Final Results

RNS Number : 7384V

Carr's Milling Industries PLC

08 November 2010

 



IMMEDIATE RELEASE

8 November 2010

CARR'S MILLING INDUSTRIES PLC - FULL YEAR RESULTS

"…a strong financial performance whilst continuing to build…"

Carr's (CRM.L), the fully-listed agriculture, food and engineering group, announces results for the 52 weeks ended 28 August 2010.

Financial highlights

·    Pre-tax profit increased 27.4% to £9.0m (2009: (£7.0m)

·    Fully diluted EPS increased 27.4% to 64.1p (2009: 50.3p)

·    Full year DPS increased 4.3% to 24.0p (2009: 23.0p)

·    Net debt reduced 19.7% to £15.5m (2009: £19.3m)

·    Gearing reduced 44.7% (2009: 64.7%) despite £6.0m spend on acquisitions

Commercial highlights

·    Revenue from Agriculture trading was 3% higher at £203.0m (2009: £197.4m) and profit before tax increased 1% to £5.23m (2009: £5.18m).  Additionally, the Group's share of post-tax profit in associate and joint ventures was down 24% to £0.8m (2009: £1.1m).

·    Agriculture Manufacturing profit before tax was £2.54m (2009: £0.1m loss) on revenue 3% higher at £59.0m (2009: £57.6m) and benefited from a recovery in fertiliser.

·    Industry over-capacity in Food continues and profit before tax was lower at £1.51m (2009: £2.06m) on revenue 15% lower at £67.1m (2009: £79.0m)

·    Engineering revenue and profit before tax fell by 1% and 14% respectively, reflecting lower demand at Carrs MSM and a decline in the first half at Bendalls.  Profit before tax was £1.0m (2009: £1.1m).

Richard Inglewood, Chairman, said

"Carr's achieved a strong financial performance for the past year whilst continuing to build the Group's market presence both in the UK and overseas.  We strengthened our Agricultural businesses in Scotland and the North of England through the acquisitions of Ag Chem (UK), Scotmin Nutrition Limited and A C Burn Limited, and successfully launched the Crystalyx brand range into New Zealand, as well as expanding our export markets.  Our Engineering division continues with an emphasis on niche high-skill contract-focused work with orders into 2013 including a significant demand from Japan, France and Germany.  We believe we are ideally placed for a strong forthcoming year having laid a solid foundation for sustained growth, and are confident in the outlook for the Group."

Chris Holmes, Chief Executive Officer, said

"Carr's has had a strong start to the new financial year, benefiting from both recent acquisitions and strong sales of animal feed in the US.  In the UK, our broad agricultural base has enabled us to continue growing despite the prevailing unsustainable farmgate milk price.  We believe that the foundations laid last year are already paying dividends in this quarter and we expect this to continue."

Presentation

Today, there will be a presentation to analysts and private client brokers between 13.00 and 14.00 at the offices of Investec, 2 Gresham Street, London EC2V 7QP.  Those wishing to attend should contact Rose Oddy at [e-mail] before 11.00.

Enquiries:

Carr's Milling Industries PLC                                                                       01228 554 600

  Chris Holmes (Chief Executive Officer)

  Ron Wood (Finance Director)

Bankside Consultants Limited                                                        020 7367 8888

  Simon Bloomfield or Rose Oddy

CHAIRMAN'S STATEMENT

I am pleased to report to Shareholders that Carr's achieved a strong financial performance for the past year whilst continuing to build the Group's market presence both in the UK and overseas.

The result for the 52 weeks ended 28 August 2010 reflects positive trading across both Agricultural businesses with our Engineering business benefiting from the first full-year contribution from Wälischmiller, which was acquired in March 2009.  Over-capacity in the milling industry had an adverse impact on our food business where management continue to focus on reducing costs and developing higher-margin speciality products.

In March and June 2010, we strengthened our Agricultural businesses in Scotland and the North of England through the acquisitions of Ag Chem (UK), Scotmin Nutrition Limited and A C Burn Limited for a total consideration of £6.0 million.  The integration of these businesses is progressing well and will be earnings enhancing in the current financial period. 

Overall, the growth in profit and improvement in margins, combined with tight control over working capital, resulted in strong cash flow with net debt, after capital expenditure and acquisition costs, being £3.8 million lower at the end of the period compared to the previous year.

We believe that the Group's sound financial position and the investment made in developing the business has laid the foundation for a period of sustained growth, particularly in Agriculture.

Financial Review

Revenue for the period was £345.0 million (2009: £350.0 million) and operating profit was up 25.4% to £9.1 million (2009: £7.3 million).  The growth in profit reflects increased sales of animal feed, feed blocks and fuel, and the recovery in fertiliser after the very substantial fall in sales last year.  Revenue and profit from the Food and Engineering divisions were lower than 2009.

After a reduced retirement benefit charge, which offset a lower share of profit from associate and joint ventures, pre-tax profit increased by 27.4% to £9.0 million (2009: £7.0 million).  Fully diluted earnings per share were 27.4% higher at 64.1p (2009: 50.3p).

The Group generated net cash from operating activities of £15.3 million (2009: £5.6 million).  This included a net cash inflow of £6.5 million (2009: outflow £0.2 million) from reduced working capital, of which £3.2 million was from payments on account received from our engineering customers.

Capital expenditure was £3.7 million (2009: £4.7 million) as the Group continued to invest in necessary replacement of equipment, and the three acquisitions during the year cost a total of £6.0 million.  After capital expenditure and acquisitions, net debt at 28 August 2010 was reduced to £15.5 million (29 August 2009: £19.3 million) representing gearing of 44.7% (2009: 64.7%).

Dividend

The Board paid two interim dividends of 6.0 pence per share in May 2010 and October 2010 to smooth the cash flow for our Shareholders.  At the Annual General Meeting to be held on 11 January 2011, the Board will be proposing a final dividend of 12.0 pence per share.  This makes a total for the year of 24.0 pence per share, an increase of 4.3 per cent on the total for last year of 23.0 pence.  The final dividend, if approved by Shareholders, will be paid on 21 January 2011 to Shareholders on the register at close of business on 24 December 2010.  Shares will go ex-dividend on 22 December 2010.

Agriculture Trading

The demand for animal feed and other agricultural products remains good.  Farmgate prices, with the notable exception of milk, have generally been strong.  During the year, the regions we serve endured severe winter weather. The excellent service we were able to give our customers during this difficult period was recognised by Carr's being presented with The Scottish Livestock Supplier of the Year award at the Royal Highland show in June of this year. 

Against this background, sales of both animal feeds and low moisture feed blocks rose steadily during the year, with profitability enhanced.   This was the result of our focus on added value products such as AminoMax, a bypass protein developed in the U.S., the benefits of investment in efficient facilities and our focus on customer service.

Looking forward, as both animal feed compound and block markets are relatively mature, the keys to growth will be product innovation, efficiency and selective acquisitions such as Scotmin Nutrition in June 2010.  Scotmin's supplement ranges complement the feed block products produced and marketed by Caltech.  We successfully launched the Crystalyx brand range into New Zealand, potentially a very large market for our products, and we expect this initiative to start contributing to revenues in the current financial year.

The demand for Crystalyx products in Germany continues to grow and new export markets have been opened, notably in France.

The performance of our branch network which retails farm inputs, rural supplies and agricultural machinery, has been very satisfactory.  Despite price deflation across the product range, like-for-like sales increased by 2% for the year. Bolt-on acquisitions such as A C Burn, acquired last June, and Forsyths of Wooler, announced post year-end, augment the growth prospects of this part of our business.  The network of branches has risen to 19 across Northern England and Scotland.

Our farm machinery activities also performed well throughout the year, winning in September 2010 the Kuhn distribution agency for agricultural machinery.  The Kuhn product range expands our existing range of machinery and should enable us to enter new markets.

Our fuel oil business provides natural synergies between the retailing of agricultural and rural supplies.  This has led us to expand our fuel oil business by opening depots at our feed mills which are located near to our retail branches.  Market share continues to grow and the business benefited strongly from last winter's severe weather.

Agriculture Manufacturing

Following the sharp fall experienced last year, demand for fertiliser has been steadily improving, with prices rising; and we have seen a sharp recovery in profitability.  This followed a period of two years of high sales, and then a period of low sales, but we now foresee a more orderly market.

We have reduced our reliance on commodity products and seen the benefits of investment in new value added products such as AVAIL, our unique phosphorus fertiliser enhancer, as well as environmentally oriented products.  This enabled us to continue to grow our market share.  Margins remain satisfactory, despite the pressure from phosphate and nitrogen input prices, and the immediate outlook is positive.

This segment of our operations includes our low moisture animal feed business operating from two plants in the US.  Our market share in feed blocks is increasing as the result of our continuing focus on new product development for the cattle feed market, which is benefiting from a recovery in beef prices.

Food

Our food division comprises three flour mills, in Fife, Cumbria and Essex.  We supply most sectors of the market, including industrial bakers, craft bakers, food manufacturers and multiple retailers.  Markets continue to be extremely challenging as we contend with significantly higher raw material prices and industry over-capacity.  We are responding by reducing operating costs, while at the same time focusing on developing speciality products.  We have recently secured a contract to supply a leading UK food retailer with a new range of speciality flours for its own premium brand.

The rise in wheat prices over the last two months of the financial year has been extreme.  Following drastic reductions in wheat output from Eastern Europe, exacerbated by wet weather downgrading harvest quality in Northern Europe, and further fuelled by commodity speculation on both sides of the Atlantic, the market price of wheat has moved up by over 60%.

These volatile and fast moving markets present challenges and opportunities.  We have taken appropriate steps to manage the risks presented by greater volatility and continue to explore new wheat supply sources.  In the past year we have received cargoes of wheat from Latvia, and also, for the first time in almost 50 years, direct shipments of Canadian wheat into our Cumbrian Silloth mill.

Engineering

The Engineering Division broadly maintained revenue but saw profits fall.  This principally reflects lower demand at Carrs MSM as the result of more stringent stock control management by its major customer.  Following a decline in the first half, the order book at Bendalls, the Group's specialist steel fabrication business recovered in the second half and there is evidence of scope to improve margins. 

Wälischmiller has performed very well since acquisition in 2009 and continues to see sales volumes increase.  The order book for 2011 and 2012 is strong with good demand from Japan, France and Germany. In addition we have received our first orders from China. 

Key determinants of the trading performance of this division include demand from the nuclear and oil/petrochemical industries.  The order book for the nuclear market is particularly strong with high activity in Europe and the Far East.  The emphasis on niche high-skill contract-focused work will remain.

Acquisitions

The Group completed three acquisitions, all agriculture related businesses, in the second half of the year.  Both Ag Chem and A C Burn are small businesses and have been successfully integrated.  Scotmin Nutrition, a producer and distributor of animal feed supplements, complements our existing range of feed block products and will create one of the UK's leading feed and mineral block producers and suppliers.

Since the year-end a small agricultural business, Forsyths of Wooler, engaged in the sale of animal feed and proprietary health products was acquired.

Outlook

The positive momentum of the second half of the year ended 28 August 2010 has continued into the new financial year.  We anticipate farmers will continue to invest in response to favourable prospects in beef, lamb and cereals.  As a result of higher input prices the UK farmgate milk price must only improve from its current unsustainably low levels.

We are well positioned to service increasing demand.  Our businesses have developed significant expertise in the supply chain, building on their long association in flour and feed milling and extending this into the procurement of fertiliser and animal feed ingredients.  These factors, together with the spread and diversity of our customer base, encourage us to believe that the two Agriculture Divisions will continue to develop and deliver consistent performance, even in challenging times.

Our financial performance will further benefit from having strengthened our market presence through acquisition and we continue to look for further opportunities.

While Food is likely to remain a difficult environment, Engineering is trading well and remains a focused niche business. 

Overall, therefore, we believe we have laid a solid foundation for sustained growth and are confident in the outlook for the Group. 

Richard Inglewood           

Chairman                                                                                                8 November 2010

 UNAUDITED CONSOLIDATED INCOME STATEMENT

for the period ended 28 August 2010

	Note	Unaudited 52 week period 2010	Audited 52 week period 2009
		£'000	£'000
Revenue	2	344,953	350,023
Cost of sales		(299,898)	(309,016)
Gross profit		45,055	41,007
Net operating expenses		(35,906)	(33,712)
Group operating profit		9,149	7,295
Finance income		410	211
Finance costs		(1,392)	(1,522)
Share of post-tax profit in associate and joint ventures		799	1,051
Profit before taxation	2	8,966	7,035
Taxation	3	(2,131)	(1,829)
Profit for the period		6,835	5,206
Profit attributable to:
Equity shareholders		5,632	4,421
Minority interests		1,203	785
		6,835	5,206
Earnings per share
Basic	4	64.1p	50.4p
Diluted		64.1p	50.3p
Adjusted earnings per share
Basic	4	65.7p	51.0p

 

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the period ended 28 August 2010

		Unaudited 52 week period 2010	Audited        52 week         period          2009
		£'000	£'000
Profit for the period		6,835	5,206
Other comprehensive income
Foreign exchange translation (losses)/gains arising on translation of overseas subsidiaries		(82)	276
Actuarial gains/(losses) on retirement benefit obligation:      -Group      -Share of associate		2,294 (512)	951 (1,386)
Taxation (charge)/credit on actuarial movement on retirement benefit obligation:      -Group      -Share of associate		(642) 143	(266) 388
Other comprehensive income/(expense) for the period, net of tax		1,201	(37)
Total comprehensive income for the period		8,036	5,169
Total comprehensive income attributable to:
Equity shareholders		6,830	4,387
Minority interests		1,206	782
		8,036	5,169

UNAUDITED CONSOLIDATED BALANCE SHEET

at 28 August 2010

		Unaudited 2010	Audited            2009
		£'000	£'000
Assets
Non-current assets
Goodwill		4,336	1,654
Other intangible assets		1,362	764
Property, plant and equipment		32,588	31,764
Investment property		699	718
Investment in associate		2,811	2,735
Interest in joint ventures		2,138	1,840
Other investments		69	51
Financial assets
- Non-current receivables		5	53
Deferred tax assets		3,924	5,015
		47,932	44,594
Current assets
Inventories		27,015	23,860
Trade and other receivables		48,810	43,059
Current tax assets Financial assets         - Derivative financial instruments		303 -	119 16
- Cash at bank and in hand		13,695	10,304
		89,823	77,358
Total assets		137,755	121,952
Liabilities
Current liabilities
Financial liabilities
- Borrowings		(11,478)	(10,226)
- Derivative financial instruments		(127)	(43)
Trade and other payables		(49,468)	(35,928)
Current tax liabilities		(1,129)	(708)
		(62,202)	(46,905)
Non-current liabilities
Financial liabilities
- Borrowings		(17,732)	(19,403)
Retirement benefit obligation		(10,745)	(14,673)
Deferred tax liabilities		(4,960)	(4,840)
Other non-current liabilities		(2,797)	(2,834)
		(36,234)	(41,750)
Total liabilities		(98,436)	(88,655)
Net assets		39,319	33,297

UNAUDITED CONSOLIDATED BALANCE SHEET

at 28 August 2010 (continued)

		Unaudited 2010	Audited          2009
		£'000	£'000
Shareholders' equity
Ordinary shares		2,196	2,196
Share premium		7,738	7,738
Treasury share reserve		(101)	(101)
Equity compensation reserve		170	164
Foreign exchange reserve		301	386
Other reserve		1,477	1,508
Retained earnings		22,925	17,999
Total shareholders' equity		34,706	29,890
Minority interests in equity		4,613	3,407
Total equity		39,319	33,297

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the period ended 28 August 2010

	Share Capital £'000	Share Premium Account £'000	Treasury Share Reserve £'000	Equity Compen-sation Reserve £'000	Foreign Ex-change Reserve £'000	Other Re-serves £'000	Retained Earnings £'000	Total Shareholders' Equity £'000	Minority Interest £'000	Total £'000
At 31 August 2008	2,094	5,252	(101)	206	107	1,539	15,880	24,977	2,619	27,596
Profit for the period	-	-	-	-	-	-	4,421	4,421	785	5,206
Other comprehensive income	-	-	-	-	279	-	(313)	(34)	(3)	(37)
Total comprehensive income	-	-	-	-	279	-	4,108	4,387	782	5,169
Dividends paid	-	-	-	-	-	-	(2,020)	(2,020)	-	(2,020)
Equity-settled share-based payment transactions, net of tax	-	-	-	(42)	-	-	-	(42)	6	(36)
Allotment of shares	102	2,486	-	-	-	-	-	2,588	-	2,588
Transfer	-	-	-	-	-	(31)	31	-	-	-
At 29 August 2009	2,196	7,738	(101)	164	386	1,508	17,999	29,890	3,407	33,297

At 30 August 2009	2,196	7,738	(101)	164	386	1,508	17,999	29,890	3,407	33,297
Profit for the period	-	-	-	-	-	-	5,632	5,632	1,203	6,835
Other comprehensive income	-	-	-	-	(85)	-	1,283	1,198	3	1,201
Total comprehensive income	-	-	-	-	(85)	-	6,915	6,830	1,206	8,036
Dividends paid	-	-	-	-	-	-	(2,020)	(2,020)	-	(2,020)
Equity-settled share-based payment transactions, net of tax	-	-	-	6	-	-	-	6	-	6
Transfer	-	-	-	-	-	(31)	31	-	-	-
At 28 August 2010	2,196	7,738	(101)	170	301	1,477	22,925	34,706	4,613	39,319

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS

for the period ended 28 August 2010

	Note	Unaudited 52 week period 2010	Audited 52 week  period 2009
		£'000	£'000
Cash flows from operating activities
Cash generated from operations	5	18,002	9,817
Interest received		395	204
Interest paid		(1,422)	(1,456)
Tax paid		(1,698)	(2,985)
Net cash generated from operating activities		15,277	5,580
Cash flows from investing activities
Acquisition of subsidiaries (net of cash acquired)		(5,604)	(4,258)
Purchase of intangible assets		(260)	(25)
Proceeds from sale of property, plant and equipment		187	282
Purchase of property, plant and equipment		(3,315)	(2,612)
Purchase of investments		(17)	-
Receipt of non-current receivables		50	-
Net cash used in investing activities		(8,959)	(6,613)
Cash flows from financing activities
Net proceeds from issue of ordinary share capital Net (costs)/proceeds from issue of new bank loans		- (20)	2,588          18,029
Finance lease principal repayments		(1,065)	(1,025)
Repayment of borrowings		(634)	(6,450)
Increase/(decrease) in other borrowings		1,626	(1,195)
Dividends paid to shareholders		(2,020)	(2,020)
Net cash (used in)/generated from financing activities		(2,113)	9,927
Effect of exchange rate changes		(58)	161
Net increase in cash and cash equivalents		4,147	9,055
Cash and cash equivalents at beginning of the period		9,121	66
Cash and cash equivalents at end of the period		13,268	9,121

NOTES TO THE UNAUDITED PRELIMINARY STATEMENT

1. Basis of preparation

     The Group's unaudited Preliminary Announcement does not constitute statutory consolidated financial statements for the 52 week period ended 28 August 2010 or the 52 week period ended 29 August 2009, which will be filed with the Registrar of Companies for the 52 week period ended 28 August 2010, following the Company's annual general meeting.

     The financial statements for the 52 week period ended 29 August 2009 were unqualified and have been delivered to the Registrar of Companies.

2. Segmental information

	Revenue		Profit/(loss) before taxation
	2010	2009	2010	2009
	£'000	£'000	£'000	£'000
Agriculture - Trading	203,003	197,402	5,228	5,178
Agriculture - Manufacturing	59,005	57,591	2,536	(104)
Food	67,087	78,953	1,508	2,056
Engineering	15,820	15,921	982	1,136
	344,915	349,867	10,254	8,266
Adjustments	38	156
	344,953	350,023
Head office net expense			(935)	(591)
Retirement benefit charge			(1,187)	(1,605)
Other adjustments			35	(86)
Share of post-tax profit in associate			445	863
Share of post-tax profit in joint ventures			354	188
Profit before taxation			8,966	7,035

3. Taxation

		2010	2009
(a) Analysis of the charge in the period Current tax: UK corporation tax   Current period   Prior period Foreign tax   Current period		£'000 1,518 (401) 481	£'000 980 (38)   729
Group current tax		1,598	1,671
Deferred tax: Origination and reversal of timing differences   Current period   Prior period		405 128	177 (19)
Group deferred tax		533	158
Tax on profit on ordinary activities		2,131	1,829
(b) Factors affecting tax charge for the period The tax assessed for the period is lower (2009: lower) than the rate of corporation tax in the UK of 28% (2009: 28%).  The differences are explained below:
		2010 £'000	2009 £'000
Profit before taxation		8,966	7,035
Tax at 28% (2009: 28%) Effects of: Tax effect of share of profit in associate and joint ventures Tax effect of expenses that are not allowable in determining taxable profit Effects of different tax rates of foreign subsidiaries Effects of changes in tax rates Over-provision in prior years Utilisation of unrecognised tax losses Other		2,510 (224) 180 61 (65) (273) (67) 9	1,970 (294)   170    76    -  (57)    (45)     9
Total tax charge for the period		2,131	1,829

4. Earnings per share

Basic earnings per share are based on profit attributable to shareholders and on a weighted average number of shares in issue during the period of 8,784,286 (2009: 8,773,022).  The calculation of diluted earnings per share is based on 8,792,326 shares (2009: 8,781,060).

	2010		2009
	Earnings £'000	Earnings per share pence	Earnings £'000	Earnings  per share pence
Earnings per share - basic	5,632	64.1	4,421	50.4
Intangible asset amortisation:
Amortisation of intangible assets	197	2.2	77	0.9
Taxation relief on amortisation	(55)	(0.6)	(22)	(0.3)
Earnings per share - adjusted	5,774	65.7	4,476	51.0

5. Cash generated from operations

	2010	2009
	£'000	£'000
Profit for the period	6,835	5,206
Adjustments for:
Tax	2,131	1,829
Depreciation of property, plant and equipment	3,698	3,411
Profit on disposal of property, plant and equipment	(23)	-
Depreciation of investment property	19	19
Intangible asset amortisation	197	77
Net fair value losses on derivative financial instruments	143	889
Net fair value loss/(gain) on share based payments	6	(36)
Net foreign exchange differences	(141)	(721)
Interest income	(410)	(211)
Interest expense and borrowing costs	1,441	1,536
Share of profit from associate and joint ventures	(799)	(1,051)
IAS19 income statement credit in respect of employer contributions	(2,821)	(2,539)
IAS19 income statement charge	1,187	1,605
Changes in working capital (excluding the effects of acquisitions):
(Increase)/decrease in inventories	(2,020)	10,529
(Increase)/decrease in receivables	(3,854)	7,809
Increase/(decrease) in payables	12,413	(18,535)
Cash generated from continuing operations	18,002	9,817

6. Pensions

The Group operates its current pension arrangements on a defined benefit and defined contribution basis. The valuation of the defined benefit scheme under the IAS19 accounting basis showed a deficit net of the related deferred tax asset in the scheme at 28 August 2010 of £7.8m (29 August 2009: £10.6m).

A Group subsidiary undertaking is a participating employer in a defined benefit pension scheme of the associate. The IAS19 accounting basis showed a deficit, for that scheme, net of the related deferred tax asset in the scheme at 28 August 2010 of £4.0m (2009: £3.6m). The Group recognises in its balance sheet approximately 50% of the deficit and deferred tax asset through its investment in associate.

In the period, the retirement benefit charge in respect of the Carr's Milling Industries Pension Scheme 1993 was £1,187,000 (2009: £1,605,000).

7. Analysis of changes in net debt

	At 30 August	Cash	Other Non-Cash	Exchange	At 28   August
	2009	Flow	Changes	Movements	2010
	£'000	£'000	£'000	£'000	£'000
Cash and cash equivalents	10,304	3,391	-	-	13,695
Bank overdrafts	(1,183)	814	-	(58)	(427)
	9,121	4,205	-	(58)	13,268
Loans and other borrowings: - current - non-current	(8,096) (18,041)	(2,236) 1,264	1 (65)	151 3	(10,180) (16,839)
Finance leases:
- current	(947)	1,065	(989)	-	(871)
- non-current	(1,362)	-	469	-	(893)
Net debt	(19,325)	4,298	(584)	96	(15,515)

8.         The Board of Directors approved the preliminary announcement on 8 November 2010.

9.         The results included in the preliminary announcement are unaudited.  The financial information set out in this announcement does not constitute the statutory accounts for the periods ended 28 August 2010 and 29 August 2009.  The statutory accounts for the period ended 28 August 2010 will be finalised on the basis of the financial information presented by the Directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting.

10.        The Company intends to post the Report and Accounts to shareholders by 9 December 2010.  Further copies will be available upon request from the Company Secretary, Carr's Milling Industries PLC, Old Croft, Stanwix, Carlisle, CA3 9BA or alternatively on the Company's website: www.carrs-milling.com

 

 

END

 

 

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