An agricultural engineering company has announced an increase in profits after a major sale.
The Carlisle-based engineering and agriculture group exited Carr’s Billington’ agriculture business by selling the stake to its partner, The Billington Group.
Since its origin in 1998, Carr’s Billington Agriculture Limited (CBAL) operated successfully as a joint venture with 50:50 ownership.
In August last year, Billington Group and Carr’s Group announced a deal had been agreed to sell Carr’s stake for up to £44.5million.
This month they announced their full-year results for the year ended September 3, 2022.
Highlights from the report show revenue from continuing operations increased by 3.3 per cent, adjusted profit before tax from continuing operations increased by eight per cent, and reported operating profit from continuing operations in line with the prior year was at £8.2million.
The group also said they are focused on higher margin, differentiated, and international businesses.
Peter Page, CEO of Carr’s Group, said: “2022 was a year of significant change for Carr’s Group.
“With a clear direction and strategy, the business is now focused on higher-margin, differentiated, international speciality agriculture and engineering businesses with strong growth prospects.”
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