Anpario – Interim Results

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.