REG - Anpario PLC - Interim Results
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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 EBITDA(1) 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
2024(2): 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 EBITDA(1) 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: +44 (0) 20 7408 4090
(Nominated Adviser and Broker):
Stephane Auton Corporate Advisory
David Coaten
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 EBITDA(1) 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 11.16p(2) +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 EBITDA(1) 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 EBITDA(1) 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 2024(2):
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 redemption reserve Other Retained Total
share capital
premium
reserves
earnings
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 share(1) 16.87p 11.23p 29.95p
Diluted adjusted earnings per share(1) 16.01p 11.16p 29.66p
7. Intangible assets
Goodwill Brands and developed products Customer relationships Patents, trademarks Development costs Software Total
and registrations
and Licenses
£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 Plant and Fixtures, fittings Total
buildings
machinery
and equipment
£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 Plant and Fixtures, fittings Total
buildings
machinery
and equipment
£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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