REG - Anpario PLC - AGM Statement

AnparioAnnouncement

29/06/2023 07:00

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RNS Number : 2977E  Anpario PLC  29 June 2023

 Anpario plc

("Anpario" or the "Company")

 

AGM Statement

 

Anpario plc, the independent manufacturer of natural sustainable animal feed
additives for health, nutrition and biosecurity, is holding its AGM later
today, at which Kate Allum, Chairman, will make the following statement:

"As announced on 2 June 2023, current trading and the outlook for the
Company's 2023 financial year remains in line with market expectations. The
sales performance since the start of the year has continued at the weaker
levels seen in the final quarter of 2022, reflecting the current challenges
facing the global agricultural industry.

Producers in several key markets around the world continue to experience cost
pressures, which thus far have not been fully passed on to their customers.
 As producers look to economise, either by forgoing unprofitable production
or reducing spend, demand for speciality feed additives has reduced, and
although this challenging backdrop is expected to continue in the near term,
the Board expects the Group's performance to improve as the year progresses.

We have already taken action to reduce overhead costs across the business, the
benefits of which will start to come through in the second half of this year
and into 2024.  The recent investment in automation in our production
facility has also helped improve efficiency.

Our gross margins have improved as lower raw material costs work their way
through our inventory and further improvement is expected as production
volumes increase.  Anpario is well diversified geographically and has several
leading product brands including Orego-Stim, pHorce, Mastercube and Optomega
Algae.  The United States and Australasia performed well in the first half in
contrast to Asia Pacific and Europe which continue to experience challenging
conditions.

Finally, as I step down from the Board later today, following completion of
the AGM, I would like to take the opportunity to thank all staff and
stakeholders for their professionalism and support of Anpario, especially
during these challenging times. As I hand over the Chair to Matthew Robinson,
I extend to him and all staff my best wishes and a successful future for
Anpario."

The Company's interims for the six months period ended 30 June 2023 are
expected to be announced on 13 September 2023.

 

Enquiries:

 

 Anpario plc:
 Richard Edwards, CEO                 +44(0)7776 417 129
 Marc Wilson, Group Finance Director  +44(0)1909 537 380

 Shore Capital:                       +44 (0) 20 7408 4090

 (Nominated Adviser and Broker):
 Stephane Auton                       Corporate Advisory

 David Coaten
 Tom Knibbs
 Henry Willcocks                      Corporate Broking

 

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