ANPARIO PLC

Earnings Release • Sep 10, 2025

National Storage Mechanism | Additional information

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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