· Sales of £14.8m (2017: £14.8m), excluding currency movements increased by 5%1
· 19% advance in profit before tax to £2.2m (2017: £1.9m)
· 14% uplift in diluted earnings per share to 8.7p (2017: 7.6p)
· 2% improvement in adjusted ebitda2 to £2.7m (2017: £2.6m)
· 10% increase in interim dividend of 2.2p per share (2017: 2.0p)
· Cash balances of £12.6m at 30 June 2018 (31 December 2017: £13.6m)
Operational highlights
· Strong sales growth in UK, Europe, China and US markets.
· In line with business development strategy:
o Continued investment in routes to market and product development
o New range of feed security products and Omega 3 supplement launched.
o Renewed focus on Latin American aquaculture market delivering benefits.
Peter Lawrence, Chairman, commented:
“Our business development strategy will progressively improve sales and distribution, while control of costs will ensure that they do not move ahead of the growth we achieve. Our strong balance sheet and consistent cash generation provide Anpario with a sound platform from which to make selective earnings enhancing acquisitions and to further invest in new product development for the future. With a favourable foreign exchange environment more likely in the second half year, I look forward to reporting good progress from the above initiatives early next year.”
Outlook
Our business development strategy will progressively improve sales and distribution, while control of costs will ensure that they do not move ahead of the growth we achieve. Our strong balance sheet and consistent cash generation provide Anpario with a sound platform from which to make selective earnings enhancing acquisitions and to further invest in new product development for the future. With a favourable foreign exchange environment more likely in the second half year, I look forward to reporting good progress from the above initiatives early next year.