Fevara (FVA) H2 2025 earnings summary

Executive summary

• Completed a major transformation year, rebranding to Fevara and focusing on agricultural supplements for livestock, with a core product in feed licks and expansion into bagged minerals and boluses.

• Achieved significant strategic milestones, including the sale of the engineering business for £75m and returning £70m to shareholders via a tender offer.

• Entered the Brazilian market through the acquisition of Macal, expanding the global footprint and balancing Northern and Southern Hemisphere operations.

• Revenue increased 4.1% to £78.8m, with adjusted operating profit up 69.2% to £3.7m.

• Dividends paid totaled £3.8m, with a move to a progressive dividend policy.

Financial highlights

• Revenue rose 4.1% year-over-year to £78.8m (+5.7% at constant FX), with Europe up 8.4% and the US flat on a reported basis.

• Adjusted operating profit increased 69.2% to £3.7m, driven by margin improvement, cost control, and volume growth in core products.

• Adjusted earnings per share up 69.2% to 4.4p; basic EPS 23.1p (FY24: loss of 6.1p).

• EBIT margin improved from just under 3% to just under 5% year-over-year.

• Net cash at year-end was £2.6m, with a new £20m banking facility secured for growth.

Outlook and guidance

• Trading in the first quarter of the new year is in line with market expectations, with further margin improvement and volume growth anticipated.

• Medium-term ambition to generate £5m EBIT from each of the UK/Europe, US, and Brazil.

• Clear strategy for sustainable, profitable growth and long-term value creation.

• New banking facility supports expansion into grazing-based growth markets.

• Focus remains on margin improvement, profitable commercial growth, and expansion into new geographies.