Carr’s shares drop 30% after warning on profits

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Another big moo-ve in a cattle-related stock.

Shares in agriculture group Carr’s plunged as much as 30 per cent in early trading on Thursday, leaving it at the bottom of the FTSE All Share index after the UK-listed company said weak US cattle prices and delays in some UK contracts would hit its profit forecasts.

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”, it said.

At publication time, shares in the group were down 22 per cent, at 116p.

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