Anpario (ANP) H1 2025 earnings summary

Executive summary

• Revenue increased 34% year-over-year to £22.7 million, with strong growth across most regions and product classes, though IMEA saw a slight decline after prior rapid growth.

• Adjusted EBITDA rose 53% to £4.1m, profit before tax up 62% to £3.4m, and diluted adjusted EPS up 43% to 16.01p.

• Interim dividend increased by 11% to 3.60p per share.

• Bio-Vet acquisition contributed £3.0m in sales, exceeded performance expectations, and achieved 62% margins.

• Cash and cash equivalents at period end were £11.1m.

Financial highlights

• Gross profit up 45% to £11.7m, with group gross margin improving to 51.4%.

• Administrative expenses increased 37%, mainly due to Bio-Vet; like-for-like increase was 9%.

• Operating cash flow rose to £3.7m from £2.6m year-over-year.

• Net assets increased to £39.1m (+10% YoY).

• Working capital normalized after prior inventory reductions; inventory rebuilt to support higher sales.

Outlook and guidance

• Second half has started well, with momentum expected to continue into next year.

• Focus on cross-selling synergies, especially post Bio-Vet earn-out, and expanding local technical and sales teams.

• Specialty feed additives market expected to see mid- to upper single-digit growth, driven by regulatory shifts and global protein demand.

• Ongoing caution regarding trade/tariff disputes and currency fluctuations, but overall outlook remains positive.

• Subsidiaries being established in Central America to enhance customer engagement.