Interim Results
Summary by AI BETAClose X
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 2026 ("H1 2026").
Highlights
Financial highlights
· 7% increase in sales to £24.3m (H1 2025: £22.7m).
· 22% increase in adjusted EBITDA1 to £5.0m (H1 2025: £4.1m).
· 11% increase in profit before tax to £3.8m (H1 2025: £3.4m).
· 30% increase in diluted adjusted earnings per share to 20.77p (H1 2025: 16.01p).
· 6% increase in interim dividend to 3.8p (H1 2025: 3.6p) per share.
· £3m share buyback programme completed in July 2026, with £2.1m of purchases during the period.
· Cash and cash equivalents of £11.0m at 30 June 2026 (31 December 2025: £12.4m).
Operational highlights
· Strong sales performance in the India, Middle-East and Africa ("IMEA") segment, with further growth delivered in the Americas, now our largest region.
· Record sales performances across our leading product brands of Orego-Stim®, Optomega®, pHorce™, Mastercube™ and the Bio-Vet range.
· First and repeat orders received for AmpLIPhy, demonstrating early market adoption of our natural emulsifier to improve digestibility.
· First sales of Bio-Vet's QuadriCal® bolus to the Middle East as a result of cross-selling through Anpario's global sales channels.
· Commercial sales achieved through our Turkish subsidiary to exploit local growth opportunities.
· Received the Small Cap Award for ESG Company of the Year.
Outlook
· The impact from the ongoing Iran conflict is being felt the most across our Asia region with lower sales compared to the prior year, which has softened the start to the second half for the Group.We expect these challenges to continue for the remainder of the year.
· The Board remains confident in the Group's prospects, supported by its business development initiatives, order pipeline and geographic diversity.
· From October Bio-Vet will be rebranded as Anpario resulting in a unified brand message and marketing communications to all customers globally.
Matthew Robinson, Chairman of the Company, commented:
"The Board is delighted to report another good first half performance in terms of improved sales and profitability. This result reflects management's initiatives in promoting higher value-add products with record sales performances achieved, the IMEA segment generating substantial growth, and the Americas segment continuing to benefit from the Bio-Vet acquisition and the resulting enhanced leadership structure.
The success achieved in the first half has come despite the challenging macroeconomic environment, the effects of which have been felt more acutely in some markets, tempering the overall growth of the Group. Whilst these conditions may persist into the second half, the Group's geographic diversity, structural demand drivers for our products and disciplined commercial strategy position it well for continued sustainable growth.
All Tim's colleagues at Anpario will be much saddened by the news of his passing. Tim's contribution to Anpario's progress, delivered from his deep industry knowledge and with his customary good-heartedness, has been much appreciated over the last three years.
Finally, I would like to thank Anpario staff across the globe for their efforts and dedication, which remain key to the continued growth and success of the Group."
Matthew Robinson, Chairman
1 Adjusted EBITDA represents operating profit for the period of £3.688m (H1 2025: £3.302m) adjusted for: share based payments and associated costs of £0.132m (H1 2025: £0.093m); non-recurring professional fees of £0.448m (H1 2025: nil) and depreciation and amortisation charges of £0.713m (H1 2025: £0.696m).
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Enquiries:
Anpario plc: |
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Richard Edwards, CEO |
+44(0)7776 417 129 |
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Marc Wilson, Group Finance Director |
+44(0)1909 537 380 |
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Shore Capital: (Nominated Adviser and Broker): |
+44 (0) 20 7408 4090 |
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Stephane Auton David Coaten |
Corporate Advisory |
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Tom Knibbs |
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Henry Willcocks |
Corporate Broking |
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Chief Executive Officer's statement
Overview
The Group has continued to build on recent success and has achieved further increases in revenue, with sales for the period increasing by 7% to £24.3m (H1 2025: £22.7m). This ongoing momentum has been achieved despite the challenging macroeconomic environment resulting from the conflict in the Middle-East, reflecting the benefits of our geographic diversity and strategic focus on premium high value-add feed additives. The progress achieved during the period also reflects the continued execution of the Group's strategy to broaden its product offering, increase proximity to end markets and leverage its global commercial infrastructure. While some markets have seen softer demand, these have been more than offset by strong growth elsewhere across the Group, and our leading product brands have all achieved record performances through the period.
Our leading product brands, which account for nearly 80% of Group revenue, comprising Orego-Stim, pHorce, Optomega, Mastercube and the Bio-Vet range, collectively grew by 17% during the period. This strong performance reflects sustained customer demand for the Group's premium product offering.
Toxin Binders contributed approximately 8% of Group revenue during the period, with sales of this product class in Asia accounting for just 3% of Group revenue. Toxin Binder sales in Asia declined by more than 60%, whilst sales outside the region increased modestly. This trend was confined to certain Asian markets, where broader economic pressures have increased demand for lower-priced and less differentiated alternatives.
The Asia segment reported a decline in revenue of 9% for the period; however, excluding toxin binders, revenues increased by 7%, supported by a strong performance in Australasia. The IMEA segment showed both the highest and fastest growth, with sales increasing by 56% across a broad number of existing territories and including sales into new markets. The Americas segment grew by 7%, with sales in the US growing by 19% benefiting from the larger combined sales team following the Bio-Vet acquisition. Europe saw a slight decline in performance, falling by 2%.
As highlighted previously in the AGM statement, there have been cost pressures arising from the Middle-East conflict, including some inflation in raw materials, however the Group has taken disciplined pricing actions and maintained gross margins broadly in line with those achieved in the second half of 2025. As a result of which, gross profits increased by 5% for the period, which taken together with lower administrative costs, excluding non-recurring professional fees, has led to a more significant increase in Adjusted EBITDA of 22%.
Operational review
Americas
The Americas segment delivered sales growth of 7% driven by a strong performance in the US which saw an increase of 19% for the period. Elsewhere, demand was weaker with sales in South America declining by 11% due to declines in performance in Mexico, Brazil and Argentina.
The fall in sales in Mexico during the period, reflects disruption associated with the transition from a distributor-led model to a fully direct sales operation more able to capitalise on opportunities for our premium products. Order patterns were temporarily affected due to the remaining Mexican distributor ceasing to sell our products during the period. These product brands have now been brought in-house and through our own sales team we experienced improved trading during the second quarter period. We continue to invest in local resources to support the expansion of both Anpario and Bio-Vet products across Mexico.
First sales through our recently established subsidiary in Panama commenced in January. This market was previously serviced through our former distributor for Central America. Sales have been strong in Panama and demonstrate the benefits of a direct approach to end customers, supported with a good local stock holding.
Sales in Brazil continued to decline, albeit at a slower pace, and a new commercial strategy is currently being implemented under new management to turnaround performance in this key, but highly competitive, agricultural market.
In the US sales of the Bio-Vet on-farm product range increased by 28% and represented the largest absolute contributor to growth in the market, with sales across every one of its subcategories showing growth, most notably Direct-Fed Microbials (DFMs) such as RumenAider with its unique 'Capsule-in-a-Capsule' delivery system. Our leading acid-based eubiotic, pHorce, saw continued expansion of sales increasing by 29%.
The benefit of the previously announced combined Americas management and commercial teams is being felt first in the US, where we have the largest commercial team within the Anpario Group. The enhanced commercial platform, combined with Bio-Vet's complementary product range and ruminant expertise, is creating new opportunities for customer development and market expansion, and we expect these benefits to extend across the Americas.
Asia
Following exceptional growth in the prior year, revenue in Asia declined by 9% during the period. The decline was largely attributable to lower value mycotoxin binder sales in certain markets, whilst sales across the remainder of the portfolio continued to grow.
The decline in mycotoxin binder sales has been specific to Asia and reflects increased competition from lower-priced alternatives in certain Asian markets, with customer purchasing decisions influenced by ongoing economic and cost pressures due to higher energy and raw material input costs. Mycotoxin binders nevertheless remain an important product category for the Group in the region.
Whilst competitive conditions have become temporarily more challenging, there are a number of good opportunities for our new products such as AmpLIPhy and Red Lite® our natural insecticide which has seen a significant increase in sales during the period, albeit from a small base, as it proves to be an effective natural alternative to harmful chemical and gas fumigation alternatives in grain stores and poultry houses. Our engineering team has also designed an application system to be installed in grain storage silos.
Species diversification is an important growth driver for Asia and commercial success has been achieved in a number of areas during the period. Firstly, sales in Malaysia recovered from a decline in the prior period to achieve its highest ever first half performance, which whilst across a range of product classes this achievement includes a significant expansion of sales of our pellet binder Mastercube™ into aquaculture where it improves pellet quality, water stability and feed mill efficiency. Customers are also trialling Bio-Vet's QuadriCal® bolus in Vietnam which potentially opens up the on-farm dairy market for the Group from which we can offer a broader range of both Bio-Vet and Anpario products. Growth in Australasia was strong during the period with sales increasing by 34% reflected across all Anpario product classes.
India, Middle East and Africa (IMEA)
Significant sales growth in IMEA of 56% was delivered across most existing markets. The period also included sales to a number of countries that had not been supplied for several years, alongside the development of three new markets for the region: Bahrain, Sudan and Morocco.
India delivered the strongest performance, with sales increasing by a further 48% over the prior period. Most of the growth was attributable to Orego-Stim® through our local distribution partner. The period also included the first sales, albeit modest, of our acid-based eubiotic range and RedLite®, both of which have demonstrated encouraging early potential within this market. We continue to evaluate opportunities to further strengthen our partnership in India, including the potential establishment of a local subsidiary, which would support rising customer demand, increase local inventory availability and provide a platform for future development within this strategically important territory.
Across the Middle East, first-time sales into Bahrain, primarily of Orego-Stim®, were the largest contributor to growth. Elsewhere, sales to the UAE continued to advance strongly, whilst Orego-Stim® achieved further penetration in Egypt. The progress made across the region continues to broaden the quality and diversity of the segment and Group's revenue base, reflecting both deeper market penetration in established territories and the successful development of new markets. The Group also made first sales of Bio-Vet's QuadriCal® calcium bolus to the UAE in Anpario branding with further sales expected across the region as product registrations are completed.
During the first half of the year we established a wholly owned subsidiary in Turkey to enable the Group to import certain product brands which will be sold through a network of dealers across the territory allocated specific regions, species and products. We have since achieved initial sales, and the strategy will allow us to expand and thus maximise our market potential.
Europe
Europe delivered a mixed set of results which led to a slight decline in overall sales of 2%, following a period of strong comparative growth last year. The UK was the best performing territory delivering sales growth of 28% compared to the same period last year, driven by continued demand for Orego-Stim®. Spain was impacted by our distributor losing a large customer which led to the decision to close their business. As such, we will market to end customers directly using our own sales resource. Switzerland and Israel also experienced declines in sales; the latter impacted by the Middle East conflict. Austria and Estonia delivered good growth performances with our acid-based eubiotic and mycotoxin binder products respectively.
Innovation and development
The Group continued to make progress in expanding and enhancing its product portfolio during the period. Alongside the successful commercial launch of AmpLIPhy and the wider rollout of QuadriCal®, development activity remained focused on extending the application of existing technologies and generating further technical support across multiple species and production systems.
AmpLIPhy, a lysophospholipid-based feed additive developed by the Group, has already generated first and repeat orders across multiple countries in the Middle East, providing encouraging evidence of market acceptance following launch. QuadriCal also achieved its first sales through Anpario's established international sales channels outside its traditional markets, reflecting the increasing integration of the Bio-Vet product portfolio within the Group.
Development work during the period also supported the continued expansion of key product ranges including Orego-Stim®, Orego-Stim Plus® and RedLite®, together with further technical validation across poultry, swine, ruminant and aquaculture applications. In parallel, the Group has continued to make good progress in obtaining registrations for both newly developed products and the Bio-Vet portfolio across a growing number of international markets. These registrations are expected to support wider commercialisation opportunities, increase the geographic reach of our product range and provide additional routes for future growth, whilst ongoing technical and regulatory activities continue to strengthen the Group's ability to deliver differentiated and science-backed solutions to customers worldwide.
A joint effort between Bio-Vet and Anpario's technical expertise has developed a new product to combat heat stress in cattle and other species. The product, branded PhytoCool, is currently undergoing field trials in the US dairy market and will be launched soon. With climate change raising temperature levels significantly in more regions around the world, PhytoCool has a large potential all year-round use and across more countries than would otherwise have been the case just a few years ago. This innovation is complementary to PhD work we are sponsoring at the University of Plymouth 'to evaluate the biological responses and defence mechanisms of Nile tilapia, Atlantic salmon and whiteleg shrimp supplemented with Orego-Stim® powder under heat stress, followed by an ex vivo disease challenge'.
Heat stress is an urgent and growing commercial risk across global agriculture and aquaculture markets with climate driven temperature spikes increasingly linked to mortality, reduced feed efficiency, immune suppression, and heightened disease outbreaks all contributing to reduced animal performance. These projects and developments are aligned to our strategy of building product solutions to meet the future needs of our customers in a natural and sustainable way.
Outlook
There has been a softer start to second half sales performance, but we are confident in the Group's prospects, supported by our business development initiatives, order pipeline and geographic diversity. We remain optimistic despite the difficult macroeconomic conditions, which we expect to persist throughout the second half, as the pipeline of opportunities remains strong across several commercial initiatives and the Group has continued to increase its geographic reach by accessing new territories. These initiatives include the commencement of sales through our Turkish subsidiary, further sales growth through our newly established subsidiary in Panama, a more direct route to market in Mexico and further projects to support growth alongside our local partner in India.
Additionally, through our innovation and development efforts we expect to continue to launch new products that meet the needs of both our more direct customers as well as large commercial operations that are using our product solutions to address the challenges they face.
We remain confident in the long-term prospects for the business. Demand for solutions that improve animal health, productivity and sustainability continues to grow, and the strategic initiatives undertaken across the Group are enhancing our ability to serve customers more effectively.
Richard Edwards
Chief Executive Officer
9 September 2026
Key performance indicators
Financial
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H1 2026 |
H1 2025 |
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Note |
£000 |
£000 |
change |
% change |
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Revenue |
3 |
24,302 |
22,724 |
+1,578 |
+7% |
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Gross profit |
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12,238 |
11,681 |
+557 |
+5% |
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Gross margin |
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50.4% |
51.4% |
-1.0ppts |
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Adjusted EBITDA |
4 |
4,981 |
4,091 |
+890 |
+22% |
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Profit before tax |
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3,759 |
3,384 |
+375 |
+11% |
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Diluted adjusted earnings per share |
6 |
20.77p |
16.01p |
+4.76p |
+30% |
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Interim dividend |
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3.8p |
3.6p |
+0.2p |
+6% |
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Cash and cash equivalents |
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10,955 |
11,099 |
-144 |
-1% |
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Net assets |
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42,120 |
39,053 |
+3,067 |
+8% |
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Financial review
Revenue and gross profit
Revenue for the period increased by 7% to £24.3m (H1 2025: £22.7m), reflecting a strong start to the year for the Group. Bio-Vet, which was acquired in 2024, is now included in full within both the current and prior period comparatives and, as such, like-for-like revenue disclosures are no longer relevant. In line with the planned rebranding of the corporate Bio-Vet entity to Anpario during the second half of the year, future commentary will be provided on a product basis.
Revenue performance across the Group was strong in many territories and key product areas, however a few specific markets experienced weaker trading which tempered overall growth in the period. On a geographical basis, the performance in the IMEA segment was the strongest in absolute and percentage terms, increasing by 56% in the period. Following successive years of growth IMEA now contributes 20% of Group revenue, adding further diversity and resilience to our operating performance. The Americas grew by 7%, with the growth being driven by the performance in the US, where demand increased across the combined product offering, including a 28% increase in sales of the Bio-Vet range. Asia was the principal area of weakness during the period, reflecting a significant decline in sales of Toxin Binders. This weakness appears to be largely restricted to Asia and, excluding Toxin Binders, revenue in the region would have increased by 7%. The remaining Asia toxin binder product mix now represents approximately 3% of Group revenue. On a product basis, our core product brands which represent 80% of the overall sales mix, grew at a rate of 17% in the period. More details of the sales performance are included in the Chief Executive Officer Statement.
Gross margins fell slightly in the period to 50.4% (H1 2025: 51.4%); however, they were broadly in line with the second half of last year, the most recent comparative period, of 50.5%. Gross profits increased by 5% to £12.2m (H1 2025: £11.7m). As highlighted previously, the economic impact of the conflict in the Middle East has created several external cost pressures, and so, seen against those headwinds, the stable margins reflect the actions taken to mitigate these increased costs. There were initially logistics disruptions and increased costs associated with goods in transit following the outbreak of the conflict, which were absorbed by the Group on behalf of customers. In line with our terms of trade, subsequent elevated export logistics costs have largely been passed on to customers; which negatively impacts margins, with no additional gross profit on higher revenues. We have also experienced some higher inbound logistics costs and surcharges on raw material purchases, as well as some more acute increases on inputs, most notably impacting our acid-based eubiotic range, which represents 20% of Group sales. However, we have responded in a disciplined and targeted manner, implementing price increases to mitigate these impacts. Against these headwinds, the continued shift in sales mix towards our higher-value, more premium products has helped to maintain gross margin levels.
Administrative expenses
Administrative expenses were 2% higher at £8.6m (H1 2025: £8.4m). However, this includes £0.4m of non-recurring professional fees, which were incurred in relation to a potential corporate transaction which did not proceed. Administrative expenses excluding these non-recurring costs fell by 3%.
Excluding the increase in employment costs, which rose by 12% as the Group added resource to capitalise on growth opportunities and support future development, most categories of administrative expenditure either reduced or were broadly flat during the period. This included, favourable foreign exchange movements, with gains recognised in the first half of the year compared with losses in the prior period, together with lower legal and professional fees. Marketing expenditure also benefited from a favourable comparative, having been particularly weighted towards the first half of last year, with expenditure in the current year expected to be more evenly phased. In addition, performance-related bonus accruals were lower than the comparative period, reflecting the exceptionally strong levels of performance achieved in the prior year.
Profitability and earnings per share
Adjusted EBITDA1 for the period increased by 22% to £5.0m (H1 2025: £4.1m), through a combination of the increased gross profits and lower administrative costs, excluding the non-recurring professional fees which are excluded from this measure. Diluted adjusted earnings per share increased by 30% to 20.77p per share (H1 2025: 16.01p).
Profit before tax for the Group increased by 11% to £3.8m (H1 2025: £3.4m) with a 12% increase in profit after tax to £3.1m (H1 2025: £2.7m), and basic earnings per share up 13% to 18.41p (H1 2025: 16.34p).
Returns to Shareholders
The Board has approved an interim dividend of 3.8 pence per share (H1 2025: 3.6 pence per share), an increase of 6% compared to the prior period. This dividend, payable on 27 November 2026 to shareholders on the register on 13 November 2026 (ex-dividend date is 12 November 2026), reflects the Board's continued confidence in the Group and its ability to generate cash.
During the period, the Group commenced a share buyback programme, reflecting the Board's confidence in the long-term prospects of the business and its view that the Company's shares represented an attractive investment opportunity. £2.1m had been returned to shareholders under the programme by 30 June 2026, with the buyback subsequently completing in July 2026. The programme formed part of the Board's wider capital allocation strategy of balancing investment in future growth opportunities with returns to shareholders.
Cash flows and balances
Operating cash flows before changes in working capital were 22% higher in the period at £4.5m (H1 2025: £3.7m).
Working capital absorbed £3.1m of cash in the period (H1 2025: £1.7m), reflecting largely timing-related movements in receivables and payables. Trade and other receivables increased and absorbed £1.2m of cash, around half of which related to an increase in debtor days from 55 to 60, with the balance principally reflecting higher sales levels together with an increase in other debtors. Trade and other payables reduced and absorbed £2.2m of cash, the majority of which related to normal timing differences, with trade payables having been elevated at the prior year end due to higher purchasing activity and fewer payments made immediately before the balance sheet date. Inventory levels released £0.3m of cash despite higher sales, reflecting a modest reduction in both raw material and finished goods days.
Net cash used in investing activities reduced to £0.3m (H1 2025: £0.4m). This was largely due to a £0.2m closing adjustment relating to the Bio-Vet acquisition in the prior year, partially offset by capital expenditure increasing to £0.4m (H1 2025: £0.3m). Net cash used in financing activities increased to £2.2m (H1 2025: £0.1m), with the movement being attributable to the £2.1m of expenditure on the aforementioned share buyback programme.
Overall, total cash and cash equivalents, after the effect of exchange rate changes, decreased in the period by £1.4m to £11.0m (31 December 2025: £12.4m).
Marc Wilson
Group Finance Director
9 September 2026
Consolidated statement of comprehensive income
for the six months ended 30 June 2026
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six months to |
six months to |
year ended |
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30 June |
30 June |
31 December |
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2026 |
2025 |
2025 |
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Note |
£000 |
£000 |
£000 |
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Revenue |
3 |
24,302 |
22,724 |
47,175 |
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Cost of sales |
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(12,064) |
(11,043) |
(23,150) |
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Gross profit |
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12,238 |
11,681 |
24,025 |
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Administrative expenses |
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(8,550) |
(8,379) |
(16,153) |
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Operating profit |
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3,688 |
3,302 |
7,872 |
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Depreciation and amortisation |
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713 |
696 |
1,440 |
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Adjusting items |
4 |
580 |
93 |
331 |
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Adjusted EBITDA |
4 |
4,981 |
4,091 |
9,643 |
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Net finance income |
5 |
71 |
82 |
109 |
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Profit before tax |
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3,759 |
3,384 |
7,981 |
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Income tax |
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(683) |
(639) |
(1,229) |
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Profit for the period |
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3,076 |
2,745 |
6,752 |
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Other comprehensive income: |
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Items that may be subsequently reclassified to profit or loss: |
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Exchange difference on translating foreign operations |
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299 |
(430) |
(380) |
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Cashflow hedge movements (net of deferred tax) |
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(142) |
468 |
295 |
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Total comprehensive income for the period |
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3,233 |
2,783 |
6,667 |
Consolidated statement of financial position
As at 30 June 2026
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as at |
as at |
as at |
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30 June |
30 June |
31 December |
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2026 |
2025 |
2025 |
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Note |
£000 |
£000 |
£000 |
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|
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Intangible assets |
7 |
11,646 |
12,145 |
11,862 |
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Property, plant and equipment |
8 |
6,184 |
6,174 |
6,184 |
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Right of use assets |
9 |
239 |
83 |
233 |
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Deferred tax assets |
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694 |
670 |
660 |
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Derivative financial instruments |
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88 |
470 |
135 |
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Non-current assets |
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18,851 |
19,542 |
19,074 |
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Inventories |
10 |
9,567 |
9,142 |
9,766 |
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Trade and other receivables |
11 |
10,001 |
7,957 |
8,710 |
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Derivative financial instruments |
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110 |
519 |
290 |
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Current income tax assets |
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- |
178 |
243 |
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Cash and cash equivalents |
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10,955 |
11,099 |
12,408 |
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Current assets |
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30,633 |
28,895 |
31,417 |
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Total assets |
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49,484 |
48,437 |
50,491 |
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Lease liabilities |
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(118) |
(25) |
(107) |
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Derivative financial instruments |
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(15) |
- |
- |
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Deferred tax liabilities |
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(2,363) |
(2,674) |
(2,444) |
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Non-current liabilities |
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(2,496) |
(2,699) |
(2,551) |
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|
|
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Trade and other payables |
12 |
(4,646) |
(6,624) |
(6,785) |
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Lease liabilities |
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(134) |
(61) |
(137) |
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Derivative financial instruments |
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(6) |
- |
- |
|
Current income tax liabilities |
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(82) |
- |
(55) |
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Current liabilities |
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(4,868) |
(6,685) |
(6,977) |
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|
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|
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|
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Total liabilities |
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(7,364) |
(9,384) |
(9,528) |
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|
|
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|
|
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Net assets |
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42,120 |
39,053 |
40,963 |
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|
|
|
|
|
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Share capital |
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4,744 |
4,703 |
4,744 |
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Share premium |
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16,547 |
15,982 |
16,542 |
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Capital redemption reserve |
|
1,021 |
1,021 |
1,021 |
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Other reserves |
|
(11,790) |
(9,224) |
(9,866) |
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Retained earnings |
|
31,598 |
26,571 |
28,522 |
|
|
|
|
|
|
|
Total equity |
|
42,120 |
39,053 |
40,963 |
Consolidated statement of changes in equity
for the six months ended 30 June 2026
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|
Called up |
Share |
Capital redemption reserve |
Other |
Retained |
Total |
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
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|
|
|
|
|
|
|
|
|
Balance at 1 Jan 2025 |
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 period |
- |
- |
- |
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 |
|
|
|
|
|
|
|
|
|
Profit for the period |
- |
- |
- |
- |
4,007 |
4,007 |
|
Currency translation differences |
- |
- |
- |
50 |
- |
50 |
|
Cash flow hedge reserve |
- |
- |
- |
(173) |
- |
(173) |
|
Total comprehensive income for the period |
- |
- |
- |
(123) |
4,007 |
3,884 |
|
Issue of share capital |
41 |
560 |
- |
- |
- |
601 |
|
Joint-share ownership plan |
- |
- |
- |
(595) |
- |
(595) |
|
Share-based payment adjustments |
- |
- |
- |
43 |
- |
43 |
|
Deferred tax regarding share-based payments |
- |
- |
- |
33 |
- |
33 |
|
Final dividend relating to 2024 |
- |
- |
- |
- |
(1,408) |
(1,408) |
|
Interim dividend relating to 2025 |
- |
- |
- |
- |
(648) |
(648) |
|
Transactions with owners |
41 |
560 |
- |
(519) |
(2,056) |
(1,974) |
|
Balance at 31 Dec 2025 |
4,744 |
16,542 |
1,021 |
(9,866) |
28,522 |
40,963 |
|
|
|
|
|
|
|
|
|
Profit for the period |
- |
- |
- |
- |
3,076 |
3,076 |
|
Currency translation differences |
- |
- |
- |
299 |
- |
299 |
|
Cash flow hedge reserve |
- |
- |
- |
(142) |
- |
(142) |
|
Total comprehensive income for the period |
- |
- |
- |
157 |
3,076 |
3,233 |
|
Issue of share capital |
- |
5 |
- |
- |
- |
5 |
|
Purchase of treasury shares |
- |
- |
- |
(2,146) |
- |
(2,146) |
|
Share-based payment adjustments |
- |
- |
- |
65 |
- |
65 |
|
Transactions with owners |
- |
5 |
- |
(2,081) |
- |
(2,076) |
|
Balance at 30 Jun 2026 |
4,744 |
16,547 |
1,021 |
(11,790) |
31,598 |
42,120 |
Consolidated statement of cash flows
for the six months ended 30 June 2026
|
|
|
six months to |
six months to |
year ended |
|
|
|
30 June |
30 June |
31 December |
|
|
|
2026 |
2025 |
2025 |
|
|
Note |
£000 |
£000 |
£000 |
|
|
|
|
|
|
|
Operating profit for the period |
|
3,688 |
3,302 |
7,872 |
|
Depreciation, amortisation and impairment |
4 |
713 |
696 |
1,440 |
|
Loss on disposal of intangible assets |
7 |
- |
9 |
18 |
|
Loss on disposal of property, plant and equipment |
8 |
2 |
- |
- |
|
Share-based payments |
|
65 |
74 |
117 |
|
Fair value adjustment to derivatives |
|
58 |
(387) |
(52) |
|
Operating cash flows before changes in working capital |
|
4,526 |
3,694 |
9,395 |
|
|
|
|
|
|
|
Decrease/(increase) in inventories |
|
304 |
(2,090) |
(2,595) |
|
(Increase)/decrease in trade and other receivables |
|
(1,209) |
1,006 |
284 |
|
(Decrease)/increase in trade and other payables |
|
(2,182) |
(641) |
149 |
|
Changes in working capital |
|
(3,087) |
(1,725) |
(2,162) |
|
|
|
|
|
|
|
Cash generated by operations |
|
1,439 |
1,969 |
7,233 |
|
|
|
|
|
|
|
Income tax paid |
|
(484) |
(610) |
(1,331) |
|
Net cash from operating activities |
|
955 |
1,359 |
5,902 |
|
|
|
|
|
|
|
Acquisition closing adjustment and contingent consideration |
|
- |
(154) |
(953) |
|
Purchases of property, plant and equipment |
8 |
(287) |
(231) |
(566) |
|
Payments to acquire intangible assets |
7 |
(67) |
(75) |
(100) |
|
Interest received |
5 |
79 |
85 |
121 |
|
Net cash used in investing activities |
|
(275) |
(375) |
(1,498) |
|
|
|
|
|
|
|
Purchase of treasury shares |
|
(2,146) |
(98) |
(98) |
|
Joint share ownership plan |
|
- |
- |
(595) |
|
Proceeds from issuance of shares |
|
5 |
- |
601 |
|
Cash payments in relation to lease liabilities |
|
(62) |
(43) |
(118) |
|
Operating lease interest paid |
5 |
(8) |
(3) |
(12) |
|
Dividend paid to Company's shareholders |
|
- |
- |
(2,056) |
|
Net cash from financing activities |
|
(2,211) |
(144) |
(2,278) |
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
(1,531) |
840 |
2,126 |
|
|
|
|
|
|
|
Effect of exchange rate changes |
|
78 |
(241) |
(218) |
|
Cash and cash equivalents at the beginning of the period |
|
12,408 |
10,500 |
10,500 |
|
Cash and cash equivalents at the end of the period |
|
10,955 |
11,099 |
12,408 |
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 2026.
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 2025, 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 2026.
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 2025 were approved by the Board of Directors on 31 March 2026 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 2026 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; India, Middle-East and Africa (IMEA); and 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 2026 |
Americas |
Asia |
Europe |
IMEA |
Head Office |
Total |
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
|
|
|
|
|
|
|
|
|
Total segmental revenue |
8,118 |
6,960 |
10,468 |
4,976 |
- |
30,522 |
|
Inter-segment revenue |
- |
- |
(6,220) |
- |
- |
(6,220) |
|
Revenue from external customers |
8,118 |
6,960 |
4,248 |
4,976 |
- |
24,302 |
|
|
|
|
|
|
|
|
|
Depreciation and amortisation |
(143) |
(18) |
(9) |
(4) |
(539) |
(713) |
|
Net finance income |
10 |
- |
(1) |
- |
62 |
71 |
|
Profit before tax |
1,558 |
2,025 |
1,983 |
1,799 |
(3,606) |
3,759 |
|
for the six months ended 30 Jun 2025 |
Americas |
Asia |
Europe |
IMEA |
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 year ended 31 Dec 2025 |
Americas |
Asia |
Europe |
IMEA |
Head Office |
Total |
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
|
|
|
|
|
|
|
|
|
Total segmental revenue |
16,330 |
16,150 |
20,497 |
6,245 |
- |
59,222 |
|
Inter-segment revenue |
- |
- |
(12,047) |
- |
- |
(12,047) |
|
Revenue from external customers |
16,330 |
16,150 |
8,450 |
6,245 |
- |
47,175 |
|
|
|
|
|
|
|
|
|
Depreciation and amortisation |
(308) |
(37) |
(12) |
(7) |
(1,076) |
(1,440) |
|
Net finance income |
10 |
(3) |
- |
(1) |
103 |
109 |
|
Profit before tax |
3,299 |
6,104 |
5,561 |
1,990 |
(8,973) |
7,981 |
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.
In the period, non-recurring professional fees, which were incurred in relation to a potential corporate transaction which did not proceed, these costs have been excluded from our Alternative Performance Measures detailed below.
|
|
six months to |
six months to |
year ended |
|
|
30 June |
30 June |
31 December |
|
|
2026 |
2025 |
2025 |
|
|
£000 |
£000 |
£000 |
|
|
|
|
|
|
Share-based payments |
132 |
93 |
331 |
|
Non-recurring professional fees |
448 |
- |
- |
|
Adjusting items |
580 |
93 |
331 |
|
|
six months to |
six months to |
year ended |
|
|
30 June |
30 June |
31 December |
|
|
2026 |
2025 |
2025 |
|
|
£000 |
£000 |
£000 |
|
|
|
|
|
|
Operating profit |
3,688 |
3,302 |
7,872 |
|
Adjusting items |
580 |
93 |
331 |
|
Adjusted EBIT |
4,268 |
3,395 |
8,203 |
|
Depreciation and amortisation |
713 |
696 |
1,440 |
|
Adjusted EBITDA |
4,981 |
4,091 |
9,643 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBIT |
4,268 |
3,395 |
8,203 |
|
Net finance income |
71 |
82 |
109 |
|
Adjusted profit before tax |
4,339 |
3,477 |
8,312 |
|
Adjusted tax charge |
(588) |
(644) |
(1,283) |
|
Adjusted profit after tax |
3,751 |
2,833 |
7,029 |
5. Net finance income
|
|
six months to |
six months to |
year ended |
|
|
30 June |
30 June |
31 December |
|
|
2026 |
2025 |
2025 |
|
|
£000 |
£000 |
£000 |
|
|
|
|
|
|
Interest receivable on short-term bank deposits |
79 |
85 |
121 |
|
Finance income |
79 |
85 |
121 |
|
|
|
|
|
|
Lease interest paid |
(8) |
(3) |
(12) |
|
Finance costs |
(8) |
(3) |
(12) |
|
|
|
|
|
|
Net finance income |
71 |
82 |
109 |
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 |
2026 |
2025 |
2025 |
|
|
|
|
|
|
|
Basic weighted average number of shares |
|
16,709,302 |
16,795,241 |
16,796,172 |
|
Number of dilutive potential shares |
|
1,351,773 |
904,391 |
1,001,534 |
|
Diluted weighted average number of shares |
|
18,061,075 |
17,699,632 |
17,797,706 |
|
|
|
|
|
|
|
Profit for the period (£000's) |
|
3,076 |
2,745 |
6,752 |
|
Basic earnings per share |
|
18.41p |
16.34p |
40.20p |
|
Diluted earnings per share |
|
17.03p |
15.51p |
37.94p |
|
|
|
|
|
|
|
Adjusted profit after tax for the period (£000's) |
4 |
3,751 |
2,833 |
7,029 |
|
Adjusted earnings per share |
|
22.45p |
16.87p |
41.85p |
|
Diluted adjusted earnings per share |
|
20.77p |
16.01p |
39.49p |
7. Intangible assets
|
|
Goodwill |
Brands and developed products |
Customer relationships |
Patents, trademarks |
Software |
Total |
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
|
|
|
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
As at 1 January 2026 |
6,815 |
7,021 |
1,076 |
1,006 |
915 |
16,833 |
|
Additions |
- |
21 |
18 |
12 |
16 |
67 |
|
Foreign exchange |
16 |
21 |
6 |
1 |
- |
44 |
|
As at 30 June 2026 |
6,831 |
7,063 |
1,100 |
1,019 |
931 |
16,944 |
|
|
|
|
|
|
|
|
|
Accumulated amortisation |
|
|
|
|
|
|
|
As at 1 January 2026 |
- |
2,541 |
822 |
704 |
904 |
4,971 |
|
Charge for the year |
- |
243 |
25 |
49 |
8 |
325 |
|
Foreign exchange |
- |
1 |
1 |
- |
- |
2 |
|
As at 30 June 2026 |
- |
2,785 |
848 |
753 |
912 |
5,298 |
|
|
|
|
|
|
|
|
|
Net book value |
|
|
|
|
|
|
|
As at 1 January 2026 |
6,815 |
4,480 |
254 |
302 |
11 |
11,862 |
|
As at 30 June 2026 |
6,831 |
4,278 |
252 |
266 |
19 |
11,646 |
8. Property, plant and equipment
|
|
Land and |
Plant and |
Fixtures, fittings |
Assets in the course |
Total |
|
£000 |
£000 |
£000 |
£000 |
£000 |
|
|
|
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
As at 1 January 2026 |
3,987 |
5,924 |
450 |
227 |
10,588 |
|
Additions |
24 |
87 |
13 |
163 |
287 |
|
Transfer of assets in construction |
- |
390 |
- |
(390) |
- |
|
Disposals |
- |
- |
(6) |
- |
(6) |
|
Foreign exchange |
33 |
11 |
3 |
- |
47 |
|
As at 30 June 2026 |
4,044 |
6,412 |
460 |
- |
10,916 |
|
|
|
|
|
|
|
|
Accumulated depreciation |
|
|
|
|
|
|
As at 1 January 2026 |
542 |
3,505 |
357 |
- |
4,404 |
|
Charge for the year |
40 |
260 |
25 |
- |
325 |
|
Disposals |
- |
- |
(4) |
- |
(4) |
|
Foreign exchange |
1 |
4 |
2 |
- |
7 |
|
As at 30 June 2026 |
583 |
3,769 |
380 |
- |
4,732 |
|
|
|
|
|
|
|
|
Net book value |
|
|
|
|
|
|
As at 1 January 2026 |
3,445 |
2,419 |
93 |
227 |
6,184 |
|
As at 30 June 2026 |
3,461 |
2,643 |
80 |
- |
6,184 |
9. Right-of-use assets
|
|
Land and |
Plant and |
Fixtures, fittings |
Total |
|
£000 |
£000 |
£000 |
£000 |
|
|
|
|
|
|
|
|
Cost |
|
|
|
|
|
As at 1 January 2026 |
331 |
51 |
91 |
473 |
|
Additions |
- |
29 |
- |
29 |
|
Modification to lease terms |
77 |
- |
(40) |
37 |
|
Disposals |
(4) |
- |
- |
(4) |
|
Foreign exchange |
5 |
- |
1 |
6 |
|
As at 30 June 2026 |
409 |
80 |
52 |
541 |
|
|
|
|
|
|
|
Accumulated depreciation |
|
|
|
|
|
As at 1 January 2026 |
204 |
22 |
14 |
240 |
|
Charge for the year |
50 |
9 |
4 |
63 |
|
Disposals |
(4) |
- |
- |
(4) |
|
Foreign exchange |
2 |
- |
1 |
3 |
|
As at 30 June 2026 |
252 |
31 |
19 |
302 |
|
|
|
|
|
|
|
Net book value |
|
|
|
|
|
As at 1 January 2026 |
127 |
29 |
77 |
233 |
|
As at 30 June 2026 |
157 |
49 |
33 |
239 |
10. Inventories
|
|
six months to |
six months to |
year ended |
|
|
30 June |
30 June |
31 December |
|
|
2026 |
2025 |
2025 |
|
|
£000 |
£000 |
£000 |
|
|
|
|
|
|
Raw materials and consumables |
4,102 |
4,303 |
4,308 |
|
Finished goods and goods for resale |
5,465 |
4,839 |
5,458 |
|
Inventory |
9,567 |
9,142 |
9,766 |
11. Trade and other receivables
|
|
six months to |
six months to |
year ended |
|
|
30 June |
30 June |
31 December |
|
|
2026 |
2025 |
2025 |
|
|
£000 |
£000 |
£000 |
|
|
|
|
|
|
Trade receivables - gross |
8,430 |
6,975 |
7,551 |
|
Less: expected credit losses |
(436) |
(457) |
(431) |
|
Trade receivables - net |
7,994 |
6,518 |
7,120 |
|
Other receivables |
541 |
133 |
130 |
|
Taxes |
595 |
673 |
843 |
|
Prepayments |
871 |
633 |
617 |
|
Total trade and other receivables |
10,001 |
7,957 |
8,710 |
12. Trade and other payables
|
|
six months to |
six months to |
year ended |
|
|
30 June |
30 June |
31 December |
|
|
2026 |
2025 |
2025 |
|
|
£000 |
£000 |
£000 |
|
|
|
|
|
|
Trade payables |
1,783 |
2,710 |
3,216 |
|
Taxes and social security costs |
96 |
94 |
90 |
|
Other payables |
8 |
812 |
62 |
|
Accruals |
2,759 |
3,008 |
3,417 |
|
Trade and other payables |
4,646 |
6,624 |
6,785 |
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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