - - 23 - 23 Sale of disposal group - - - - - - - - (14,410) (14,410) Transfer - - - (184) - (1) 185 - - - At 4 March 2023 (unaudited) (restated)² 2,351 10,522 - 328 5,602 191 100,509 119,503 - 119,503 At 4 September 2022³ (audited) 2,350 10,500 - 528 6,268 192 98,295 118,133 14,196 132,329 Loss for the period - - - - - - (226) (226) (535) (761) Other comprehensive expense - - - - (3,141) - (2,081) (5,222) - (5,222) Total comprehensive expense - - - - (3,141) - (2,307) (5,448) (535) (5,983) Dividends paid - - - - - - (4,889) (4,889) - (4,889) Equity-settled share-based payment transactions - - - (85) - - - (85) (7) (92) Excess deferred taxation on share-based payments - - - - - - (4) (4) - (4) Allotment of shares 4 164 - - - - - 168 - 168 Sale of disposal group - - - - - - - - (13,654) (13,654) Transfer - - - (179) - (2) 181 - - - At 2 September 2023 (audited) 2,354 10,664 - 264 3,127 190 91,276 107,875 - 107,875 1 As reported in the Interim Report for the half year ended 4 March 2023.
2 See notes 9 and 19 for an explanation of the prior period restatements to the period ended 4 March 2023 recognised in relation to the measurement of fair value less costs to sell of the disposal group.
3 Previously restated in the Annual Report and Accounts for the year ended 2 September 2023.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the 6 months ended 29 February 20246 months ended
29 February 2024
(unaudited)6 months ended
4 March 2023
(unaudited)Year ended
2 September 2023
(audited)Notes £’000) £’000 £’000 Cash flows from operating activities Cash generated from continuing operations 17 4,334 4,040 3,155 Interest received 489 225 564 Interest paid (745) (663) (1,320) Tax received/(paid) 1,454 (38) (278) Net cash generated from operating activities in continuing operations 5,532 3,564 2,121 Net cash used in operating activities in discontinued operations - (2,952) (3,040) Net cash generated from/(used in) operating activities 5,532 612 (919) Cash flows from investing activities Sale of disposal group (net of cash disposed and costs to sell) 4,000 24,341 25,619 Dividends received from joint ventures - - 1,390 Purchase of intangible assets (5) (157) (193) Proceeds from sale of property, plant and equipment 3 - 48 Purchase of property, plant and equipment (1,330) (1,970) (3,194) Net cash generated from investing activities in continuing operations 2,668 22,214 23,670 Net cash used in investing activities in discontinued operations - (604) (487) Net cash generated from investing activities 2,668 21,610 23,183 Cash flows from financing activities Proceeds from issue of ordinary share capital 203 23 167 Purchase of own shares held in trust (74) - - New financing and drawdowns on RCF (75) 4,741 5,574 Repayment of RCF drawdowns - (21,741) (21,741) Lease principal repayments (684) (764) (1,545) Repayment of borrowings (1,127) (4,011) (4,263) Dividends paid to shareholders (3,788) (1,104) (4,889) Net cash used in financing activities in continuing operations (5,545) (22,856) (26,697) Net cash used in financing activities in discontinued operations - (9,599) (9,599) Net cash used in financing activities (5,545) (32,455) (36,296) Effects of exchange rate changes (36) 33 (54) Net increase/(decrease) in cash and cash equivalents 2,619 (10,200) (14,086) Cash and cash equivalents at beginning of the period 10,769 24,856 24,855 Cash and cash equivalents at end of the period 13,388 14,656 10,769 Cash and cash equivalents consist of: Cash and cash equivalents per the balance sheet 21,581 23,493 23,123 Bank overdrafts included in borrowings (8,193) (8,837) (12,354) 13,388 14,656 10,769 Statement of Directors’ responsibilities
The Directors confirm that these condensed consolidated interim financial statements have been prepared in accordance with UK-adopted International Accounting Standard 34, ‘Interim Financial Reporting’ and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom’s Financial Conduct Authority and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:
- an indication of important events that have occurred during the first six months of the year and their impact on the condensed set of interim financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
- material related party transactions in the first six months of the year and any material changes in the related party transactions described in the last Annual Report.
The Directors are listed in the Annual Report and Accounts 2023 with the exception of Fiona Rodford who joined the Board on 20 February 2024. The following changes to the Board took place in the period: Gillian Watson was appointed to the Board on 9 October 2023, John Worby stepped down from the Board on 31 October 2023, Peter Page stepped down from the Board on 17 November 2023 and Fiona Rodford was appointed to the Board on 20 February 2024. In addition, former CFO David White became CEO from 17 November 2023, and former Non-Executive Director Martin Rowland became Executive Director of Transformation from 13 November 2023. A list of current Directors is maintained on the website: www.carrsgroup.com
On behalf of the Board
Tim Jones
Chair
18 April 2024David White
Chief Executive Officer
18 April 2024
- £2.3m of adjusting items (pre-tax) comprising: