Anpario (ANP) H2 2025 earnings summary

Executive summary

• Revenue grew 24% year-over-year to £47.2m, with gross margin rising to 50.9% from 46.9%.

• Profit before tax increased 54% to £8.0m, and adjusted EBITDA rose 38% to £9.6m.

• Basic earnings per share climbed 63% to 40.20p; total dividend for the year up 11% to 12.50p per share.

• Strong cash generation, with year-end cash and equivalents at £12.4m.

• Full-year contribution from Bio-Vet acquisition, with successful integration and strong H2 sales.

Financial highlights

• Revenue: £47.2m (+24% YoY); like-for-like revenue (excl. Bio-Vet) up 12% to £40.5m.

• Gross profit: £24.0m (+34% YoY); gross margin: 50.9% (up from 46.9%).

• Adjusted EBITDA: £9.6m (+38% YoY); profit before tax: £8.0m (+54% YoY).

• Basic EPS: 40.20p (+63% YoY); diluted adjusted EPS: 39.49p (+33% YoY).

• Cash and cash equivalents: £12.4m (+18% YoY); net assets: £41.0m (+13% YoY).

Outlook and guidance

• Trading in early 2026 is in line with strong Q1 2025; continued growth expected in North America and Middle East.

• Management remains vigilant to geopolitical risks, especially in the Middle East, but expects continued progress due to a healthy pipeline and diversified business.

• Focus remains on innovation, customer engagement, and operational improvements.