RNS Number : 6860Y
Anpario PLC
10 September 2025
Anpario plc
("Anpario", the "Group"
or the "Company")
Interim Results
Anpario plc (AIM:ANP), the independent manufacturer of natural sustainable animal feed additives for animal health, nutrition and biosecurity is pleased to announce its unaudited interim results for the six months to 30 June 2025 ("H1 2025").
Highlights
Financial highlights
· 34% increase in sales to £22.7m (H1 2024: £17.0m).
· 45% increase in gross profit to £11.7m (H1 2024: £8.1m).
· Increase in gross margins to 51.4% (H1 2024: 47.5%).
· 53% increase in adjusted EBITDA1 to £4.1m (H1 2024: £2.7m).
· 62% increase in profit before tax to £3.4m (H1 2024: £2.1m).
· 43% increase in diluted adjusted earnings per share to 16.01p (H1 20242: 11.16p).
· 11% increase in interim dividend to 3.60p (H1 2024: 3.25p) per share.
· Cash and cash equivalents of £11.1m at 30 June 2025 (31 December 2024: £10.5m).
Operational highlights
· Strong sales performance in the Americas, Asia and Europe segments, tempered by a levelling off in the India, Middle-East and Africa segment ("IMEA") following an outstanding performance last year.
· Sales growth in phytogenics, acid-based eubiotics, mycotoxin binders and omega product groups supported by a change in mix to higher value-add versions.
· Continued gross margin improvement due to a richer product mix and the contribution from Bio-Vet Inc ("Bio-Vet").
· Significant growth in pHorce® in the US swine market as customers see the dual benefits of feed hygiene and improved animal performance.
Outlook
· Strong sales at the start of the second half, continuing from the first six months.
· Integration of Bio-Vet to progress with combined US management structure, rebranding and the launch of key product brands through respective sales and distribution networks.
· Establishment of subsidiaries in certain Central American countries to increase end customer engagement.
· The Group's leading position in natural and sustainable feed additive solutions with its leading brands and the launch of several new products gives the Board confidence in the long-term profitable development of the Company.
Matthew Robinson, Chairman of the Company, commented:
"The Board is delighted to report another strong first half performance in terms of improved sales, margins and profitability. This result reflects management's initiatives in promoting higher value-add products, as well as a broader recovery across the Group's territories, with an encouraging turnaround in the United States (US) and the contribution made by the Bio-Vet acquisition completed on 30 September 2024.
Gross margins continued to improve reflecting management's focus on marketing strong differentiated product solutions to customers combined with an increase in the proportion of direct business to end users. We are pleased that Bio-Vet has achieved its earnout target and now look forward to progressing key integration initiatives which include combining our US operations, expanding the international sales of Bio-Vet's products such as its successful calcium bolus supplement brand, QuadriCal®, and offering Anpario's products to Bio-Vet's dairy farm customers.
Adjusted EBITDA1 increased by 53% to £4.1m, reflecting the Group's operational gearing. The Group continues to maintain a strong balance sheet, with cash and cash equivalents of £11.1m at 30 June 2025; and the Board has approved an interim dividend of 3.60 pence per share (H1 2024: 3.25 pence per share), an increase of 11% to the prior period.
This performance is the result of the efforts of Anpario staff across the globe who through hard work and diligence have delivered another set of excellent results. There is always more to achieve, and the team remains focused on implementing the strategy to deliver strong organic growth supplemented by appropriate acquisition opportunities should they arise. The Group has made a strong start to the second half, and we are confident of building on this momentum.
Matthew Robinson, Chairman
1 Adjusted EBITDA represents operating profit for the period of £3.302m (H1 2024: £1.944m) adjusted for: share based payments and associated costs of £0.093m (H1 2024: £0.165m); and depreciation and amortisation charges of £0.696m (H1 2024: £0.573m).
2 Adjusted profit after tax and adjusted earnings per share have been restated for prior periods to include net finance income to align with market practice, see note 4 for more details.
Enquiries: Anpario plc:
Richard Edwards, CEO
+44(0)7776 417 129
Marc Wilson, Group Finance Director
+44(0)1909 537 380
Shore Capital: (Nominated Adviser and Broker):
+44 (0) 20 7408 4090
Stephane Auton David Coaten
Corporate Advisory
Tom Knibbs
Henry Willcocks
Corporate Broking
Chief Executive Officer's statement
Overview
Group sales for the six months to 30 June 2025 increased by 34% to £22.7m (H1 2024: £17.0m), including a £3.0m contribution from Bio-Vet acquired on 30 September 2024. Like-for-like sales (excluding Bio-Vet) increased by 16%. On a like-for-like basis, there was strong sales growth in our Asia, Americas and Europe segments delivering increases of 24%, 21% and 16% respectively. Sales in our India, Middle East and Africa (IMEA) segment, declined by 4% predominantly due to the loss of some pellet binder business in Saudi Arabia. The strong performance reflects management initiatives to focus on promoting higher value-add product solutions to customers and a broader recovery across the Group's territories, such as the recovery in our US business complemented by the Bio-Vet acquisition.
Four of our key product groups (excluding Bio-Vet), which account for over 90% of sales, delivered sales growth. Acid-based eubiotics, mycotoxin binders, omega and phytogenic products grew sales by 6%, 9%, 49% and 41% respectively, helped by the launch of Orego-Stim® Plus a combination plant extract product and the continued growth of Optomega® Algae primarily for omega 3 enrichment of eggs and dairy cow fertility. The addition of the Bio-Vet on-farm product range which includes direct fed microbials (Probiotics), calcium boluses and electrolytes further broadens the Group's portfolio and expands our offering to the ruminant market.
The turnaround in the US was partially driven by very strong sales to the swine sector of pHorce®, our high strength low inclusion acid-based eubiotic, which with triple action anti-bacterial, anti-fungal and proven anti-viral properties is a powerful feed mitigant and supports gut health. With the acquisition of Bio-Vet the US is now our biggest single territory accounting for 21% of Group sales with the Americas and Asia segments now more balanced each delivering around 33% of Group sales, with Europe and MEA being 19% and 14% respectively for the period.
The continued improvement in like-for-like (excluding Bio-Vet) gross margin to 49.8% is both testament to the improved efficiency following investment in automating our Manton Wood production facility and the team's focus to develop high value-add differentiated products which deliver tangible performance and financial benefits for meat protein producers worldwide. Streamlining our sales and distribution channels is a part of this journey to ensure the end customer receives value for money. The strategy to build closer relationships with our end customers continues with recent changes to our sales channels in the Central America region where we see good opportunities to broaden our product portfolio and deliver stronger growth.
Weighted average selling prices per tonne on a like-for-like basis increased by 28% reflecting the richer product mix with increased sales of our premium mycotoxin binder versions within the Anpro® range and the shift in mix to pHorce® being a more concentrated acid-based eubiotic. The trebling of sales in Optomega® Algae which is a high value product also contributed to the increase. When Bio-Vet products are included then average selling prices increased by 44% due to the small, packaged nature of the range which are typically used at farm level.
The 53% increase in Adjusted EBITDA1 to £4.1m compared to the same period last year (H1 2024: £2.7m) not only reflects the quality, efficacy and intellectual property embedded in our product technology but also our geographic and species strength which is becoming more balanced through product and business development and strategic acquisitions; supported by two modern production facilities in the UK and US. From this strong position we can build on recent successes to meet the changing needs and challenges of the industry and execute business development initiatives which offer several opportunities to drive organic growth in the coming years.
Operational review
Americas
Overall, sales in this segment grew 97% including Bio-Vet or 21% on a like-for-like basis, driven by strong performances from the US, Argentina and Mexico with sales growth of 62%, 57% and 55% respectively. In the US sales of pHorce® significantly recovered delivering an increase of 138% as customers experience the dual benefits of feed mitigation and improved animal performance from better gut health; as well as pHorce® being a safe alternative to formaldehyde, widely used in the region.
Orego-Stim® also continued to make progress both in the US calf and poultry markets with the launch of Orego-Stim® Plus, which combines our 100% natural oregano essential oil with saponins, promoting gut health to support natural digestive and immune functions, improving feed palatability and nutrient absorption. Early indications in commercial broiler trials are very encouraging showing significant performance improvement of the birds. Working with a local partner, we commenced sales of our Avian Complete range which targets the backyard poultry market through the retail channels. The backyard poultry industry is particularly prevalent in the layer sector as some consumers switch to produce their own food. We plan to transfer the production of Avian Complete to the Bio-Vet facility as volumes grow.
Bio-Vet contributed £3.0m of sales in the first half following a very strong fourth quarter in 2024 as the presence of avian influenza in the Californian dairy herd subsided affecting sales of electrolytes and capsules. However, sales of calcium boluses, marketed under the QuadriCal® brand, and the direct fed microbial product, Generator™, delivered sales growth of 15% and 9% respectively. The Bio-Vet sales team and some customers have already been introduced to Orego-Stim® and our mycotoxin binder range for ruminants, with some early sales success. The launch of these products will commence in earnest following the successful achievement of the one-year earnout this September. Furthermore, Orego-Stim® has been incorporated into Bio-Vet's electrolyte product to provide further differentiation and benefits to the animal through the drinking water.
We are also registering Anpario's tablet water sanitiser product, Credence, for the US market as Bio-Vet's sales channels are an ideal route to market for this product. Credence has a unique controlled release of chlorine, with replenishment into a solution as and when needed. It is a cost-effective multi-purpose product and can be used for the disinfection of water, water systems, farm buildings and equipment, and can also be used in udder hygiene programmes and for the disinfection of milking parlours and machines. Credence is ideal for animal drinking water and viewed as having efficacy, safety and cost advantages over widely used alternatives such as hydrogen peroxide and chlorine dioxide. We are also experiencing increased interest for Credence in the Middle East and India and is another example of Anpario's product technology addressing the future needs of the market.
Work is also underway to register QuadriCal® in several international markets leveraging the Group's international network to fast-track sales of a product which has some very strong differentiating factors in supporting dairy cows through post-calving calcium deficiency - 'milk fever'. Bio-Vet is a leader in understanding and addressing these issues in sub-clinical cases where the costs to the farmer can be significant.
Both technical teams have been working to devise product programmes by combining Anpario's and Bio-Vet's technology into a value-add offering for ruminant customers delivering synergistic effects and financial benefits to their operations when applying the programme. There are also several dairy regions which warrant additional technical sales resource to help drive growth of our business in the US.
Within the South America region, Brazil, as expected, was the key disappointment with a decrease in sales of 33%. Competition for large integrator business is intense as our subsidiary competes with locally produced products which aren't subject to import tariffs. We do see opportunities in the aquaculture and ruminant markets especially with the Bio-Vet product range and have made some changes which we are confident will turn around performance. Argentina delivered a good performance with increased sales of Salkil and one of our enzyme products branded Feedzyme.
The Latin America region which includes Mexico and Central America delivered sales growth of 13%. However, we believe we can deliver better growth by offering the full range of Anpario's products and building direct relationships in each country rather than working through a single distributor, which on reflection, has restricted our progress across the region. We have, therefore, phased out this relationship and started to set up subsidiaries in Colombia and Panama. In some of these territories we already had a commercial relationship with the end customer and have also transferred across personnel who looked after the Anpario product range.
Asia
Alongside the Americas this segment accounts for about one third of Group sales and pleasingly delivered sales growth of 25%, including a small number of Bio-Vet sales to South Korea, compared to the same period last year. Like-for-like (excluding Bio-Vet) sales growth was achieved in all sub-segments with Asia Pacific, China and Australasia delivering increases of 32%, 15% and 5% respectively. There were very strong performances from the Philippines, Indonesia, Thailand and Japan. Growth in the Philippines came from the increased use of Orego-Stim® and Anpro mycotoxin binders as the markets and margins for poultry and swine producers improved.
Indonesia growth came mainly from our larger customers more than doubling sales across a range of products including our natural pellet binder, Mastercube®. Malaysia experienced decline with a 47% reduction in sales (£0.6m), although this comes after a period of rapid expansion and against a strong comparator for the same period as last year.
China delivered a solid performance with growth in Orego-Stim® and mycotoxin binders in a territory which has several macroeconomic challenges to deal with including subdued consumer spending. We have been undertaking commercial trials for Optomega® Algae with a large swine integrator looking for a replacement for fish meal used in feed. The first set of trials were successful in terms of animal performance and efficacy but further trials are planned before the product is given the green light. China accounted for just over 10% of Group sales for the period.
India, Middle East and Africa (IMEA)
Sales in the IMEA segment declined by 4% compared to the same period last year largely due to the loss of some pellet binder business in Saudi Arabia and in Egypt where one of our customers is experiencing credit issues preventing us from trading with them so far this year. Excluding the lost pellet binder business then the segment would have grown in sales by 11%. This year's performance is also against a very strong comparator for the same period last year and so a bout of indigestion was anticipated.
The top performing territories were India and the United Arab Emirates (UAE) with a fourfold and doubling of sales respectively compared to the same period last year. The main driver of sales to India was in Orego-Stim® to a large poultry integrator which has been conducting commercial trials across various complexes and although the business is welcome, we are cautious in it continuing at these levels. As such, our local partner is working hard to broaden out the customer base not only in poultry but across other species and products. We have recruited two additional technical salespeople in the region to support our business in India, and to better understand the structure of each market, which is set to deliver strong growth in animal protein production. Sales to the UAE were across a range of products, notably Optomega® Algae for dairy cow fertility and Mastercube®.
Europe
Europe delivered sales growth of 17% (includes Bio-Vet) with strong performances from Israel, Switzerland, UK and Denmark, with sales increasing by 154%, 409%, 9% and 64% respectively. Clearly our Swiss distributor is starting from a lower base but has been a strong advocate of Optomega® Algae. The UK, which now accounts for around 8% of Group sales, continued to grow its Orego-Stim® sales, up 20%, which was partially offset by the loss of low margin acid-based eubiotic business.
Our water soluble Orego-Stim® Forte version helped the Netherlands deliver 203% sales growth as the additive is incorporated in tuna feed being farmed in the Mediterranean. We have also recently agreed a European-wide distribution agreement with a large multi-national supplier to the feed mill sector. They will market several of our feed mill oriented products to their customers which will help us target a sector we have found difficult to penetrate from the UK.
Weighted average selling prices in the Europe segment increased by 14% driven by mix with the growth of high value product groups such as phytogenics and omegas and necessary price increases implemented at the beginning of the second quarter this year.
Innovation and development
We recently launched Orego-Stim® Plus, an oregano essential oil and saponin combination, which is performing very well in commercial poultry trials with a large US integrator. Our phytogenics expertise and especially deep understanding of oregano oil should be viewed like a proprietary computer code which can be adapted and programmed for many applications. Plants have survived many millennia and that means they have adapted and built up very strong defence mechanisms to fight disease, heat, drought and parasites, etc. The 100% natural Orego-Stim® essential oil has over one hundred compounds each bringing a beneficial impact to the complete oil, this gives Orego-Stim® its multifactorial features and therefore the many benefits it can offer in gut health, immunity and animal performance. It's why, at Anpario, we believe that 'Nature has many Answers' we can learn from.
The technical team are also developing a lysophospholipid-based feed additive product which enhances the emulsification and subsequent utilisation of lipids and lipid-soluble nutrients in the diet. The product, known as AmpLIPhy can be used on top of a standard diet formulation to enhance animal performance, or in combination with diet reformulation to deliver feed cost savings.
We are excited by the combined expertise of Bio-Vet and Anpario which I'm confident will spawn many great commercial ideas fusing our joint knowledge, especially in the microbiome, and technologies to turn them into novel solutions for our customers. Our aim is to exploit this rich seam of potential innovation as we are confident that growth from future products will come from within the combined organisation and our own scientific orbit.
Outlook
The second half has started well continuing the momentum from the first and we are confident of building on this platform for the remainder of this year and into the next. We have several business development initiatives to deliver including integration and revenue synergies between Bio-Vet and Anpario. We will continue to expand the local technical sales teams and build strong end user relationships where practical.
The long-term drivers in the speciality feed additive market are strong as regulatory measures nudge producers to use natural, sustainable and environmentally friendly solutions to improve health and safety of both animals and consumers, and producers need to find ever more efficient ways of producing meat protein for a growing world population with less resources. At the same time, we remain mindful that global trade conditions are likely to remain somewhat uncertain, and the current trade and tariff disputes may present challenges for the agriculture industry in certain geographies. However, through our strategy we have sought to build a well-diversified business within our markets, and our extensive experience and the team's capabilities will help us to navigate whatever materialises.
Richard Edwards
Chief Executive Officer
10 September 2025
Key performance indicators
Financial
H1 2025
H1 2024
Note
£000
£000
change
% change
Revenue
3
22,724
16,993
+5,731
+34%
Gross profit
11,681
8,071
+3,610
+45%
Gross margin
51.4%
47.5%
+3.9ppts
Adjusted EBITDA
4
4,091
2,682
+1,409
+53%
Profit before tax
3,384
2,084
+1,300
+62%
Diluted adjusted earnings per share
6
16.01p
11.16p2
+4.85p
+43%
Interim dividend
3.60p
3.25p
+0.35p
+11%
Cash and cash equivalents
11,099
13,465
-2,366
-18%
Net assets
39,053
35,449
+3,604
+10%
Financial review
Revenue and gross profit
Revenue for the period increased by 34% to £22.7m (H1 2024: £17.0m). This includes a sales contribution of £3.0m from Bio-Vet. Excluding which, like-for-like revenue increased by 16% to £19.7m.
Revenue performance across the Group was broadly very strong, with the majority of operating segments achieving material increases in sales. Sales in Asia were up 25%, Europe increased by 17% and the Americas saw growth of 97% including Bio-Vet (21% on a like-for-like basis). Albeit there was modest reduction of 4% in performance in the India, Middle-East and Africa segment, this follows significant growth achieved last year. More details of the sales performance are included in the Chief Executive Officer Statement.
Gross margins increased to 51.4% (H1 2024: 47.5%). The inclusion of Bio-Vet contributed towards this increase as it operates at a slightly higher gross margin. Gross margins also improved on a like-for-like basis, increasing to 49.8% (H1 2024: 47.5%). This marks the successful return to pre-2022 gross margin levels experienced prior to the various force-majeure and energy crisis impacts that had deteriorated margins. As a result of both the inclusion of Bio-Vet and the improved like-for-like gross margins, gross profits rose 45% in the period to £11.7m.
Administrative expenses
Administrative expenses were 37% higher at £8.4m (H1 2024: £6.1m). On a like-for-like basis, excluding the operations of Bio-Vet, administrative expenses increased by 9% to £6.7m.
Most administrative costs were relatively stable, with increases in legal and professional fees, operational support costs and travel expenses being offset by savings across a range of other categories including share-based payment charges and foreign exchange losses.
The largest contributor to the increased administrative expense in the period was a £0.6m rise in people costs. This includes a 6% increase in employment costs resulting from a combination of wage inflation, higher national insurance costs for UK employees, and an increase in overall headcount. As well as increased incentive provisions due to the larger sales and operating performance growth experienced through this first six months compared to the same period last year.
Profitability and earnings per share
Adjusted EBITDA1 for the period increased by 53% to £4.1m (H1 2024: £2.7m). The contribution from Bio-Vet for the period was £0.3m, excluding which, like-for-like Adjusted EBITDA1 increased by 40% to £3.8m (H1 2024: £2.7m).
Profit before tax for the Group increased by 62% to £3.4m (H1 2024: £2.1m). The effective tax rate was slightly higher than last year at 18.9% (H1 2024: 17.9%). Leading to a 60% increase in profit after tax to £2.7m (H1 2024: £1.7m), and basic earnings per share up 59% to 16.34p (H1 2024: 10.27p). Diluted adjusted earnings per share increased by 43% to 16.01p (H1 20242: 11.16p).
Cash flow
Operating cash flows before changes in working capital were 41% higher in the period at £3.7m (H1 2024: £2.6m), principally as a result of the increased level of operating profit to £3.3m (H1 2024: £1.9m). Changes in working capital absorbed £1.7m (H1 2024: release of £0.5m) of cash through the first half of the year.
Total inventories increased by £2.1m, with just over half of the growth related to raw materials, the remainder being finished goods. Total Inventory days peaked in 2022 and fell in consecutive years and at the end of 2024 levels were lower than normal due to increased utilisation due to higher year-end sales. The growth in inventory levels in the current period relates to both a replenishment of stock in terms of the number of overall inventory days, as well as being related to the continued sales growth and therefore proportionally higher working capital requirements.
Capital expenditure in the period was £0.3m (H1 2024: £0.2m), like-for-like investments were similar to the same period last year, with the small increase related to purchases in Bio-Vet for the current period. A share buyback programme was launched in April this year, following its conclusion 29,000 shares were repurchased at a weighted average price of 336p at a total cost of £0.1m.
Overall, total cash and cash equivalents, after the effect of exchange rate changes, increased by £0.6m to £11.1m (31 December 2024: £10.5m).
Acquisition
As previously announced, Anpario acquired Bio-Vet Inc. on 30 September 2024 for total consideration of £5.8m (USD 7.4m), including £0.8m (USD 1.0m) of contingent consideration. The full contingent consideration amount is payable subject to the achievement of a 12-month post-acquisition adjusted EBITDA of not less than USD 780,000, with nothing being due for adjusted EBITDA of less than USD 615,000, pro-rated between these amounts.
Although Bio-Vet had an exceptionally strong revenue performance through Q4 2024, sales have slightly reduced from these levels through the first-half of this year. Despite this, the operating performance through the first-half of the year remains higher than the levels expected to achieve the full contingent consideration targets. Combined with their strong first quarter through Q4 2024, the full contingent consideration amount has been achieved and is expected to be paid in Q3, a liability for which has been recognised in Other Payables.
Dividend
The Board has approved an interim dividend of 3.60 pence per share (H1 2024: 3.25 pence per share), an increase of 11% compared to the prior period. This dividend, payable on 28 November 2025 to shareholders on the register on 14 November 2025 (ex-dividend date is 13 November 2025), reflects the Board's continued confidence in the Group and its ability to generate cash.
Marc Wilson
Group Finance Director
10 September 2025
Consolidated statement of comprehensive income
for the six months ended 30 June 2025
six months to
six months to
year ended
30 June
30 June
31 December
2025
2024
2024
Note
£000
£000
£000
Revenue
3
22,724
16,993
38,195
Cost of sales
(11,043)
(8,922)
(20,278)
Gross profit
11,681
8,071
17,917
Administrative expenses
(8,379)
(6,127)
(13,025)
Operating profit
3,302
1,944
4,892
Depreciation and amortisation
696
573
1,196
Adjusting items
4
93
165
897
Adjusted EBITDA
4
4,091
2,682
6,985
Net finance income
5
82
140
289
Profit before tax
3,384
2,084
5,181
Income tax
(639)
(372)
(1,069)
Profit for the period
2,745
1,712
4,112
Other comprehensive income:
Items that may be subsequently reclassified to profit or loss:
Exchange difference on translating foreign operations
(199)
(146)
(305)
Cashflow hedge movements (net of deferred tax)
468
93
68
Total comprehensive income for the period
3,014
1,659
3,875
Earnings per share:
Basic
6
16.34p
10.27p
24.66p
Diluted
6
15.51p
10.21p
24.42p
Adjusted
6
16.87p
11.23p
29.95p
Diluted adjusted
6
16.01p
11.16p
29.66p
Consolidated statement of financial position
As at 30 June 2025
as at
as at
as at
30 June
30 June
31 December
2025
2024
2024
Note
£000
£000
£000
Intangible assets
7
12,145
10,485
12,576
Property, plant and equipment
8
6,174
4,439
6,431
Right of use assets
9
83
70
71
Deferred tax assets
670
513
817
Derivative financial instruments
470
189
4
Non-current assets
19,542
15,696
19,899
Inventories
10
9,142
5,536
7,342
Trade and other receivables
11
7,957
7,056
9,023
Derivative financial instruments
519
71
190
Current income tax assets
178
-
192
Cash and cash equivalents
11,099
13,465
10,500
Current assets
28,895
26,128
27,247
Total assets
48,437
41,824
47,146
Lease liabilities
(25)
(40)
(8)
Derivative financial instruments
-
(49)
(101)
Deferred tax liabilities
(2,674)
(2,035)
(2,516)
Non-current liabilities
(2,699)
(2,124)
(2,625)
Trade and other payables
12
(6,624)
(4,022)
(7,906)
Lease liabilities
(61)
(34)
(66)
Derivative financial instruments
-
(156)
(114)
Current income tax liabilities
-
(39)
(141)
Current liabilities
(6,685)
(4,251)
(8,227)
Total liabilities
(9,384)
(6,375)
(10,852)
Net assets
39,053
35,449
36,294
Share capital
4,703
4,672
4,703
Share premium
15,982
15,646
15,982
Capital redemption reserve
1,021
1,021
1,021
Other reserves
(9,224)
(9,145)
(9,238)
Retained earnings
26,571
23,255
23,826
Total equity
39,053
35,449
36,294
Consolidated statement of changes in equity
for the six months ended 30 June 2025
Called up share capital
Share premium
Capital redemption reserve
Other reserves
Retained earnings
Total equity
£000
£000
£000
£000
£000
£000
Balance at 1 Jan 2024
4,615
15,047
1,021
(8,577)
21,543
33,649
Profit for the period
-
-
-
-
1,712
1,712
Currency translation differences
-
-
-
(146)
-
(146)
Cash flow hedge reserve
-
-
-
93
-
93
Total comprehensive income for the period
-
-
-
(53)
1,712
1,659
Issue of share capital
57
599
-
-
-
656
Joint-share ownership plan
-
-
-
(656)
-
(656)
Share-based payment adjustments
-
-
-
141
-
141
Transactions with owners
57
599
-
(515)
-
141
Balance at 30 Jun 2024
4,672
15,646
1,021
(9,145)
23,255
35,449
Profit for the period
-
-
-
-
2,400
2,400
Currency translation differences
-
-
-
(159)
-
(159)
Cash flow hedge reserve
-
-
-
(25)
-
(25)
Total comprehensive income for the period
-
-
-
(184)
2,400
2,216
Issue of share capital
31
336
-
-
-
367
Share-based payment adjustments
-
-
-
65
-
65
Deferred tax regarding share-based payments
-
-
-
26
-
26
Final dividend relating to 2023
-
-
-
-
(1,272)
(1,272)
Interim dividend relating to 2024
-
-
-
-
(557)
(557)
Transactions with owners
31
336
-
91
(1,829)
(1,371)
Balance at 31 Dec 2024
4,703
15,982
1,021
(9,238)
23,826
36,294
Profit for the period
-
-
-
-
2,745
2,745
Currency translation differences
-
-
-
(430)
-
(430)
Cash flow hedge reserve
-
-
-
468
-
468
Total comprehensive income for the year
-
-
-
38
2,745
2,783
Purchase of treasury shares
-
-
-
(98)
-
(98)
Share-based payment adjustments
-
-
-
74
-
74
Transactions with owners
-
-
-
(24)
-
(24)
Balance at 30 Jun 2025
4,703
15,982
1,021
(9,224)
26,571
39,053
Consolidated statement of cash flows
for the six months ended 30 June 2025
six months to
six months to
year ended
30 June
30 June
31 December
2025
2024
2024
Note
£000
£000
£000
Operating profit for the period
3,302
1,944
4,892
Depreciation, amortisation and impairment
4
696
573
1,196
Loss on disposal of intangible assets
7
9
-
-
Loss on disposal of property, plant and equipment
8
-
1
-
Share-based payments
74
141
206
Fair value adjustment to derivatives
(387)
(33)
9
Operating cash flows before changes in working capital
3,694
2,625
6,303
(Increase)/decrease in inventories
(2,090)
669
113
Decrease/(increase) in trade and other receivables
1,006
(384)
(1,897)
(Decrease)/increase in trade and other payables
(641)
232
2,476
Changes in working capital
(1,725)
517
692
Cash generated by operations
1,969
3,142
6,995
Income tax paid
(610)
(107)
(1,152)
Net cash from operating activities
1,359
3,035
5,843
Acquisition of subsidiary, net of cash acquired
(154)
-
(2,492)
Purchases of property, plant and equipment
8
(231)
(68)
(1,938)
Payments to acquire intangible assets
7
(75)
(135)
(149)
Interest received
5
85
142
293
Movement in short-term investments
-
110
110
Net cash used in investing activities
(375)
49
(4,176)
Purchase of treasury shares
(98)
-
-
Joint share ownership plan
-
(656)
(656)
Proceeds from issuance of shares
-
656
1,023
Cash payments in relation to lease liabilities
(43)
(33)
(77)
Operating lease interest paid
5
(3)
(2)
(4)
Dividend paid to Company's shareholders
-
-
(1,829)
Net cash from financing activities
(144)
(35)
(1,543)
Net increase in cash and cash equivalents
840
3,049
124
Effect of exchange rate changes
(241)
(123)
(163)
Cash and cash equivalents at the beginning of the period
10,500
10,539
10,539
Cash and cash equivalents at the end of the period
11,099
13,465
10,500
1. General information
Anpario plc ("the Company") and its Subsidiaries (together "the Group") produce and distribute natural feed additives for animal health, hygiene and nutrition. Anpario plc is a public company traded on the Alternative Investment Market ("AIM") of the London Stock Exchange and is incorporated in the United Kingdom and registered in England and Wales. The address of its registered office is Unit 5 Manton Wood Enterprise Park, Worksop, Nottinghamshire, S80 2RS. The presentation currency of the Group is pounds sterling.
2. Basis of preparation
The unaudited consolidated financial statements comprise the accounts of the Company and its subsidiaries drawn up to 30 June 2025.
The Group has presented its financial statements in accordance with UK adopted International Financial Reporting Standards ("IFRSs").
Full details on the basis of the accounting policies used are set out in the Group's financial statements for the year ended 31 December 2024, which are available on the Company's website at www.anpario.com. There are not expected to be any changes to the accounting policies and the same policies are expected to be applicable for the year ended 31 December 2025.
This condensed consolidated interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2024 were approved by the Board of Directors on 30 March 2025 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498 (2) or (3) of the Companies Act 2006.
The consolidated interim financial information for the period ended 30 June 2025 is neither audited nor reviewed.
3. Operating segments
Management has determined the operating segments based on the information that is reported internally to the Chief Operating Decision Maker and the Board of Directors to make strategic decisions. The Board considers the business from a geographic perspective and is organised into four geographical operating divisions: Americas; Asia; Europe; and India, Middle-East and Africa (IMEA); with the remaining income and expenses allocated as Head Office.
Following the acquisition of Bio-Vet, a review of operating segments was conducted. It was determined that, in-line with how information is reported and strategically reviewed, that the operating segments would remain the same, with Bio-Vet being included within the Americas.
All revenues from external customers are derived from the sale of goods and services in the ordinary course of business to the agricultural markets and are measured in a manner consistent with that in the income statement. Inter-segment revenue is charged at prevailing market prices or in accordance with local transfer pricing regulations.
for the six months ended 30 Jun 2025
Americas
Asia
Europe
MEA
Head Office
Total
£000
£000
£000
£000
£000
£000
Total segmental revenue
7,568
7,651
10,116
3,189
-
28,524
Inter-segment revenue
-
-
(5,800)
-
-
(5,800)
Revenue from external customers
7,568
7,651
4,316
3,189
-
22,724
Depreciation and amortisation
(124)
(19)
(6)
(3)
(544)
(696)
Net finance income
7
(1)
-
-
76
82
Profit before tax
1,565
2,692
1,944
1,126
(3,943)
3,384
for the six months ended 30 Jun 2024
Americas
Asia
Europe
MEA
Head Office
Total
£000
£000
£000
£000
£000
£000
Total segmental revenue
3,837
6,134
7,563
3,330
-
20,864
Inter-segment revenue
-
-
(3,871)
-
-
(3,871)
Revenue from external customers
3,837
6,134
3,692
3,330
-
16,993
Depreciation and amortisation
(2)
(24)
(5)
(2)
(540)
(573)
Net finance income
-
1
-
-
139
140
Profit before tax
760
1,316
1,374
1,235
(2,601)
2,084
for the year ended 31 Dec 2024
Americas
Asia
Europe
MEA
Head Office
Total
£000
£000
£000
£000
£000
£000
Total segmental revenue
10,342
13,278
17,135
6,910
-
47,665
Inter-segment revenue
-
-
(9,470)
-
-
(9,470)
Revenue from external customers
10,342
13,278
7,665
6,910
-
38,195
Depreciation and amortisation
(66)
(47)
(11)
(4)
(1,068)
(1,196)
Net finance income
(45)
1
(1)
1
333
289
Profit before tax
2,251
3,048
3,063
2,636
(5,817)
5,181
4. Alternative performance measures
In reporting financial information, the Group presents alternative performance measures (APMs), which are not defined or specified under the requirements of IFRS. The Group believes that these APMs, which are not considered to be a substitute for or superior to IFRS measures, provide depth and understanding to the users of the financial statements to allow for further assessment of the underlying performance of the Group.
The Board considers that adjusted EBITDA is the most appropriate profit measure by which users of the financial statements can assess the ongoing performance of the Group. EBITDA is a commonly used measure in which earnings are stated before net finance income, amortisation and depreciation. The Group makes further adjustments to remove items that are non-recurring or are not reflective of the underlying operational performance either due to their nature or the level of volatility.
Adjusted profit after tax was previously presented excluding net finance income, as a non-operating item. To align with market practice and terminology, net finance income is now included and the prior period amounts restated.
six months to
six months to
year ended
30 June
30 June
31 December
2025
2024
2024
£000
£000
£000
Share-based payments
93
165
265
Non-recurring acquisition costs
-
-
632
Adjusting items
93
165
897
six months to
six months to
year ended
30 June
30 June
31 December
2025
2024
2024
£000
£000
£000
Operating profit
3,302
1,944
4,892
Adjusting items
93
165
897
Adjusted EBIT
3,395
2,109
5,789
Depreciation and amortisation
696
573
1,196
Adjusted EBITDA
4,091
2,682
6,985
Adjusted EBIT
3,395
2,109
5,789
Net finance income
82
140
289
Adjusted profit before tax
3,477
2,249
6,078
Adjusted tax charge
(644)
(378)
(1,084)
Adjusted profit after tax - restated
2,833
1,871
4,994
5. Net finance income
six months to
six months to
year ended
30 June
30 June
31 December
2025
2024
2024
£000
£000
£000
Interest receivable on short-term bank deposits
85
142
293
Finance income
85
142
293
Lease interest paid
(3)
(2)
(4)
Finance costs
(3)
(2)
(4)
Net finance income
82
140
289
6. Earnings per share
The Group presents basic and diluted earnings per share ("EPS") data, both adjusted and non-adjusted for its ordinary shares. Basic EPS is calculated by dividing profit attributable to ordinary shareholders by the weighted average number of ordinary shares fully outstanding during the period. Potential ordinary shares and shares held in the Joint Share Ownership Plan ("JSOP") are only treated as dilutive when their conversion to ordinary shares would decrease EPS.
The calculation of earnings per share is based on the following data:
six months to
six months to
year ended
30 June
30 June
31 December
Note
2025
2024
2024
Basic weighted average number of shares
16,795,241
16,663,131
16,674,542
Number of dilutive potential shares
904,391
105,039
165,180
Diluted weighted average number of shares
17,699,632
16,768,170
16,839,722
Profit for the period (£000's)
2,745
1,712
4,112
Basic earnings per share
16.34p
10.27p
24.66p
Diluted earnings per share
15.51p
10.21p
24.42p
Adjusted profit after tax for the period (£000's)1
4
2,833
1,871
4,994
Adjusted earnings per share1
16.87p
11.23p
29.95p
Diluted adjusted earnings per share1
16.01p
11.16p
29.66p
7. Intangible assets
Goodwill
Brands and developed products
Customer relationships
Patents, trademarks and registrations
Development costs
Software and Licenses
Total
£000
£000
£000
£000
£000
£000
£000
Cost
As at 1 January 2025
6,859
6,502
1,098
969
564
940
16,932
Additions
-
12
-
22
40
1
75
Reclassifications
-
604
-
-
(604)
-
-
Disposals
-
-
-
-
-
(9)
(9)
Foreign exchange
(66)
(84)
(23)
-
-
-
(173)
As at 30 June 2025
6,793
7,034
1,075
991
-
932
16,825
Accumulated amortisation
As at 1 January 2025
-
2,071
775
607
-
903
4,356
Charge for the year
-
234
24
58
-
11
327
Foreign exchange
-
(1)
(2)
-
-
-
(3)
As at 30 June 2025
-
2,304
797
665
-
914
4,680
Net book value
As at 1 January 2025
6,859
4,431
323
362
564
37
12,576
As at 30 June 2025
6,793
4,730
278
326
-
18
12,145
8. Property, plant and equipment
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Total
£000
£000
£000
£000
Cost
As at 1 January 2025
4,097
5,677
423
10,197
Additions
7
207
17
231
Disposals
-
-
-
-
Foreign exchange
(135)
(31)
(3)
(169)
As at 30 June 2025
3,969
5,853
437
10,259
Accumulated depreciation
As at 1 January 2025
460
2,982
324
3,766
Charge for the year
41
261
24
326
Disposals
-
-
-
-
Foreign exchange
(1)
(4)
(2)
(7)
As at 30 June 2025
500
3,239
346
4,085
Net book value
As at 1 January 2025
3,637
2,695
99
6,431
As at 30 June 2025
3,469
2,614
91
6,174
9. Right-of-use assets
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Total
£000
£000
£000
£000
Cost
As at 1 January 2025
412
34
19
465
Additions
25
-
-
25
Modification to lease terms
33
-
-
33
Disposals
(18)
-
-
(18)
Foreign exchange
(18)
-
(1)
(19)
As at 30 June 2025
434
34
18
486
Accumulated depreciation
As at 1 January 2025
372
15
7
394
Charge for the year
31
3
9
43
Disposals
(18)
-
-
(18)
Foreign exchange
(15)
-
(1)
(16)
As at 30 June 2025
370
18
15
403
Net book value
As at 1 January 2025
40
19
12
71
As at 30 June 2025
64
16
3
83
10. Inventories
six months to
six months to
year ended
30 June
30 June
31 December
2025
2024
2024
£000
£000
£000
Raw materials and consumables
4,303
2,346
3,306
Finished goods and goods for resale
4,839
3,190
4,036
Inventory
9,142
5,536
7,342
11. Trade and other receivables
six months to
six months to
year ended
30 June
30 June
31 December
2025
2024
2024
£000
£000
£000
Trade receivables - gross
6,975
6,444
7,534
Less: expected credit losses
(457)
(385)
(467)
Trade receivables - net
6,518
6,059
7,067
Other receivables
133
49
178
Taxes
673
595
1,148
Prepayments
633
353
630
Total trade and other receivables
7,957
7,056
9,023
12. Trade and other payables
six months to
six months to
year ended
30 June
30 June
31 December
2025
2024
2024
£000
£000
£000
Trade payables
2,710
1,848
3,049
Taxes and social security costs
94
89
96
Other payables
812
87
1,049
Accruals
3,008
1,998
3,712
Trade and other payables
6,624
4,022
7,906
13. Interim results
Copies of this notice are available to the public from the registered office at Manton Wood Enterprise Park, Worksop, Nottinghamshire, S80 2RS, and on the Company's website at www.anpario.com.
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