Anpario plc
(“Anpario”, “Group” or the “Company”)
Final results
Anpario plc (AIM: ANP), the independent manufacturer of natural sustainable feed additives for animal health, nutrition and biosecurity is pleased to announce its full year results for the twelve months to 31 December 2024.
Financial Highlights
- 23% increase in revenue to £38.2m (2023: £31.0m).
- Improvement in gross margin to 46.9% (2023: 45.0%).
- 88% increase in profit before tax to £5.2m (2023: £2.8m).
- 57% increase in adjusted EBITDA1 to £7.0m (2023: £4.5m).
- Basic earnings per share up 83% to 24.66p (2023: 13.51p).
- Diluted adjusted earnings1 per share up 84% to 28.12p (2023: 15.31p).
- Increase of proposed final dividend to 8.00p (2023: 7.50p) per share, resulting in a total dividend for the year of 11.25p (2023: 10.70p) per share.
- Cash, cash equivalents and short-term investments of £10.5m at the year-end (2023: £10.6m).
Operational Highlights
- Acquisition of Bio-Vet Inc. (“Bio-Vet”) strengthens ruminant expertise, product range and presence in key US market; contributing £2.2m to Group sales in final quarter.
- Like-for-like (excluding Bio-Vet) sales and volume growth of 16% and 27% respectively.
- Growth across all product groups with strong recovery in volumes in acid-based eubiotics, mycotoxin and pellet binders.
- Strong sales growth in the Middle East, Asia and Europe muted by decreases in the United States and Brazil.
Outlook
- Strong start to trading in the current year.
- Asia, Europe and the Middle East are expected to continue to benefit from recovery in agriculture markets.
- Key exporting countries such as the United States and Brazil will continue to face challenges due to animal diseases, trade tariff disputes and food security policies pursued in certain regions.
- Sales and marketing initiatives to launch Bio-Vet’s key product brands internationally.
- The Group’s broad product range, species expertise, geographic diversity and reputation as the leading manufacturer of natural and sustainable feed additive solutions gives the Board confidence in building on last year’s result.
Matthew Robinson, Chairman of the Company, commented:
“2024 was a year of strong recovery following a challenging prior year for the global agricultural industry. What we did not fully anticipate at the start of the year was the speed of recovery which, when combined with our business development initiatives, delivered a profit performance taking us back to the Group’s previous peak level achieved in 2021.
We are therefore delighted by the nature of this performance achieving our highest ever sales, a recovery in gross margins to 46.9% (2023: 45.0%), basic earnings per share up 83% to 24.66p (2023: 13.51p) and diluted adjusted earnings per share up 84% at 28.12p. Cash generation from operations was also strong again at £7.0m (2023: £8.1m).
A key milestone was the acquisition of Bio-Vet at the end of September 2024, which strengthens our ruminant expertise and product range, broadening our species mix, and strengthening our operational footprint with a second production facility located in Wisconsin, USA. It is also pleasing to see Bio-Vet’s unique technology in demand helping dairy cows recover quicker from the impact of avian influenza.
Anpario’s balance sheet remains strong with a year-end cash, cash equivalents and short-term investment balance of £10.5m (2023: £10.6m), after accounting for the acquisition of Bio-Vet and associated land and buildings for an initial outlay cash consideration of £4.3m.“
1 Adjusted EBITDA and adjusted earnings are defined in note 6 of the financial statements.