Anpario (ANP) H1 2026 earnings summary

Executive summary

• Revenue grew 7% year-over-year to £24.3m, driven by strong IMEA (+56%) and Americas (+7%) performance, while Asia declined 9% due to weak toxin binder sales; Europe was flat to slightly down.

• Premium/core product brands, representing 80% of sales, grew 17%, supporting margin resilience.

• Adjusted EBITDA increased 22% to £5.0m and dilution-adjusted EPS rose 30% to 20.77p year-over-year.

• Interim dividend increased by 6% to 3.8p per share, continuing a near 20-year trend of dividend growth.

• Share buyback program completed, returning £2.1m to shareholders in H1 and £3m overall.

Financial highlights

• Gross margin maintained at 50.4% despite logistics and energy cost headwinds.

• Operating cash flow before working capital changes rose to £4.5m; period-end cash at £11.0m.

• CapEx remained low at £0.4m, with expectations for similar levels ahead.

• Net assets increased to £42.1m.

• Operating profit up 12% to £3.7m; profit before tax up 11% to £3.8m.

Outlook and guidance

• July and August were softer than expected, but September showed improvement; full-year profit expectations unchanged, though revenue guidance trimmed.

• Management remains confident in long-term prospects, supported by business development, order pipeline, and geographic diversity.

• Focus on new territories, direct sales strategies, and new product development for large customers.

• Bio-Vet to be rebranded as Anpario from October, unifying global brand.

• No imminent acquisitions; focus remains on organic growth and potential further buybacks.