6 March 2019 – final results
The international producer and distributor of natural animal feed additives has announced its results for the year to 31 December and these have revealed slightly lower revenues which have fallen to £28.3m (2017: £29.2m) although adjusted pre-tax profits rose to £4.5m (2017: £4.0m). Earnings per share on the same basis rose to 18.90p (2017: 16.74p) and the dividend was increased to 7.2p (2017: 6.5p). The group ended the year with net cash of £12.9m (2017: £13.6m) which is clearly reassuring as it provides the funding for further expansion. The current year has started strongly with trading so far ahead of the same period in 2018 although there are some concerns about Brexit and African Swine Fever. Nevertheless, we expect sales growth to resume in 2019 and rate the shares as a BUY.