Fevara (FVA) H1 2025 earnings summary

Executive summary

• Strategic repositioning to a pure-play specialist agriculture supplement business, with the successful disposal of the Engineering Division for £75m post period end.

• Up to £70m to be returned to shareholders via a Tender Offer, expected to conclude in early July, subject to approval.

• Leadership transition: David White to step down as CEO, with Josh Hoopes appointed as new CEO effective 30 June 2025.

• Corporate simplification and cost reductions underway, supporting sustainable growth and value creation.

• Achieved strong, profitable growth in continuing operations, with a 7% revenue increase and significant margin expansion year-over-year.

Financial highlights

• H1 FY25 revenue from continuing operations up 7% year-over-year to £50.6m.

• Adjusted EBIT/operating profit rose 63.9% to £5.9m; statutory operating profit up 366.6% to £7.7m.

• Adjusted EPS increased 45.7% to 5.1p; basic EPS up 242.1% to 6.5p year-over-year.

• Net cash (excluding leases) nearly doubled to £15.7m from £8.0m at FY24 end.

• Interim dividend per share reduced to 1.2p, reflecting business refocus.

Outlook and guidance

• Post-Engineering disposal, group performance will be more seasonal, with lower second-half trading activity expected.

• US trading conditions remain challenging due to climate, with herd recovery now anticipated beyond H2 2025, impacting FY26.

• Strategic focus on market share gains, margin enhancement, and further central cost savings.