Carlisle-based Carr’s Group published better-than-expected annual results for the year to August 28, today.

The results were ahead of the board's improved expectations despite Covid-19 and oil price volatility.

Results were due to a substantial increase in the profitability of the company's two agricultural divisions.

Revenues rose 5.5% to £417.3m for the agricultural and engineering business, while pre-tax profits of £12.1m were 10.3% up on the previous year. A 5p per share dividend was a 5.3% improvement on 2020’s figure.

The year end engineering order book was 15.9% higher than the prior year.

Carr’s also reported a “very strong” cash and net debt position. Cash and cash equivalents stood at £19.696m, compared with £10.304m a year ago. Net debt fell from £18.9m to £10m.

The board said it remained confident in prospects of all divisions.

Interim executive chairman, Peter Page, said: “The group has delivered an excellent result ahead of the board’s original expectations, with increased profits across both Agriculture divisions and an enhanced order book for Engineering. In large part, this result stems from the unwavering commitment of all employees.

“The markets for both Agriculture and Engineering remain positive, and the board, therefore, remains confident in the group’s prospects.”

The company is also now the leading seller of Massey Ferguson tractors in the UK.