Anpario plc
(“Anpario” or the “Company”)
AGM Statement
Anpario plc, the independent manufacturer of natural sustainable animal feed additives for health, nutrition and biosecurity, is holding its AGM later today, at which Kate Allum, Chairman, will make the following statement:
“As announced on 2 June 2023, current trading and the outlook for the Company’s 2023 financial year remains in line with market expectations. The sales performance since the start of the year has continued at the weaker levels seen in the final quarter of 2022, reflecting the current challenges facing the global agricultural industry.
Producers in several key markets around the world continue to experience cost pressures, which thus far have not been fully passed on to their customers. As producers look to economise, either by forgoing unprofitable production or reducing spend, demand for speciality feed additives has reduced, and although this challenging backdrop is expected to continue in the near term, the Board expects the Group’s performance to improve as the year progresses.
We have already taken action to reduce overhead costs across the business, the benefits of which will start to come through in the second half of this year and into 2024. The recent investment in automation in our production facility has also helped improve efficiency.
Our gross margins have improved as lower raw material costs work their way through our inventory and further improvement is expected as production volumes increase. Anpario is well diversified geographically and has several leading product brands including Orego-Stim, pHorce, Mastercube and Optomega Algae. The United States and Australasia performed well in the first half in contrast to Asia Pacific and Europe which continue to experience challenging conditions.
Finally, as I step down from the Board later today, following completion of the AGM, I would like to take the opportunity to thank all staff and stakeholders for their professionalism and support of Anpario, especially during these challenging times. As I hand over the Chair to Matthew Robinson, I extend to him and all staff my best wishes and a successful future for Anpario.”
The Company’s interims for the six months period ended 30 June 2023 are expected to be announced on 13 September 2023.