Interim Results

Anpario PLC

09 September 2026

 

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).

Enquiries: Anpario plc:
Richard Edwards, CEO	[phone]
Marc Wilson, Group Finance Director	[phone]
Shore Capital: (Nominated Adviser and Broker):	[phone]
Stephane Auton David Coaten	Corporate Advisory
Tom Knibbs
Henry Willcocks	Corporate Broking

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

		H1 2026	H1 2025
	Note	£000	£000	change	% change
Revenue	3	24,302	22,724	+1,578	+7%
Gross profit		12,238	11,681	+557	+5%
Gross margin		50.4%	51.4%	-1.0ppts
Adjusted EBITDA	4	4,981	4,091	+890	+22%
Profit before tax		3,759	3,384	+375	+11%
Diluted adjusted earnings per share	6	20.77p	16.01p	+4.76p	+30%
Interim dividend		3.8p	3.6p	+0.2p	+6%
Cash and cash equivalents		10,955	11,099	-144	-1%
Net assets		42,120	39,053	+3,067	+8%

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

		six months to	six months to	year ended
		30 June	30 June	31 December
		2026	2025	2025
	Note	£000	£000	£000
Revenue	3	24,302	22,724	47,175
Cost of sales		(12,064)	(11,043)	(23,150)
Gross profit		12,238	11,681	24,025
Administrative expenses		(8,550)	(8,379)	(16,153)
Operating profit		3,688	3,302	7,872
Depreciation and amortisation		713	696	1,440
Adjusting items	4	580	93	331
Adjusted EBITDA	4	4,981	4,091	9,643
Net finance income	5	71	82	109
Profit before tax		3,759	3,384	7,981
Income tax		(683)	(639)	(1,229)
Profit for the period		3,076	2,745	6,752
Other comprehensive income:
Items that may be subsequently reclassified to profit or loss:
Exchange difference on translating foreign operations		299	(430)	(380)
Cashflow hedge movements (net of deferred tax)		(142)	468	295
Total comprehensive income for the period		3,233	2,783	6,667

Consolidated statement of financial position

As at 30 June 2026

		as at	as at	as at
		30 June	30 June	31 December
		2026	2025	2025
	Note	£000	£000	£000
Intangible assets	7	11,646	12,145	11,862
Property, plant and equipment	8	6,184	6,174	6,184
Right of use assets	9	239	83	233
Deferred tax assets		694	670	660
Derivative financial instruments		88	470	135
Non-current assets		18,851	19,542	19,074
Inventories	10	9,567	9,142	9,766
Trade and other receivables	11	10,001	7,957	8,710
Derivative financial instruments		110	519	290
Current income tax assets		-	178	243
Cash and cash equivalents		10,955	11,099	12,408
Current assets		30,633	28,895	31,417
Total assets		49,484	48,437	50,491
Lease liabilities		(118)	(25)	(107)
Derivative financial instruments		(15)	-	-
Deferred tax liabilities		(2,363)	(2,674)	(2,444)
Non-current liabilities		(2,496)	(2,699)	(2,551)
Trade and other payables	12	(4,646)	(6,624)	(6,785)
Lease liabilities		(134)	(61)	(137)
Derivative financial instruments		(6)	-	-
Current income tax liabilities		(82)	-	(55)
Current liabilities		(4,868)	(6,685)	(6,977)
Total liabilities		(7,364)	(9,384)	(9,528)
Net assets		42,120	39,053	40,963
Share capital		4,744	4,703	4,744
Share premium		16,547	15,982	16,542
Capital redemption reserve		1,021	1,021	1,021
Other reserves		(11,790)	(9,224)	(9,866)
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

	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 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 and registrations	Software and Licenses	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 buildings	Plant and machinery	Fixtures, fittings and equipment	Assets in the course of construction	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 buildings	Plant and machinery	Fixtures, fittings and equipment	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.

 

END