Carr’s Milling hikes dividend as profits jump

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Agricultural supplies group Carr’s Milling has unveiled a 6.9 per cent increase in its interim dividend after reporting a jump in profits for the first half of the year.

The Carlisle-based firm, which is investing £17 million in a new flour mill in Kirkcaldy, posted a pre-tax profit of £10.1m for the six months to 2 March, an increase of 36.2 per cent on the £7.4m figure reported for the same period a year ago.

Revenues grew 18.1 per cent to £231.6m and shareholders are to receive an interim dividend of 7.75p, up from last year’s 7.25p payout.

Chairman Chris Holmes said agricultural revenues rose 17.8 per cent as the firm’s animal feed business benefited from “adverse weather conditions” and strong demand for feed blocks across the UK and US.

He added: “The performance of the group in the first half has been strong, significantly helped by the trading conditions created by global weather patterns. We anticipate that the benefits to the group of the adverse weather will continue in quarter three.”