10 sep 25   anpario plc - interim results anpario plc | anp | 422 0 0.0% | mkt cap: 87.0m    rns number : 6860y anpario plc 10 september 2025   anpario plc ("anpario", the "group" or the "company")   interim results   anpario plc (aim:anp), the independent manufacturer of natural sustainable animal feed additives for animal health, nutrition and biosecurity is pleased to announce its unaudited interim results for the six months to 30 june 2025 ("h1 2025").   highlights   financial highlights ·      34% increase in sales to £22.7m (h1 2024: £17.0m). ·      45% increase in gross profit to £11.7m (h1 2024: £8.1m). ·      increase in gross margins to 51.4% (h1 2024: 47.5%). ·      53% increase in adjusted ebitda1 to £4.1m (h1 2024: £2.7m). ·      62% increase in profit before tax to £3.4m (h1 2024: £2.1m). ·      43% increase in diluted adjusted earnings per share to 16.01p (h1 20242: 11.16p). ·      11% increase in interim dividend to 3.60p (h1 2024: 3.25p) per share. ·      cash and cash equivalents of £11.1m at 30 june 2025 (31 december 2024: £10.5m).   operational highlights ·     strong sales performance in the americas, asia and europe segments, tempered by a levelling off in the india, middle-east and africa segment ("imea") following an outstanding performance last year. ·     sales growth in phytogenics, acid-based eubiotics, mycotoxin binders and omega product groups supported by a change in mix to higher value-add versions. ·     continued gross margin improvement due to a richer product mix and the contribution from bio-vet inc ("bio-vet"). ·     significant growth in phorce® in the us swine market as customers see the dual benefits of feed hygiene and improved animal performance.   outlook ·     strong sales at the start of the second half, continuing from the first six months. ·     integration of bio-vet to progress with combined us management structure, rebranding and the launch of key product brands through respective sales and distribution networks. ·     establishment of subsidiaries in certain central american countries to increase end customer engagement. ·     the group's leading position in natural and sustainable feed additive solutions with its leading brands and the launch of several new products gives the board confidence in the long-term profitable development of the company.     matthew robinson, chairman of the company, commented: "the board is delighted to report another strong first half performance in terms of improved sales, margins and profitability. this result reflects management's initiatives in promoting higher value-add products, as well as a broader recovery across the group's territories, with an encouraging turnaround in the united states (us) and the contribution made by the bio-vet acquisition completed on 30 september 2024.   gross margins continued to improve reflecting management's focus on marketing strong differentiated product solutions to customers combined with an increase in the proportion of direct business to end users. we are pleased that bio-vet has achieved its earnout target and now look forward to progressing key integration initiatives which include combining our us operations, expanding the international sales of bio-vet's products such as its successful calcium bolus supplement brand, quadrical®, and offering anpario's products to bio-vet's dairy farm customers.   adjusted ebitda1 increased by 53% to £4.1m, reflecting the group's operational gearing. the group continues to maintain a strong balance sheet, with cash and cash equivalents of £11.1m at 30 june 2025; and the board has approved an interim dividend of 3.60 pence per share (h1 2024: 3.25 pence per share), an increase of 11% to the prior period.   this performance is the result of the efforts of anpario staff across the globe who through hard work and diligence have delivered another set of excellent results. there is always more to achieve, and the team remains focused on implementing the strategy to deliver strong organic growth supplemented by appropriate acquisition opportunities should they arise. the group has made a strong start to the second half, and we are confident of building on this momentum.     matthew robinson, chairman       1 adjusted ebitda represents operating profit for the period of £3.302m (h1 2024: £1.944m) adjusted for: share based payments and associated costs of £0.093m (h1 2024: £0.165m); and depreciation and amortisation charges of £0.696m (h1 2024: £0.573m).   2 adjusted profit after tax and adjusted earnings per share have been restated for prior periods to include net finance income to align with market practice, see note 4 for more details.         enquiries:   anpario plc:     richard edwards, ceo +44(0)7776 417 129  marc wilson, group finance director +44(0)1909 537 380     shore capital: (nominated adviser and broker): +44 (0) 20 7408 4090  stephane auton david coaten corporate advisory    tom knibbs     henry willcocks corporate broking          chief executive officer's statement   overview group sales for the six months to 30 june 2025 increased by 34% to £22.7m (h1 2024: £17.0m), including a £3.0m contribution from bio-vet acquired on 30 september 2024. like-for-like sales (excluding bio-vet) increased by 16%. on a like-for-like basis, there was strong sales growth in our asia, americas and europe segments delivering increases of 24%, 21% and 16% respectively. sales in our india, middle east and africa (imea) segment, declined by 4% predominantly due to the loss of some pellet binder business in saudi arabia. the strong performance reflects management initiatives to focus on promoting higher value-add product solutions to customers and a broader recovery across the group's territories, such as the recovery in our us business complemented by the bio-vet acquisition.   four of our key product groups (excluding bio-vet), which account for over 90% of sales, delivered sales growth. acid-based eubiotics, mycotoxin binders, omega and phytogenic products grew sales by 6%, 9%, 49% and 41% respectively, helped by the launch of orego-stim® plus a combination plant extract product and the continued growth of optomega® algae primarily for omega 3 enrichment of eggs and dairy cow fertility. the addition of the bio-vet on-farm product range which includes direct fed microbials (probiotics), calcium boluses and electrolytes further broadens the group's portfolio and expands our offering to the ruminant market.   the turnaround in the us was partially driven by very strong sales to the swine sector of phorce®, our high strength low inclusion acid-based eubiotic, which with triple action anti-bacterial, anti-fungal and proven anti-viral properties is a powerful feed mitigant and supports gut health. with the acquisition of bio-vet the us is now our biggest single territory accounting for 21% of group sales with the americas and asia segments now more balanced each delivering around 33% of group sales, with europe and mea being 19% and 14% respectively for the period.   the continued improvement in like-for-like (excluding bio-vet) gross margin to 49.8% is both testament to the improved efficiency following investment in automating our manton wood production facility and the team's focus to develop high value-add differentiated products which deliver tangible performance and financial benefits for meat protein producers worldwide. streamlining our sales and distribution channels is a part of this journey to ensure the end customer receives value for money. the strategy to build closer relationships with our end customers continues with recent changes to our sales channels in the central america region where we see good opportunities to broaden our product portfolio and deliver stronger growth.   weighted average selling prices per tonne on a like-for-like basis increased by 28% reflecting the richer product mix with increased sales of our premium mycotoxin binder versions within the anpro® range and the shift in mix to phorce® being a more concentrated acid-based eubiotic. the trebling of sales in optomega® algae which is a high value product also contributed to the increase. when bio-vet products are included then average selling prices increased by 44% due to the small, packaged nature of the range which are typically used at farm level.   the 53% increase in adjusted ebitda1 to £4.1m compared to the same period last year (h1 2024: £2.7m) not only reflects the quality, efficacy and intellectual property embedded in our product technology but also our geographic and species strength which is becoming more balanced through product and business development and strategic acquisitions; supported by two modern production facilities in the uk and us. from this strong position we can build on recent successes to meet the changing needs and challenges of the industry and execute business development initiatives which offer several opportunities to drive organic growth in the coming years.   operational review   americas overall, sales in this segment grew 97% including bio-vet or 21% on a like-for-like basis, driven by strong performances from the us, argentina and mexico with sales growth of 62%, 57% and 55% respectively. in the us sales of phorce® significantly recovered delivering an increase of 138% as customers experience the dual benefits of feed mitigation and improved animal performance from better gut health; as well as phorce® being a safe alternative to formaldehyde, widely used in the region.   orego-stim® also continued to make progress both in the us calf and poultry markets with the launch of orego-stim® plus, which combines our 100% natural oregano essential oil with saponins, promoting gut health to support natural digestive and immune functions, improving feed palatability and nutrient absorption. early indications in commercial broiler trials are very encouraging showing significant performance improvement of the birds. working with a local partner, we commenced sales of our avian complete range which targets the backyard poultry market through the retail channels. the backyard poultry industry is particularly prevalent in the layer sector as some consumers switch to produce their own food. we plan to transfer the production of avian complete to the bio-vet facility as volumes grow.   bio-vet contributed £3.0m of sales in the first half following a very strong fourth quarter in 2024 as the presence of avian influenza in the californian dairy herd subsided affecting sales of electrolytes and capsules. however, sales of calcium boluses, marketed under the quadrical® brand, and the direct fed microbial product, generator™, delivered sales growth of 15% and 9% respectively. the bio-vet sales team and some customers have already been introduced to orego-stim® and our mycotoxin binder range for ruminants, with some early sales success. the launch of these products will commence in earnest following the successful achievement of the one-year earnout this september. furthermore, orego-stim® has been incorporated into bio-vet's electrolyte product to provide further differentiation and benefits to the animal through the drinking water.   we are also registering anpario's tablet water sanitiser product, credence, for the us market as bio-vet's sales channels are an ideal route to market for this product. credence has a unique controlled release of chlorine, with replenishment into a solution as and when needed. it is a cost-effective multi-purpose product and can be used for the disinfection of water, water systems, farm buildings and equipment, and can also be used in udder hygiene programmes and for the disinfection of milking parlours and machines. credence is ideal for animal drinking water and viewed as having efficacy, safety and cost advantages over widely used alternatives such as hydrogen peroxide and chlorine dioxide. we are also experiencing increased interest for credence in the middle east and india and is another example of anpario's product technology addressing the future needs of the market.   work is also underway to register quadrical® in several international markets leveraging the group's international network to fast-track sales of a product which has some very strong differentiating factors in supporting dairy cows through post-calving calcium deficiency - 'milk fever'. bio-vet is a leader in understanding and addressing these issues in sub-clinical cases where the costs to the farmer can be significant.   both technical teams have been working to devise product programmes by combining anpario's and bio-vet's technology into a value-add offering for ruminant customers delivering synergistic effects and financial benefits to their operations when applying the programme. there are also several dairy regions which warrant additional technical sales resource to help drive growth of our business in the us.   within the south america region, brazil, as expected, was the key disappointment with a decrease in sales of 33%. competition for large integrator business is intense as our subsidiary competes with locally produced products which aren't subject to import tariffs. we do see opportunities in the aquaculture and ruminant markets especially with the bio-vet product range and have made some changes which we are confident will turn around performance. argentina delivered a good performance with increased sales of salkil and one of our enzyme products branded feedzyme.   the latin america region which includes mexico and central america delivered sales growth of 13%. however, we believe we can deliver better growth by offering the full range of anpario's products and building direct relationships in each country rather than working through a single distributor, which on reflection, has restricted our progress across the region. we have, therefore, phased out this relationship and started to set up subsidiaries in colombia and panama. in some of these territories we already had a commercial relationship with the end customer and have also transferred across personnel who looked after the anpario product range.   asia alongside the americas this segment accounts for about one third of group sales and pleasingly delivered sales growth of 25%, including a small number of bio-vet sales to south korea, compared to the same period last year. like-for-like (excluding bio-vet) sales growth was achieved in all sub-segments with asia pacific, china and australasia delivering increases of 32%, 15% and 5% respectively. there were very strong performances from the philippines, indonesia, thailand and japan. growth in the philippines came from the increased use of orego-stim® and anpro mycotoxin binders as the markets and margins for poultry and swine producers improved.   indonesia growth came mainly from our larger customers more than doubling sales across a range of products including our natural pellet binder, mastercube®. malaysia experienced decline with a 47% reduction in sales (£0.6m), although this comes after a period of rapid expansion and against a strong comparator for the same period as last year.   china delivered a solid performance with growth in orego-stim® and mycotoxin binders in a territory which has several macroeconomic challenges to deal with including subdued consumer spending. we have been undertaking commercial trials for optomega® algae with a large swine integrator looking for a replacement for fish meal used in feed. the first set of trials were successful in terms of animal performance and efficacy but further trials are planned before the product is given the green light. china accounted for just over 10% of group sales for the period.   india, middle east and africa (imea) sales in the imea segment declined by 4% compared to the same period last year largely due to the loss of some pellet binder business in saudi arabia and in egypt where one of our customers is experiencing credit issues preventing us from trading with them so far this year. excluding the lost pellet binder business then the segment would have grown in sales by 11%. this year's performance is also against a very strong comparator for the same period last year and so a bout of indigestion was anticipated.   the top performing territories were india and the united arab emirates (uae) with a fourfold and doubling of sales respectively compared to the same period last year. the main driver of sales to india was in orego-stim® to a large poultry integrator which has been conducting commercial trials across various complexes and although the business is welcome, we are cautious in it continuing at these levels. as such, our local partner is working hard to broaden out the customer base not only in poultry but across other species and products. we have recruited two additional technical salespeople in the region to support our business in india, and to better understand the structure of each market, which is set to deliver strong growth in animal protein production. sales to the uae were across a range of products, notably optomega® algae for dairy cow fertility and mastercube®.   europe europe delivered sales growth of 17% (includes bio-vet) with strong performances from israel, switzerland, uk and denmark, with sales increasing by 154%, 409%, 9% and 64% respectively. clearly our swiss distributor is starting from a lower base but has been a strong advocate of optomega® algae. the uk, which now accounts for around 8% of group sales, continued to grow its orego-stim® sales, up 20%, which was partially offset by the loss of low margin acid-based eubiotic business.   our water soluble orego-stim® forte version helped the netherlands deliver 203% sales growth as the additive is incorporated in tuna feed being farmed in the mediterranean. we have also recently agreed a european-wide distribution agreement with a large multi-national supplier to the feed mill sector. they will market several of our feed mill oriented products to their customers which will help us target a sector we have found difficult to penetrate from the uk.   weighted average selling prices in the europe segment increased by 14% driven by mix with the growth of high value product groups such as phytogenics and omegas and necessary price increases implemented at the beginning of the second quarter this year.   innovation and development we recently launched orego-stim® plus, an oregano essential oil and saponin combination, which is performing very well in commercial poultry trials with a large us integrator. our phytogenics expertise and especially deep understanding of oregano oil should be viewed like a proprietary computer code which can be adapted and programmed for many applications. plants have survived many millennia and that means they have adapted and built up very strong defence mechanisms to fight disease, heat, drought and parasites, etc. the 100% natural orego-stim® essential oil has over one hundred compounds each bringing a beneficial impact to the complete oil, this gives orego-stim® its multifactorial features and therefore the many benefits it can offer in gut health, immunity and animal performance. it's why, at anpario, we believe that 'nature has many answers' we can learn from.   the technical team are also developing a lysophospholipid-based feed additive product which enhances the emulsification and subsequent utilisation of lipids and lipid-soluble nutrients in the diet. the product, known as ampliphy can be used on top of a standard diet formulation to enhance animal performance, or in combination with diet reformulation to deliver feed cost savings.   we are excited by the combined expertise of bio-vet and anpario which i'm confident will spawn many great commercial ideas fusing our joint knowledge, especially in the microbiome, and technologies to turn them into novel solutions for our customers. our aim is to exploit this rich seam of potential innovation as we are confident that growth from future products will come from within the combined organisation and our own scientific orbit.   outlook the second half has started well continuing the momentum from the first and we are confident of building on this platform for the remainder of this year and into the next. we have several business development initiatives to deliver including integration and revenue synergies between bio-vet and anpario. we will continue to expand the local technical sales teams and build strong end user relationships where practical.   the long-term drivers in the speciality feed additive market are strong as regulatory measures nudge producers to use natural, sustainable and environmentally friendly solutions to improve health and safety of both animals and consumers, and producers need to find ever more efficient ways of producing meat protein for a growing world population with less resources. at the same time, we remain mindful that global trade conditions are likely to remain somewhat uncertain, and the current trade and tariff disputes may present challenges for the agriculture industry in certain geographies. however, through our strategy we have sought to build a well-diversified business within our markets, and our extensive experience and the team's capabilities will help us to navigate whatever materialises.       richard edwards chief executive officer 10 september 2025       key performance indicators   financial    h1 2025 h1 2024    note £000 £000 change % change       revenue 3 22,724 16,993 +5,731 +34% gross profit  11,681 8,071 +3,610 +45% gross margin  51.4% 47.5% +3.9ppts        adjusted ebitda 4 4,091 2,682 +1,409 +53% profit before tax  3,384 2,084 +1,300 +62%       diluted adjusted earnings per share 6 16.01p 11.16p2 +4.85p +43% interim dividend  3.60p 3.25p +0.35p +11%       cash and cash equivalents  11,099 13,465 -2,366 -18% net assets  39,053 35,449 +3,604 +10%             financial review   revenue and gross profit revenue for the period increased by 34% to £22.7m (h1 2024: £17.0m). this includes a sales contribution of £3.0m from bio-vet. excluding which, like-for-like revenue increased by 16% to £19.7m.   revenue performance across the group was broadly very strong, with the majority of operating segments achieving material increases in sales. sales in asia were up 25%, europe increased by 17% and the americas saw growth of 97% including bio-vet (21% on a like-for-like basis). albeit there was modest reduction of 4% in performance in the india, middle-east and africa segment, this follows significant growth achieved last year. more details of the sales performance are included in the chief executive officer statement.   gross margins increased to 51.4% (h1 2024: 47.5%). the inclusion of bio-vet contributed towards this increase as it operates at a slightly higher gross margin. gross margins also improved on a like-for-like basis, increasing to 49.8% (h1 2024: 47.5%). this marks the successful return to pre-2022 gross margin levels experienced prior to the various force-majeure and energy crisis impacts that had deteriorated margins. as a result of both the inclusion of bio-vet and the improved like-for-like gross margins, gross profits rose 45% in the period to £11.7m.   administrative expenses administrative expenses were 37% higher at £8.4m (h1 2024: £6.1m). on a like-for-like basis, excluding the operations of bio-vet, administrative expenses increased by 9% to £6.7m.   most administrative costs were relatively stable, with increases in legal and professional fees, operational support costs and travel expenses being offset by savings across a range of other categories including share-based payment charges and foreign exchange losses.   the largest contributor to the increased administrative expense in the period was a £0.6m rise in people costs. this includes a 6% increase in employment costs resulting from a combination of wage inflation, higher national insurance costs for uk employees, and an increase in overall headcount. as well as increased incentive provisions due to the larger sales and operating performance growth experienced through this first six months compared to the same period last year.   profitability and earnings per share adjusted ebitda1 for the period increased by 53% to £4.1m (h1 2024: £2.7m). the contribution from bio-vet for the period was £0.3m, excluding which, like-for-like adjusted ebitda1 increased by 40% to £3.8m (h1 2024: £2.7m).    profit before tax for the group increased by 62% to £3.4m (h1 2024: £2.1m). the effective tax rate was slightly higher than last year at 18.9% (h1 2024: 17.9%). leading to a 60% increase in profit after tax to £2.7m (h1 2024: £1.7m),  and basic earnings per share up 59% to 16.34p (h1 2024: 10.27p). diluted adjusted earnings per share increased by 43% to 16.01p (h1 20242: 11.16p).   cash flow operating cash flows before changes in working capital were 41% higher in the period at £3.7m (h1 2024: £2.6m), principally as a result of the increased level of operating profit to £3.3m (h1 2024: £1.9m). changes in working capital absorbed £1.7m (h1 2024: release of £0.5m) of cash through the first half of the year.   total inventories increased by £2.1m, with just over half of the growth related to raw materials, the remainder being finished goods. total inventory days peaked in 2022 and fell in consecutive years and at the end of 2024 levels were lower than normal due to increased utilisation due to higher year-end sales. the growth in inventory levels in the current period relates to both a replenishment of stock in terms of the number of overall inventory days, as well as being related to the continued sales growth and therefore proportionally higher working capital requirements.   capital expenditure in the period was £0.3m (h1 2024: £0.2m), like-for-like investments were similar to the same period last year, with the small increase related to purchases in bio-vet for the current period. a share buyback programme was launched in april this year, following its conclusion 29,000 shares were repurchased at a weighted average price of 336p at a total cost of £0.1m.   overall, total cash and cash equivalents, after the effect of exchange rate changes, increased by £0.6m to £11.1m (31 december 2024: £10.5m).   acquisition as previously announced, anpario acquired bio-vet inc. on 30 september 2024 for total consideration of £5.8m (usd 7.4m), including £0.8m (usd 1.0m) of contingent consideration. the full contingent consideration amount is payable subject to the achievement of a 12-month post-acquisition adjusted ebitda of not less than usd 780,000, with nothing being due for adjusted ebitda of less than usd 615,000, pro-rated between these amounts.   although bio-vet had an exceptionally strong revenue performance through q4 2024, sales have slightly reduced from these levels through the first-half of this year. despite this, the operating performance through the first-half of the year remains higher than the levels expected to achieve the full contingent consideration targets. combined with their strong first quarter through q4 2024, the full contingent consideration amount has been achieved and is expected to be paid in q3, a liability for which has been recognised in other payables.   dividend the board has approved an interim dividend of 3.60 pence per share (h1 2024: 3.25 pence per share), an increase of 11% compared to the prior period. this dividend, payable on 28 november 2025 to shareholders on the register on 14 november 2025 (ex-dividend date is 13 november 2025), reflects the board's continued confidence in the group and its ability to generate cash.      marc wilson group finance director 10 september 2025       consolidated statement of comprehensive income for the six months ended 30 june 2025    six months to six months to year ended   30 june 30 june 31 december   2025 2024 2024  note £000 £000 £000      revenue 3 22,724 16,993 38,195 cost of sales  (11,043) (8,922) (20,278) gross profit  11,681 8,071 17,917 administrative expenses  (8,379) (6,127) (13,025) operating profit  3,302 1,944 4,892      depreciation and amortisation  696 573 1,196 adjusting items 4 93 165 897 adjusted ebitda 4 4,091 2,682 6,985      net finance income 5 82 140 289 profit before tax  3,384 2,084 5,181 income tax  (639) (372) (1,069) profit for the period  2,745 1,712 4,112           other comprehensive income:     items that may be subsequently reclassified to profit or loss:        exchange difference on translating foreign operations  (199) (146) (305) cashflow hedge movements (net of deferred tax)  468 93 68 total comprehensive income for the period  3,014 1,659 3,875           earnings per share:     basic 6 16.34p 10.27p 24.66p diluted 6 15.51p 10.21p 24.42p adjusted 6 16.87p 11.23p 29.95p diluted adjusted 6 16.01p 11.16p 29.66p       consolidated statement of financial position as at 30 june 2025    as at as at as at   30 june 30 june 31 december   2025 2024 2024  note £000 £000 £000      intangible assets 7 12,145 10,485 12,576 property, plant and equipment 8 6,174 4,439 6,431 right of use assets 9 83 70 71 deferred tax assets  670 513 817 derivative financial instruments  470 189 4 non-current assets   19,542 15,696 19,899      inventories 10 9,142 5,536 7,342 trade and other receivables 11 7,957 7,056 9,023 derivative financial instruments  519 71 190 current income tax assets  178 - 192 cash and cash equivalents  11,099 13,465 10,500 current assets   28,895 26,128 27,247      total assets   48,437 41,824 47,146      lease liabilities  (25) (40) (8) derivative financial instruments  - (49) (101) deferred tax liabilities  (2,674) (2,035) (2,516) non-current liabilities   (2,699) (2,124) (2,625)      trade and other payables 12 (6,624) (4,022) (7,906) lease liabilities  (61) (34) (66) derivative financial instruments  - (156) (114) current income tax liabilities  - (39) (141) current liabilities   (6,685) (4,251) (8,227)      total liabilities   (9,384) (6,375) (10,852)      net assets  39,053 35,449 36,294      share capital  4,703 4,672 4,703 share premium  15,982 15,646 15,982 capital redemption reserve  1,021 1,021 1,021 other reserves  (9,224) (9,145) (9,238) retained earnings  26,571 23,255 23,826      total equity  39,053 35,449 36,294       consolidated statement of changes in equity for the six months ended 30 june 2025   called up share capital share premium capital redemption reserve other reserves retained earnings total equity £000 £000 £000 £000 £000 £000        balance at 1 jan 2024 4,615 15,047 1,021 (8,577) 21,543 33,649        profit for the period - - - - 1,712 1,712 currency translation differences - - - (146) - (146) cash flow hedge reserve - - - 93 - 93 total comprehensive income for the period - - - (53) 1,712 1,659 issue of share capital 57 599 - - - 656 joint-share ownership plan - - - (656) - (656) share-based payment adjustments - - - 141 - 141 transactions with owners 57 599 - (515) - 141 balance at 30 jun 2024 4,672 15,646 1,021 (9,145) 23,255 35,449        profit for the period - - - - 2,400 2,400 currency translation differences - - - (159) - (159) cash flow hedge reserve - - - (25) - (25) total comprehensive income for the period - - - (184) 2,400 2,216 issue of share capital 31 336 - - - 367 share-based payment adjustments - - - 65 - 65 deferred tax regarding share-based payments - - - 26 - 26 final dividend relating to 2023 - - - - (1,272) (1,272) interim dividend relating to 2024 - - - - (557) (557) transactions with owners 31 336 - 91 (1,829) (1,371) balance at 31 dec 2024 4,703 15,982 1,021 (9,238) 23,826 36,294        profit for the period - - - - 2,745 2,745 currency translation differences - - - (430) - (430) cash flow hedge reserve - - - 468 - 468 total comprehensive income for the year - - - 38 2,745 2,783 purchase of treasury shares - - - (98) - (98) share-based payment adjustments - - - 74 - 74 transactions with owners - - - (24) - (24) balance at 30 jun 2025 4,703 15,982 1,021 (9,224) 26,571 39,053       consolidated statement of cash flows for the six months ended 30 june 2025    six months to six months to year ended   30 june 30 june 31 december   2025 2024 2024  note £000 £000 £000       operating profit for the period  3,302 1,944 4,892 depreciation, amortisation and impairment 4 696 573 1,196 loss on disposal of intangible assets 7 9 - - loss on disposal of property, plant and equipment 8 - 1 - share-based payments  74 141 206 fair value adjustment to derivatives  (387) (33) 9 operating cash flows before changes in working capital   3,694 2,625 6,303      (increase)/decrease in inventories  (2,090) 669 113 decrease/(increase) in trade and other receivables  1,006 (384) (1,897) (decrease)/increase in trade and other payables  (641) 232 2,476 changes in working capital   (1,725) 517 692      cash generated by operations   1,969 3,142 6,995       income tax paid  (610) (107) (1,152) net cash from operating activities   1,359 3,035 5,843       acquisition of subsidiary, net of cash acquired  (154) - (2,492) purchases of property, plant and equipment 8 (231) (68) (1,938) payments to acquire intangible assets 7 (75) (135) (149) interest received 5 85 142 293 movement in short-term investments  - 110 110 net cash used in investing activities   (375) 49 (4,176)       purchase of treasury shares  (98) - - joint share ownership plan  - (656) (656) proceeds from issuance of shares  - 656 1,023 cash payments in relation to lease liabilities  (43) (33) (77) operating lease interest paid 5 (3) (2) (4) dividend paid to company's shareholders  - - (1,829) net cash from financing activities   (144) (35) (1,543)       net increase in cash and cash equivalents   840 3,049 124       effect of exchange rate changes  (241) (123) (163) cash and cash equivalents at the beginning of the period  10,500 10,539 10,539 cash and cash equivalents at the end of the period   11,099 13,465 10,500       1.   general information   anpario plc ("the company") and its subsidiaries (together "the group") produce and distribute natural feed additives for animal health, hygiene and nutrition. anpario plc is a public company traded on the alternative investment market ("aim") of the london stock exchange and is incorporated in the united kingdom and registered in england and wales. the address of its registered office is unit 5 manton wood enterprise park, worksop, nottinghamshire, s80 2rs. the presentation currency of the group is pounds sterling.       2.   basis of preparation   the unaudited consolidated financial statements comprise the accounts of the company and its subsidiaries drawn up to 30 june 2025.   the group has presented its financial statements in accordance with uk adopted international financial reporting standards ("ifrss").   full details on the basis of the accounting policies used are set out in the group's financial statements for the year ended 31 december 2024, which are available on the company's website at www.anpario.com. there are not expected to be any changes to the accounting policies and the same policies are expected to be applicable for the year ended 31 december 2025.   this condensed consolidated interim financial information does not comprise statutory accounts within the meaning of section 434 of the companies act 2006. statutory accounts for the year ended 31 december 2024 were approved by the board of directors on 30 march 2025 and delivered to the registrar of companies. the report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498 (2) or (3) of the companies act 2006.   the consolidated interim financial information for the period ended 30 june 2025 is neither audited nor reviewed.       3.   operating segments   management has determined the operating segments based on the information that is reported internally to the chief operating decision maker and the board of directors to make strategic decisions. the board considers the business from a geographic perspective and is organised into four geographical operating divisions: americas; asia; europe; and india, middle-east and africa (imea); with the remaining income and expenses allocated as head office.   following the acquisition of bio-vet, a review of operating segments was conducted. it was determined that, in-line with how information is reported and strategically reviewed, that the operating segments would remain the same, with bio-vet being included within the americas.   all revenues from external customers are derived from the sale of goods and services in the ordinary course of business to the agricultural markets and are measured in a manner consistent with that in the income statement. inter-segment revenue is charged at prevailing market prices or in accordance with local transfer pricing regulations.              for the six months ended 30 jun 2025 americas asia europe mea head office total £000 £000 £000 £000 £000 £000        total segmental revenue 7,568 7,651 10,116 3,189 - 28,524 inter-segment revenue - - (5,800) - - (5,800) revenue from external customers 7,568 7,651 4,316 3,189 - 22,724        depreciation and amortisation (124) (19) (6) (3) (544) (696) net finance income 7 (1) - - 76 82 profit before tax 1,565 2,692 1,944 1,126 (3,943) 3,384     for the six months ended 30 jun 2024 americas asia europe mea head office total £000 £000 £000 £000 £000 £000        total segmental revenue 3,837 6,134 7,563 3,330 - 20,864 inter-segment revenue - - (3,871) - - (3,871) revenue from external customers 3,837 6,134 3,692 3,330 - 16,993        depreciation and amortisation (2) (24) (5) (2) (540) (573) net finance income - 1 - - 139 140 profit before tax 760 1,316 1,374 1,235 (2,601) 2,084     for the year ended 31 dec 2024 americas asia europe mea head office total £000 £000 £000 £000 £000 £000        total segmental revenue 10,342 13,278 17,135 6,910 - 47,665 inter-segment revenue - - (9,470) - - (9,470) revenue from external customers 10,342 13,278 7,665 6,910 - 38,195        depreciation and amortisation (66) (47) (11) (4) (1,068) (1,196) net finance income (45) 1 (1) 1 333 289 profit before tax 2,251 3,048 3,063 2,636 (5,817) 5,181       4.   alternative performance measures   in reporting financial information, the group presents alternative performance measures (apms), which are not defined or specified under the requirements of ifrs. the group believes that these apms, which are not considered to be a substitute for or superior to ifrs measures, provide depth and understanding to the users of the financial statements to allow for further assessment of the underlying performance of the group.   the board considers that adjusted ebitda is the most appropriate profit measure by which users of the financial statements can assess the ongoing performance of the group. ebitda is a commonly used measure in which earnings are stated before net finance income, amortisation and depreciation. the group makes further adjustments to remove items that are non-recurring or are not reflective of the underlying operational performance either due to their nature or the level of volatility.   adjusted profit after tax was previously presented excluding net finance income, as a non-operating item. to align with market practice and terminology, net finance income is now included and the prior period amounts restated.     six months to six months to year ended  30 june 30 june 31 december  2025 2024 2024  £000 £000 £000      share-based payments 93 165 265 non-recurring acquisition costs - - 632 adjusting items 93 165 897     six months to six months to year ended  30 june 30 june 31 december  2025 2024 2024  £000 £000 £000      operating profit 3,302 1,944 4,892 adjusting items 93 165 897 adjusted ebit 3,395 2,109 5,789 depreciation and amortisation 696 573 1,196 adjusted ebitda 4,091 2,682 6,985                 adjusted ebit 3,395 2,109 5,789 net finance income 82 140 289 adjusted profit before tax 3,477 2,249 6,078 adjusted tax charge (644) (378) (1,084) adjusted profit after tax - restated 2,833 1,871 4,994       5.   net finance income   six months to six months to year ended  30 june 30 june 31 december  2025 2024 2024  £000 £000 £000      interest receivable on short-term bank deposits 85 142 293 finance income 85 142 293         lease interest paid (3) (2) (4) finance costs (3) (2) (4)      net finance income 82 140 289       6.   earnings per share   the group presents basic and diluted earnings per share ("eps") data, both adjusted and non-adjusted for its ordinary shares. basic eps is calculated by dividing profit attributable to ordinary shareholders by the weighted average number of ordinary shares fully outstanding during the period. potential ordinary shares and shares held in the joint share ownership plan ("jsop") are only treated as dilutive when their conversion to ordinary shares would decrease eps.   the calculation of earnings per share is based on the following data:    six months to six months to year ended   30 june 30 june 31 december  note  2025 2024 2024       basic weighted average number of shares   16,795,241 16,663,131 16,674,542 number of dilutive potential shares  904,391 105,039 165,180 diluted weighted average number of shares   17,699,632 16,768,170 16,839,722       profit for the period (£000's)  2,745 1,712 4,112 basic earnings per share   16.34p 10.27p 24.66p diluted earnings per share   15.51p 10.21p 24.42p       adjusted profit after tax for the period (£000's)1 4 2,833 1,871 4,994 adjusted earnings per share1   16.87p 11.23p 29.95p diluted adjusted earnings per share1   16.01p 11.16p 29.66p       7.   intangible assets   goodwill brands and developed products customer relationships patents, trademarks and registrations development costs software and licenses total £000 £000 £000 £000 £000 £000 £000         cost        as at 1 january 2025 6,859 6,502 1,098 969 564 940 16,932 additions - 12 - 22 40 1 75 reclassifications - 604 - - (604) - - disposals - - - - - (9) (9) foreign exchange (66) (84) (23) - - - (173) as at 30 june 2025 6,793 7,034 1,075 991 - 932 16,825         accumulated amortisation        as at 1 january 2025 - 2,071 775 607 - 903 4,356 charge for the year - 234 24 58 - 11 327 foreign exchange - (1) (2) - - - (3) as at 30 june 2025 - 2,304 797 665 - 914 4,680         net book value        as at 1 january 2025 6,859 4,431 323 362 564 37 12,576 as at 30 june 2025 6,793 4,730 278 326 - 18 12,145       8.   property, plant and equipment   land and buildings plant and machinery fixtures, fittings and equipment total £000 £000 £000 £000      cost     as at 1 january 2025 4,097 5,677 423 10,197 additions 7 207 17 231 disposals - - - - foreign exchange (135) (31) (3) (169) as at 30 june 2025 3,969 5,853 437 10,259      accumulated depreciation     as at 1 january 2025 460 2,982 324 3,766 charge for the year 41 261 24 326 disposals - - - - foreign exchange (1) (4) (2) (7) as at 30 june 2025 500 3,239 346 4,085      net book value     as at 1 january 2025 3,637 2,695 99 6,431 as at 30 june 2025 3,469 2,614 91 6,174       9.   right-of-use assets   land and buildings plant and machinery fixtures, fittings and equipment total £000 £000 £000 £000      cost     as at 1 january 2025 412 34 19 465 additions 25 - - 25 modification to lease terms 33 - - 33 disposals (18) - - (18) foreign exchange (18) - (1) (19) as at 30 june 2025 434 34 18 486      accumulated depreciation     as at 1 january 2025 372 15 7 394 charge for the year 31 3 9 43 disposals (18) - - (18) foreign exchange (15) - (1) (16) as at 30 june 2025 370 18 15 403      net book value     as at 1 january 2025 40 19 12 71 as at 30 june 2025 64 16 3 83       10. inventories   six months to six months to year ended  30 june 30 june 31 december  2025 2024 2024  £000 £000 £000      raw materials and consumables 4,303 2,346 3,306 finished goods and goods for resale 4,839 3,190 4,036 inventory 9,142 5,536 7,342       11. trade and other receivables   six months to six months to year ended  30 june 30 june 31 december  2025 2024 2024  £000 £000 £000     trade receivables - gross 6,975 6,444 7,534 less: expected credit losses (457) (385) (467) trade receivables - net 6,518 6,059 7,067 other receivables 133 49 178 taxes 673 595 1,148 prepayments 633 353 630 total trade and other receivables 7,957 7,056 9,023       12. trade and other payables   six months to six months to year ended  30 june 30 june 31 december  2025 2024 2024  £000 £000 £000     trade payables 2,710 1,848 3,049 taxes and social security costs 94 89 96 other payables 812 87 1,049 accruals 3,008 1,998 3,712 trade and other payables 6,624 4,022 7,906       13. interim results   copies of this notice are available to the public from the registered office at manton wood enterprise park, worksop, nottinghamshire, s80 2rs, and on the company's website at www.anpario.com. this information is provided by rns, the news service of the london stock exchange. rns is approved by the financial conduct authority to act as a primary information provider in the united kingdom. terms and conditions relating to the use and distribution of this information may apply. for further information, please contact rns@lseg.com or visit www.rns.com.  rns may use your ip address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. for further information about how rns and the london stock exchange use the personal data you provide us, please see our privacy policy.   end   ir ddgdcgdgdguc return to news summary

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