Strategic Report
Financial and operational highlights
Financial Highlights
- 10% rise in adjusted net profit from continuing operations1 to £3.4m (2015: £3.1m)
- 4% increase in sales revenue to £24.3m (2015: £23.3m)
- 9% rise in gross profit to £11.4m (2015: £10.5m)
- 10% increase in the proposed final dividend to 5.5p per share (2015: 5.0p)
- Cash balances of £11.1m at year end (2015: £9.3m)
Operational Highlights
- Significant strategic progress achieved under new CEO including a new strategy for growth and newly aligned organisational structure
- New Anpario global branding launched
- Investment in plant automation delivering efficiency benefits
- Acquisition of Australian distributor completed in February 2017
- Double digit sales growth in Latin America and the United States
Richard S Rose, Chairman, commented:
“Trading in the new year has started well, maintaining the momentum of the second half of 2016. The appointment of Richard Edwards as CEO has resulted in significant changes to the management structure and brought new energy and focus to our strategy of building strong commercial relationships with end users through the recruitment of local sales teams and developing our sales and distribution channels. Our strong balance sheet gives Anpario the platform from which to make selective earnings enhancing acquisitions to strengthen its market position and sensibly broaden its product range with scientifically proven products.”
Chairman’s Statement
Anpario has achieved a good performance during a challenging year, the anticipated increase in revenue in the second half has delivered a full year trading result ahead of last year. Richard Edwards, a director of Anpario since 2006, was re-appointed CEO during the year and this, coupled with further investment in the implementation of our new strategic initiative, is already delivering positive and encouraging results. Anpario remains focussed on strengthening the quality of its commercial and technical teams to drive global and regional development opportunities and ensure future success.
The appointment of commercial directors in the regions and sales initiatives implemented earlier in the year helped to drive sales growth during the second half of the year. This momentum, together with efficiency improvements in our manufacturing plant and some favourable foreign exchange rate movements, contributed to a strong profit performance.
The acquisition of Cobbett, our Australian distributor, in February 2017 is very much in line with our strategy to strengthen sales and distribution channels and develop closer relationships with our customers.