14 September 2016 – interim results
Anpario, which produces and distributes natural feed additives for animals, has announced its half yearly results to 30 June. Although the group reported a decline in sales to £10.7m (2015: £11.1m), adjusted pre-tax profits increased by 9% to £1.7m (2015: £1.6m). The reduction in revenues was due to challenging economic and political conditions in Middle East markets as well as a legal dispute in China with a local distributor. However, sales increased in continental Europe, Latin America and Asia (excluding China) which is encouraging. Underlying diluted earnings per share rose 1% to 7.35p and as usual there is no interim dividend. The group has a strong balance sheet with net cash of £10.9m (30 June 2015: £7.9m) and this will help fund future expansion. The group has opened a regional office in Dubai and also appointed regional commercial directors who have a better understanding of the end markets in the countries and regions into which the company is selling. Full year profits should increase to around £4.6m for earnings per share of 17.5p. The shares remain ATTRACTIVE.