Interim Results - Pre-tax Profit Up 23%

Carr's Milling Industries PLC
3 May 2000

                 CARR'S MILLING INDUSTRIES PLC
                               
          INTERIM RESULTS - HALF YEAR TO 4 MARCH 2000
                               
     'The Directors remain confident of further underlying
                           progress'
                               
*    Carr's,  the  agriculture, food  and  engineering  group,
     announces that the encouraging start to the new financial
     year indicated at the AGM in January has been maintained:

                                       2000      1999 Increase
     
     Turnover (£m)                     42.7      40.4       6%
     Pre-tax profit (£m)               1.17      0.95      23%
     Basic earnings per share (p)       9.5       8.6      10%
     Dividend per share (p)             3.0       3.0        -
     Period end net gearing (%)        51.3      91.7
     
*    The  feed business benefited from the formation  in  June
     1999  of  the Carrs Billington Agriculture JV,  the  feed
     block business performed very strongly, especially in the
     US, and fertiliser sales increased.

*    Flour volumes were similar to last year.

*    Engineering profits were markedly down on last year as  a
     result of the strong pound affecting the UK's competitive
     position and a slowdown in construction projects.

*    On  14  April 2000, Carrs Billington Agriculture  made  a
     £0.85m  recommended offer for AF plc, an unlisted  public
     company operating two compound animal feed mills and  six
     retail stores.

*    As  to  the  outlook, the Chairman, David Newton,  stated
     'There  has been a solid start to the second half of  the
     financial   year   in  Agriculture,  though   Engineering
     continues to show the expected effects of strong sterling
     over  a protracted period.  Notwithstanding the difficult
     conditions in which we continue to operate, as  a  result
     of  positive  management action  taken  in  the  past  12
     months,   the  directors  remain  confident  of   further
     underlying progress in the full year.'

Enquiries:

Carr's Milling Industries PLC                     01228-528291
  Chris Holmes (Chief Executive)
  Ron Wood (Finance Director)

Bankside Consultants Limited                     020-7220 7477
  Charles Ponsonby



               INTERIM STATEMENT OF THE CHAIRMAN
                               
FINANCIAL OVERVIEW

In  our  annual report, I indicated that all the signs pointed
to  the  continuation of a difficult business climate  in  our
operating  sectors  of agriculture, food and  engineering  and
that  the sale in August 1999 for £3.4 million of our  50  per
cent  share  in Robertsons bakery would initially be  slightly
earnings-negative.  In spite of this, I am pleased  to  report
that the encouraging start to the new financial year indicated
at our AGM in January has been maintained.

For  the half year to 4 March 2000, on turnover up 6 per  cent
at £42.7 million (1999: £40.4 million), the Group has achieved
profit  before tax of £1.17 million, an increase of  some  23%
over  1999's  £0.95  million to which  Robertsons  contributed
£0.38 million.

With  period  end  net debt levels down to £8.9  million  from
£14.2  million at the same time last year, gearing has  fallen
to  51.3 per cent from 91.7 per cent, and is also down on  the
year  end  figure last August.  Interest cover was  3.9  times
(1999  interim:  2.7 times).  Basic earnings  per  share  were
9.5p, up from 8.6p per share, an increase of 10 per cent.

DIVIDENDS

Given the current uncertainty in the business sectors in which
the  Group  operates,  the directors consider  it  prudent  to
maintain the interim dividend at last year's level of 3.0p net
per  share  and review the position again when the result  for
the full year is known.  The interim dividend will be paid  on
2  June  2000 to shareholders on the register at the close  of
business on 19 May 2000.

OPERATIONS REVIEW

Agriculture

We  continue  to benefit from our decision to  exit  from  the
Silloth  feed  mill  in West Cumbria with lower  manufacturing
costs  and  higher  feed  volumes from  the  Carrs  Billington
Agriculture   mills   at   Carlisle,   Cumbria   and    Stone,
Staffordshire.   Additionally, we have  not  had  the  initial
start up costs we incurred in the same period last year.

Machinery sales have been similar to last year, as indeed have
retail  sales.   Fertiliser sales in the period are  currently
ahead  of  last year and we are now in the middle of the  busy
period.   The outcome for the full year is still dependent  on
the Spring weather.

The  feed  block business in the UK and mainland  Europe,  and
especially in the US, has performed very strongly, with  sales
well ahead of last year and all the production plants are  now
working efficiently.  In respect of the lawsuit in the US,  we
are awaiting a judicial ruling, which is expected some time in
the Summer.

Food

Overall sales of flour products are similar in volume to  last
year.   The expected reduction in sales to our previous  joint
venture partner, Robertsons, were offset by increased sales to
other major customers.

The essential capital projects, to reorganise the raw material
intake silos, are now in the practical planning stages and are
due to be commissioned later this year.

Engineering

Profits in this business were markedly down on last year,  due
in  the  main to a reduced level of activity and slow  forward
order books.  This is the result of the strong pound affecting
the  UK's  competitive  position,  added  to  a  slowdown   in
construction  projects, which has badly  affected  demand  for
pressure  vessels at Bendalls.  Management  has  had  to  take
action to reduce costs going forward and, regrettably, for the
first  time,  workforce reductions have  been  implemented  at
Bendalls.

Keytor has also suffered from lower order books owing to  feed
industry   restructuring  impeding  decisions  on  improvement
projects  and  from  the  corporate future  of  another  large
customer   delaying  decisions  on  large  capital/maintenance
projects.

PROPOSED ACQUISTION BY CARRS BILLINGTON AGRICULTURE

On  14  April 2000, Carrs Billington Agriculture ('CBAL')  our
50/50 joint venture with Edward Billington & Son Limited  made
a  recommended offer to purchase the whole of the issued share
capital  of  AF plc, an unlisted public company,  for  a  cash
consideration of £0.85 million.

AF  operates  two compound animal feed mills  and  six  retail
stores.   The feed mills are at Penrith in Cumbria and Preston
in  Lancashire.   The  retail stores are located  at  Gisburn,
Pilling  and Preston in Lancashire, Hawes in North  Yorkshire,
Leek in Staffordshire, and Kirkby Stephen in Cumbria.  AF also
markets  substantial  tonnages of  fertiliser,  straight  feed
materials  and  traded products in the North  of  England  and
Southern Scotland.

The   acquisition  of  AF  by  CBAL,  to  form   an   enlarged
agricultural business, would enable the businesses of  AF  and
CBAL to compete even more effectively in the market place.

CBAL expects to incur one off exceptional reorganisation costs
which  will  have  an adverse impact on its results,  and  the
Group's  results for the year to August 2000,  but  should  be
earnings enhancing in the following year.

The Offer has its first closing date on 5 May 2000.

OUTLOOK

There  has  been  a  solid start to the  second  half  of  the
financial year in Agriculture, though Engineering continues to
show the expected effects of strong sterling over a protracted
period.

Notwithstanding the difficult conditions in which we  continue
to operate, as a result of positive management action taken in
the  past 12 months, the directors remain confident of further
underlying progress in the full year.


David Newton
Chairman                                            3 May 2000

             CONSOLIDATED PROFIT AND LOSS ACCOUNT
                 six months ended 4 March 2000
                               
                                Six months ended    Year ended
                                4 March 27 February  28 August
                                   2000        1999       1999
                                   £000        £000       £000
                                        As restated
                                       (See note 2)
                            (unaudited) (unaudited)  (audited)

Turnover: group and
share of joint venture
Continuing operations            43,491      41,579    100,208

Less: share of turnover of joint
venture - continuing operations    (749)    (1,130)     (2,872)
                                -------     -------    -------
Group turnover                   42,742      40,449     97,336
                                 ======      ======     ======

Operating profit: continuing
operations                        1,576       1,141      2,377

Share of operating (loss)/profit in:
Joint Venture                        (8)        (4)        (10)
Associate                             -         370        558
                                -------     -------    -------
Total operating profit: group
and share
of joint venture and associate    1,568       1,507      2,925
                                -------     -------    -------
Continuing operations
Investment income                     -           1          6
Discontinued operations
Profit on sale of associate           -           -      1,434
Profit on disposal of fixed assets    -           -         75
                                -------     -------    -------
Profit on ordinary activities
before interest:                  1,568       1,508      4,440

Interest receivable
Group                                 9          14         23
Joint venture                         8           4         10
Associate                             -           5         12
Interest payable (group)           (416)      (580)     (1,168)
                                -------     -------    -------
Profit on ordinary activities
before taxation:                  1,169         951      3,317
Taxation                           (396)      (295)       (940)
                                -------     -------    -------
Profit on ordinary activities
after taxation:                     773         656      2,377

Minority interests - equity         (13)         35        (14)
                                -------     -------    -------
Profit attributable to
the shareholders:                   760         691      2,363
Dividends                          (240)      (240)       (640)
                                -------     -------    -------
Retained profit:                    520         451      1,723
                                 ======      ======     ======
Earnings per ordinary share:
Basic                              9.5p        8.6p      29.5p
Diluted                            9.5p        8.6p      29.5p
Alternative basis                  9.5p        8.6p      19.8p


                  CONSOLIDATED BALANCE SHEET
                 six months ended 4 March 2000
                               
                                4 March 27 February  28 August
                                   2000        1999       1999
                                   £000        £000       £000
                            (unaudited) (unaudited)  (audited)

Fixed Assets:
Intangible assets                    49          70         60
Tangible assets                  18,160      19,411     18,141
Investment in joint venture:
  Share of gross assets           1,275       1,044        925
  Share of gross liabilities     (1,175)      (944)       (825)
                                    100         100        100
Investment in associate               -       1,069          -
Other investments                    23          24         23
                                -------     -------    -------
                                 18,332      20,674     18,324

Current Assets:
Assets held for resale               50         257        307
Stocks                           10,172       9,971      7,723
Debtors                          18,456      17,674     16,098
Cash at bank and in hand            151         118        102
                                -------     -------    -------
                                 28,829      28,020     24,230
Creditors:
Amounts falling due
within one year                 (25,828)   (28,552)    (21,043)
                                -------     -------    -------

Net Current Assets/(Liabilities): 3,001       (532)      3,187

Total Assets Less
Current Liabilities:             21,333      20,142     21,511

Creditors:
Amounts falling due after
more than one year               (1,926)    (2,868)     (2,506)
Provision for liabilities
and charges                      (1,458)    (1,156)     (1,578)
Deferred income                    (317)      (386)       (345)
                                -------     -------    -------
                                 17,632      15,732     17,082
                                 ======      ======     ======
Capital and Reserves:
Called-up share capital           1,999       1,999      1,999
Share premium account             4,698       4,698      4,698
Revaluation reserve               2,511       3,100      2,527
Profit and loss account           8,122       5,695      7,569
                                -------     -------    -------
Equity shareholders' funds       17,330      15,492     16,793
Minority interest                   302         240        289
                                -------     -------    -------
                                 17,632      15,732     17,082
                                 ======      ======     ======


                             NOTES
                               
1. The  turnover and operating profit of continuing operations
   for  the  six  months ended 4 March 2000 includes  £534,000
   and  a  £4,000  loss, respectively, in  respect  of  George
   Shackleton  & Sons Limited, which was acquired  in  October
   1998.

2. The  share  of turnover of the joint venture  for  the  six
   months  ended  27  February 1999 has been  restated  to  be
   consistent with the treatment in the August 1999  accounts.
   This is the only figure restated.

3. The  tax charges for the periods ended 4 March 2000 and  27
   February  1999  are based on the estimated tax  charge  for
   the applicable year.

4. The  share of the associate's estimated tax charge included
   at  27  February  1999 is £113,000 (1999:  £179,000).   The
   share  of  the joint venture's estimated tax  charge  at  4
   March 2000 is nil (1999 interim: nil; 1999: nil).

5. The  calculation of basic earnings per share  is  based  on
   profits  attributable  to shareholders  of  £760,000  (1999
   interim:  £691,000;  1999:  £2,363,000)  and  on  7,996,639
   (1999  interim: 7,996,639; 1999: 7,996,639)  shares,  being
   the  weighted average number of shares in issue during  the
   period.

   The  calculation  of earnings per share on the  alternative
   basis  (including  acquisitions but  excluding  exceptional
   items  net of related tax) is based on profits of  £760,000
   (1999 interim: £691,000; 1999: £1,585,000).

   The  calculation of diluted earnings per share is based  on
   profits   of   £760,000  (1999  interim:  £691,000;   1999:
   £2,363,000)  and the weighted average number of  shares  in
   issue   adjusted  to  assume  conversion  of  all  dilutive
   potential ordinary shares.  The weighted average number  of
   shares  is  increased  to 8,002,781 shares  (1999  interim:
   7,996,639; 1999: 7,998,406).

6. The  accounts for the year ended 28 August 1999  have  been
   reported  on by the auditors and delivered to the Registrar
   of  Companies.  The report of the auditors was unqualified.
   This  statement  was  approved  by  a  duly  appointed  and
   authorised  committee of the Board of Directors  on  2  May
   2000.   The interim statement has neither been audited  nor
   reviewed by the auditors.  This interim statement has  been
   prepared  in  accordance with the accounting  policies  set
   out in the Group's Report and Accounts 1999.

7. This   interim  report  is  being  sent  by  post  to   all
   registered shareholders.  Copies are also available to  the
   public  from  the Company's registered office:  Old  Croft,
   Stanwix, Carlisle, CA3 9BA.