Carr's says H1 trading broadly similar to last year

Tue Feb 24, 2009 3:51am EST
 
[-] Text [+]

* To buy some Hans Waslischmiller assets for 5.5 mln euros

* Says deal to add to earnings in the first year

Feb 24 (Reuters) - Carr's Milling Industries Plc (CARS.L) said on Tuesday trading in the 26 weeks to Feb. 28 was expected to be "broadly similar" to the first half of last year despite difficult market conditions in the later weeks.

Carr's, a British agriculture, food and engineering group, had a pretax profit of 5.2 million pounds ($7.55 million), on revenue of 161.9 million pounds during the period last year.

The company also said it had agreed to buy some assets of Hans Walischmiller GmbH, which is under administration, for 5.5 million euros.

Carr's said it would acquire Hans's trade and assets of the remote handling technology, robotics and radiation protection equipment business on March 1 to expand its customer base in the UK and Germany.

The transaction is expected to add to the earnings in the first year, Carr's said in a statement.

The Hans acquisition, based in Markdorf in Southern Germany, complements Swindon-based Carrs MSM that supplies remote handling equipment to the nuclear industry and research establishments, the company said.

Both the acquisition and Carrs MSM are suppliers to British Nuclear Group.

The business to be acquired is based in Markdorf in Southern Germany, with 70 employees. For the nine months to Dec. 31, 2008, the period when Hans Walischmiller was in administration, the business made a loss before tax of 186,000 euros, on sales of 5.2 million euros. ($1=.6884 Pound) (Reporting by Purwa Naveen Raman in Bangalore; Editing by Gopakumar Warrier)

 

Featured Broker sponsored link