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Agriculture, food and engineering group Carr’s has warned its profits will come in “significantly below expectations” this year.

In a trading update on Thursday, the group said a range of factors including weak US cattle prices and contract delays in its UK manufacturing arm would result in lower than forecast profits in the current financial year.

A prolonged downturn in US cattle prices would mean “significantly reduced profitability in our USA feed block business as the market recovers in the short to medium term”, said the company.

Carr’s will release another update on April 12.

Copyright The Financial Times Limited 2018. All rights reserved.

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